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...
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...