Blog

- keeping you updated on all things "Mortgage"

When you ask for a mortgage, you are really telling the lender you will make every payment on time and in full at each billing period, whether it is a monthly, semi-monthly, accelerated bi-weekly or weekly payment. If you don’t make these payments, there are...

A Notice of Assessment, also known as NOA, is a statement from the Canada Revenue Agency notifying the taxpayer of the amount of tax they owe, if any, the amount of tax already paid, if any, tax credits received and contributions to a Registered Retirement...

Many people do not seem to understand or even know what a prepayment penalty is, whether because it was not well explained or it was not even brought up.  If you are not well informed about this aspect, it can be very costly to you...

How are prepayment privileges calculated? A mortgage prepayment privilege gives you the choice to increase your monthly mortgage payments  before it is due and without a penalty.  The extra amount is applied to the principal. If you are under this type of privilege, you can...

Is there a difference between refinancing your mortgage and home equity? Yes, there is. In fact, you have two options: refinancing the first mortgage that you have or taking out a home equity loan. Both of these can provide funds for whatever you need (debt consolidation,...

You know by now how important it is to get pre-approved for a mortgage. You also know it can be difficult to accomplish due to the number of “items on the check list”.  One of the many documents a lender analyses before agreeing to give...

A starter home is a “somewhat” small house or condo that meets the requirements of young people buying their first home.  This is usually the case for the vast majority of young people (single or couples).  So, what should be your priorities if you are...

We’ve said this many times: buying a home is perhaps the most important purchase of our lives. So, wouldn’t you want to know everything about it before you sign the papers?  This is where a land survey is very important.  Yes, a home inspection can tell...

Here’s the thing: closing costs are the one element people tend to forget or know less about in the entire home buying process.  We’ve written a few blog posts where we mention closing costs and what they entitle. This particular post aims at answering the...

Since January 2018, qualifying for a mortgage has been very challenging for first-time homebuyers, unless they got a “down payment” gift from a family member.  As we have discussed numerous times, the federal stress test and climbing prices are the main reason why it is...