How is the value of my property determined?

There will be all sorts of different viewpoints when it comes to how much a property is worth. The lenders want to have the most objective opinion possible when they’re determining the value they’ll accept. For an existing property: the lower of the purchase price or the appraised value. For a propety that is under […]

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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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What is “land transfer tax” and who pays it?

All provinces have some form of “tax” required when purchasing a piece of property. Most provinces call these a “land transfer tax”, which is exactly what it sounds like – a tax when land is transferred from one person to another. Other provinces, like Saskatchewan, call these “land title transfer fees”. These fees/taxes vary from province to […]

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Is fire insurance mandatory?

Riddle: What’s something you’ll pay for and something that you’ll always want to have – but will never want to use? Answer: Fire Insurance! If you’re getting a mortgage, you bet fire insurance is necessary. Banks want to know that their investment in your home won’t go up in flames, which is why its mandatory. […]

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definition of “term”?

The term of your mortgage is the length of time that you have your mortgage contract for, before you have to renew or refinance it again. So for instance, a 3 year term means that the rate and payments you’ve negotiated today will need to be renegotiated in 3 years, unless you choose to do […]

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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 […]

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