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...
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...