If you’d like to purchase a second home with less than 20% down, the property would need to meet certain criteria. Thanks to our good buddies at www.genworth.ca, here’s a list that you can use to see if you’re good to go. The Type A properties can be purchased with 5% down, while Type B […]
All posts by sarah sloane
sarah sloane
How much money will the mortgage broker make from my mortgage?
We get paid a commission that will vary according to the following: the amount of the mortgage the length of your term the type of mortgage you choose the lender that is providing the mortgage We’d love to give you an exact, universal number, but it doesn’t really exist. There are times we get paid […]
What does “mortgage” mean?
A mortgage is debt instrument, with specified real estate property held as collateral for the debt. The borrower agrees to pay back the debt with a predetermined set of payments. A mortgage allows the borrower to use the lender’s money for various purposes. Most commonly, a mortgage would be used to help purchase real estate. […]
What does “foreclosure” mean?
Foreclosure is the legal way for a lender enforce repayment of a mortgage. When a borrower stops making payments on a mortgage loan, the lender will attempt to recover the balance of the loan by forcing the sale of the real estate used as the collateral.
What does “collateral” mean?
Assets that are provided as security for a loan.
What does “debt instrument” mean?
A legally enforceable, written promise to repay debt. **Â As opposed to a banjo made of money – that’s known as an asset instrument đ
The formula for pre-approvals
If your credit score is lower than 680, then you can spend up to 35% of your monthly income on housing costs. If your credit score is higher than 680, then you can spend up to 39%. Housing costs would include heat, property taxes and condo fees (if applicable). This is referred to as your […]
To get a pre-approval or not?
Yes, you should! Getting pre-approved is important to demonstrate to real estate agents and sellers that you’re a credible buyer. It means that you are ‘legit’ đ and able to act fast when you find the home you want to buy. See our Left Swipe Dat guide for more info.