Mortgage FAQs

Pros and Cons of Reverse Mortgages

With an aging Canadian population and the baby boomers having suffered several financial setbacks over their life span, as recently as 2008, reverse mortgages are becoming more popular every year. Home Equity Bank, a Canadian Schedule 1 bank, has some of the best products available to Canadians over 55 who have a lot of equity …

Pros and Cons of Reverse Mortgages Read More »

How To Get A Mortgage With Bad Credit

Mortgages are available for people with bad credit, its most likely not with your conventional bank. The big banks are limited by the guidelines given them by the Office of the Superintendent of Financial Institutions or OSFI, they are also governed by their shareholders who don’t like to see bad credit as part of a …

How To Get A Mortgage With Bad Credit Read More »

How Long Does It Take To Get Approved For a Mortgage in Canada

This is a bit of a loaded question as there are several steps to the process and most of them require the gathering of information. First and foremost is the actual process of gathering the qualifying information, this usually means contacting your employer and asking for a letter of employment and current pay stub, if …

How Long Does It Take To Get Approved For a Mortgage in Canada Read More »

Your Check list for Mortgage Down Payment Verification

That’s a good question, I feel that most days my job is extremely multi-faceted, I’m not just helping you get a mortgage. Here’s some of the multiple roles I play. First and foremost as a mortgage broker I work for you the consumer, Secondly it is my responsibility to see that we are getting you …

Your Check list for Mortgage Down Payment Verification Read More »

Canadian Mortgage Guide — 1 Year Fixed Mortgage Vs 5 Year Mortgage Rate Comparison

There were times in Canada when interest rates were so high that Canadians had no choice but to take short term rates in hopes of saving a few dollars for as little as 6 month or a year. The one year fixed rate has been as volatile a product as any mortgage product over the …

Canadian Mortgage Guide — 1 Year Fixed Mortgage Vs 5 Year Mortgage Rate Comparison Read More »

CMHC Allows 100% Rental Offset For Legal Suites — Is That Change Significant?

CMHC has brought to the forefront the need for affordable housing by allowing not only Vancouver and Toronto but for all of Canada to get a 100% offset for a secondary suite. The secondary suite has been discussed in every major city in Canada where housing affordability has been eroded by the high cost of …

CMHC Allows 100% Rental Offset For Legal Suites — Is That Change Significant? Read More »

Canadian Mortgage Appraisals — How Appraisers Can Help With Mortgage Decision Making

Every year many Canadians buy, sell or refinance homes. Most, if not all, of these transactions include a simple line item for an appraisal. It is an accepted part of any real estate transaction, by bringing in an appraiser you can get a better idea of what the market value of your property actually may …

Canadian Mortgage Appraisals — How Appraisers Can Help With Mortgage Decision Making Read More »

What does the Bank of Canada Rate Change Mean For You and Your Mortgage

Today’s announcement from the Bank of Canada signals the second cut this year. Governor Poloz stayed away from saying the word recession but 6 months of declining productivity would indicate a definite slow down. If you have a variable rate mortgage and are tied to prime you would think we would have seen a more …

What does the Bank of Canada Rate Change Mean For You and Your Mortgage Read More »

Mortgage Renewal Tips — Should You Renew Your Mortgage Early

Renewing your mortgage early can have many advantages especially in the current markets. There are many things to consider before making this financial decisions and seeking professional advice from a mortgage broker is a good decision. Should You Make the Move? First let us look at the decision to make the move, will it save …

Mortgage Renewal Tips — Should You Renew Your Mortgage Early Read More »