Why do I qualify for less if I am taking a variable rate?

When lenders qualify you for a mortgage, they look at a number of things. They’ll check your credit, income, assets and they’ll take the property you are buying in to consideration as well. When they determine how much you qualify for, they will look at your debt ratios. In simple terms, your debt ratio is […]

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What is the Condition of Finance (COF)?

Whenever you put in an offer to purchase a home, their will be a variety of conditions that must be met. One of those conditions, is proving that you can actually get approved for a mortgage and be able to pay for the house. This is called the condition of finance. If you are working with […]

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What is a “rate lock” and how long is it good for?

Rate locks are designed to protect you from rate changes that may occur while you are house-hunting. They act as a price “ceiling”, which means that if rates rise during your rate lock period, you get to keep your lower locked-in rate. If rates drop on the other hand, then you can let go of your […]

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Get a copy of Left Swipe Dat

Click here or on the image below to get a copy of Left Swipe Dat, our non-boring guide on why you should get a mortgage pre-approval and the #1 reason why so many people mess up their pre-approvals.

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The Eagle Eye Award

“Wait, what?” In our ongoing efforts to bring you up-to-date answers fast, it’s likely that we’ll produce some misspellings/typos from time to time here on friendlii.ca. Please feel free to identify & share them with us via hi@mintapp.ca. If you’re spot on, you’ll be entitled to receive our Eagle Eye award, aka a $5 Starbucks […]

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Credit score rating illustrated

Your credit score is a number that lenders look at to assess your credit worthiness when you apply for a loan or mortgage. Your credit score is important in determining: Whether you qualify for a loan. The interest you will pay on your loan.  Click here to see how is your credit score calculated.

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How is my credit score determined?

Your credit score is a number that lenders look at to assess your credit worthiness when you apply for a loan or mortgage. Your credit score is important in determining: Whether you qualify for a loan. The interest you will pay on your loan. Payment History Paying your bills on time is critical to maintaining a […]

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