Many mortgage borrowers are unfamiliar with this term or think that it is the same as a mortgage insurance or life insurance. They are different. (To know more about mortgage or life insurance, check out this previous blog post). So, what is CMHC mortgage insurance?...
When dealing with clients that already have a mortgage, we often encounter this questions: should I refinance my mortgage? It is something to consider, especially if rates drop. CMHC (the Canadian Mortgage and Housing Corporation) defines refinancing mortgages as a type of financing that allows...
It will take effect in September of this year and it was introduced in this year’s federal government’s budget. It is known as the “First-time home buyer incentive” and it serves the purpose of lowering mortgage costs for eligible Canadians. Essentially, this incentive program -...
It is no secret that the family home is the most significant asset many families have. So, what happens to this home if the couple ends up getting a divorce? Most couples begin saving for the down payment of this home as soon as they...
In a previous blog, we explained what “appraised value” means when it comes to a home as well as how the entire process is done. This blog addresses the other side of the equation: when is this appraisal required? Remember that an appraisal is a...
Are you currently working as a mortgage agent for a bank? Would you ever consider making the transition from the branch to the brokerage? There are many advantages in taking this step. As usual, we like using real life examples to demonstrate each topic we...
Many people dream of owning a second home. Whether it is a cottage for us to enjoy the late Spring and Summer months (and sometimes early Fall as well), or a rental property, the truth is more than ever we are seeing Canadians purchasing a...
Envision this scenario: living in retirement should be easy and pleasant as you are enjoying some time to yourself after a lifetime of work. But is it really that easy? Whether you are retired or planning to retire soon, there are things to take into...
Simply put, closing costs are fees incurred in completing your real estate transaction. They may be charged by your bank or mortgage company, a government entity, the buyer, seller or a third party. Due to the complexity of real estate transactions, there are usually a...
Your credit report contains your credit history as reported to the credit reporting agency by lenders who have extended credit to you, as we have written about in previous blog posts. The information in your credit report is also used to generate credit scores. If...