What is a mortgage “refinance” and how does it affect me? Refinancing a Home is one of those things where people understand what it is but have trouble explaining How it works. To put it simply, refinancing your Home allows you to access the equity you have built up, by changing the mortgage amount. Let’s […]

7 Steps To Buying a Home It’s important to understand the home buying process, so here’s a 7-step checklist. Step 1: Down Payment The hardest part to buying a home is saving the down payment (a gift from the Bank of Mom & Dad also works). • For purchases under $500,000 minimum down payment is […]

Which mortgage lender is best for you? The following is a summary of the choices available for clients when looking at the four different types of lending groups. So what exactly is a lender? By simple definition, a mortgage lender provides financing for a real estate purchase hence the word lend. Which lender is best […]

Bank or Mortgage Broker? Mortgages are like vehicles. A bank is similar to the brand, Ford or Toyota for example. How long you have a mortgage before it’s time to renew is like the model, a Fusion or Camry. The rate is similar to the car’s paint color, and the mortgage benefits such as prepayment […]

How to Get a FREE Copy of Your Credit Bureau Think of your credit score as a report card on how you’ve handled your finances in the past. A credit score is a number that lenders use to determine the risk of lending money to a given borrower. There is always someone willing to lend […]

A guide to your Home Buyers’ Plan Start at the beginning… Registered Retirement Savings Plan = one of the best ways to save for retirement and your down payment and continuing your education. With an RRSP, your contributions reduce your taxable income. This is different from your TFSA (Tax Free Savings Account) which does not […]

Many homeowners are vaguely aware of the fact that you can take out a second loan on your home. You hear your friends mention it or perhaps a family member close to you has gone through the process—but do you truly know what it means to take out a second mortgage? We have taken all […]

7 Aug 2018 What Is a Monoline Lender? What usually follows once someone hears the term “Monoline Lender” for the first time is a feeling of suspicion and lack of trust. It’s understandable, I mean why is this “bank” you’ve never heard of willing to loan you money when you’ve never banked with them before? […]

Toys and buying a home In 2005, I was asked to do a pre-approval by a couple hoping to buy a home. I went through the application with them and pre-approved them for $320,000. They were astounded. They told me that their bank told them that they were qualified to a maximum of $260,000. They […]