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Adjust your sales – A smooth home buying process

  Whether it is buying your first apartment, a bigger family home, or downsizing, the process is almost the same. Avoid these common mistakes! Pitfall to avoid – Not thinking money Talk with a financial specialist about your situation Obtain a preapproval that allows you to search for properties that fit your budget Find a mortgage that best suits your needs Pitfall to avoid ...

The Mortgage Rate Rise: What Is the Impact?

In August to September of 2013, Canadian banks started to increase their five year fixed mortgage rate. The popular five year closed fixed rate was increased by all of the major banks. Rates are still ridiculously low by historic standards, but quite a bit higher than rates were even last year, when under 3.00% was possible for a five year fixed mortgage. Lower rates are possible with other lenders ...

5 Benefits of A Pre-Qualified Mortgage

  When you're buying a home, get pre-qualified for your mortgage BEFORE you start looking and BEFORE you make an offer. As a buyer, you know this to be true but do you know why? Here are a few benefits to knowing for certain that you have been approved to purchase a home:   1) You don't fall in love with a home that is more than what you can afford to buy. Homes that ...

Your Privileges as a Mortgage Holder

On every commitment there are privileges. Each lender has their own terms and conditions for these privileges, but they are generally as follows:  Assumption – your mortgage can be assumed by a purchaser,  if they qualify to carry the mortgage.   The lender must approve this transaction. An instance where you might do this is if you couldn't sell the real estate, ...

10 Tips to Make You a Home Buying Pro

  Tip #10: Consider using your Home Buyers' Plan (HBP) allowance of up to $25,000 Use your RRSP as your savings account towards a down payment, and it will help you maximize your tax return. You will be able to withdraw up to $25,000 tax free under the Home Buyers' Plan (HBP) to use towards your down payment. Just remember: You can't use the contributions you've made within ...

Wow, the bank just approved our mortgage for how much?

I remember a situation from a number of years ago: One of my employees decided to dive into home ownership and buy her first house. A few days later, she came into my office walking on air to tell me that she had just been pre-approved for a $500,000 mortgage. She then described how she was able to look at far larger homes than she had originally thought she would be able to. Additionally, her bank ...

5 Mistakes First-Time Home Buyers Make

  A home isn't simply a structure with floors, walls, and ceilings. It's a place of laughter, comfort, and security. Finding the right home is like choosing a partner to share the most important moments of your life with. Are you buying your first home? Don't make these five mistakes: Not getting pre-qualified for a mortgage Pre-qualify with a broker of your choice. This ...

5 Steps to First Time Home Ownership

    So, you’ve decided that you want to buy your first home. Maybe you’re sick of renting or maybe you’re ready to start building some equity! Whatever your motivation, home buying is an exciting step in your life! The best way to enjoy the excitement is to become an educated buyer, so that you will know what to expect along the way.   Step 1: Mortgage pre-approval ...

What does it mean to port your mortgage?

Finding the lowest mortgage rate is definitely an important part of mortgage shopping, but it’s not the only mortgage feature worthy of your attention. The sale of your home could evoke three crucial mortgage features: mortgage penalty fees, assumability, and portability. Today, we will focus on mortgage portability. What is mortgage portability? To port your mortgage is to transfer ...

Mortgage Document Checklist for Home Buyers

Whether you are considering buying a new home or refinancing your existing mortgage, important personal information and documents will be required by lenders.  This checklist gives an overview of the necessary documentation that most Canadian lenders require prior to approving and funding a mortgage.  By providing these documents in a timely fashion, you will help to ensure ...
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