Mortgage Qualifying Rate Definition: A pre-determined interest rate that the lender may use to determine the maximum mortgage amount you qualify for when requesting a variable rate mortgage or terms less than 5 years. It is often NOT the actual low interest rate you see advertised or indeed what you might end up paying. Confused?…
Read moreBuying your first home can be a daunting process including figuring out the right mortgage and options for you. One part of this is knowing about what Mortgage Term to select. Here let’s talk about its definition and what it really means, the options available and how do you choose the right one for you?…
Read moreDon’t apply for new credit: It may seem natural to apply for a credit card at a home improvement store or a furniture store when you are about to become a homeowner, but applying for credit can lower your credit score. Not only will you lose a few points because of a credit inquiry, but…
Read moreThe Canadian government is concerned about the ‘escalating home prices in high-priced markets’ and is making a change to the down payment required for mortgages that are backed by the Canadian government. The Government of Canada’s Finance Minister Bill Morneau announced on December 11, 2015 that there would be changes to the down payment required when purchasing property.…
Read more“Our independent brokers are on your side, providing unbiased suggestions and home mortgage options that are tailor made for you.” You are probably already familiar with banks and the procedure that they play in the funding process, but you may not be as knowledgeable about the role of home loan brokers. Brokers are on your side,…
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