How much do I need for a down payment?

To buy a home with 5% down, you’ll need to meet the following: owner occupied property (not a rental property or investment property) provable income purchase price of less than $500,000 in most cases, Canadian residency would be required the ability to prove a 12 month history of good credit (if you just moved to […]

Read More

What is a bridge loan? (aka bridge financing)

Imagine you are selling your house and you’ve bought a new place to live. You’ve made a nice profit on the sale of your house (WOOT!!) and you’re using that money to help purchase your new home. You want to move in to your new house before you have to move out of your old […]

Read More

What can I do to improve my credit?

Internet high five for looking for ways to improve your credit! Here are a few basic tips to help you on your way 🙂 make sure all payments are made on or before the due date. If your minimum payment on a credit card is only $50 and it’s due on the 1st, but you […]

Read More

What is a monoline lender? (aka broker lender)

A monoline is simply a company that specializes in one type of financial service. The monolines that mortgage brokers deal with offer mortgages and do not offer credit cards, investments, bank accounts, etc. like a chartered bank would. Often, the only way to access these specialized lenders is through a licensed broker that is authorized […]

Read More

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 […]

Read More