For many people the home buying process can be complicated and, at times, frustrating. Many don’t know where to begin. Others get overwhelmed with the amount of information available. If you are in this situation - or are planning to purchase your first home in...
When it comes to mortgages, 2017 brought much ado about many things. Perhaps the most important of all the new rules on mortgage lending was the introduction of a stress test by the Office of the Superintendent of Financial Institutions (OSFI), which came into effect...
Before we begin this post, we should emphasize that abandonment should be a last resort as there are solutions out there offering reduced impact on the borrower’s credit rating. Having said this, let’s look at what abandonment really means in the world of mortgages. When...
This is a scenario we hope every person can avoid. However, we cannot stress enough the importance of being informed and the process of defaulting on a mortgage is an important one. A mortgage default means that you violated one or several of the terms...
In your search for which mortgage can suit you best, you may encounter the term “high yield mortgage”. Basically, a high yield mortgage is a loan with a higher than average interest rate. The yield refers to the compound interest charged on the mortgage, also...
When shopping for a mortgage, you may come across this term: collateral mortgage. Some people may tell you it is a good option, others will be of the opinion it is a great disadvantage. Just like every other option when it comes to mortgages, do...
Are you self-employed and planning to buy a property? Are you worried about the mortgage approval? Until recently, if you were self-employed you could definitely get a mortgage, but it was not an easy process due to the fact that income was variable and unpredictable....
What are condo fees? Do they impact the qualification process for a mortgage? With the rise in popularity of condo sales, many clients ask these questions when they are trying to get a pre-approval. Let’s try to explain them. First, what is a condo fee? Condo fees...
When it comes to types of mortgages, there is quite a bit of work to do to inform yourself about all the options available. It is important you know all of them to determine which one would best fit your needs. We have been writing...
It has become common to see home buyers getting a bridge loan in order to buy another home before they sell their existing one. At first glance, it seems like a great solution - and it can be -, but just like all other scenarios...