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What Do You Buy What Do You Buy a Condo or a House With a Suite So you have worked hard and saved up a down payment of $25,000. What do you buy a condo or a house with a suite? Sometimes the decision is an easy one while for some it may not be as obvious. If you have...
What is a "Gifted" Down Payment A “Gifted” Down Payment is very common for first time buyers. Essentially, a buyer’s family member (usually very nice, warm and loving parents) will offer up money to go towards the down payment. Often this is done because their son or...
If a buyer can’t obtain a mortgage due to poor credit, employment history, lack of down payment or income — most lenders will consider lending if there is someone to act as co-signor or guarantor for a mortgage. The two options provide different requirements. ...
Borrower or credit costs can be outrageous. To go get a line of credit you are usually paying upwards of 6% to 7.5%. These lines of credit can be based on interest only or principle and interest payments. This kind of loan is based on how the lender views you as a...
To no one’s surprise, the Bank of Canada announced recently that it would leave its overnight rate target at 1/2%, just as it did on January 20 when it last met. The Bank noted that financial market volatility has slowed since the last meeting and oil prices and the...
Reverse Mortgage In Canada, Reverse Mortgages are often recommended to clients and customers who are of a certain age, have a home they want to stay living in, and are in need of cash for reasons such as emergencies, home renovations, improving their lifestyle and...
Are You Credit Challenged In today’s economic climate of tighter credit requirements and increased unemployment rates taking their toll on some Canadians, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as...
When shopping for a mortgage you will have a lot of questions. 2 of the most prominent questions mortgage brokers receive are ‘What are your best rates?’ and ‘What is the difference between variable & fixed rates?’ What are your best rates? This is actually a lot...
Divorce and Your Home We all know that marriage isn’t always forever. When a separation occurs, a home is often involved. Since most couples have a joint mortgage – one where both names are on the mortgage and title of the home – when separation or divorce proceedings...
How to get a fully loaded mortgage Be it fully loaded or all the bells and whistles, as savvy consumers we want to know that we got every bit of extra awesomeness available to us and your mortgage should be no different. Sure you want the best rate, that’s a...
Diverging Housing Markets And BC Budget Data released earlier this week for January showed the stunning disparity in regional housing markets in Canada (see chart below). Vancouver remains the red-hot leader with year-over-year (y/y) price gains of 20.6% and home...
Understanding mortgage terms are paramount in choosing the mortgage product that is right for your particular and unique situation. What is the difference between term and amortization? Are all terms the same for every lender? What are the differences...