Most lenders will require a copy of your notice of assessment to ensure your income is accurate and to confirm that you don’t have any outstanding income taxes owing to Revenue Canada. If you don’t have a copy of your notice of assessment, you can: the quickest way to get your notice of assessment would […]
All posts by sarah sloane
What’s the difference between being pre-qualified and being pre-approved?
If you have a portable mortgage and you move, do you need to pay another down payment on the next place?
Yes, you do 🙂 A lender is not able to finance any more than 95% of the value of a primary residence purchase. Even if the amount of the mortgage you are porting is equal to, or greater than the purchase price of the house you are buying, you’d need to pay that mortgage down […]
What’s your best rate?
Trust us, we’d loooove to quote you rates, but there’s not much point in doing so. The rates that are available depend on so many different factors with so many different lenders that it’s difficult to give real answers with any accuracy. What we can tell you is that we will get you the best […]
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 […]
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 […]
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 […]
How long will it take to get an approval once I’ve made an offer on a house?
How exciting!! You’ve found a house and you’re making an offer – what a thrilling time!! When you make an offer on a property, your realtor will typically write up the offer so that you have time to get your mortgage financing finalized. Even if you’ve done as much as possible up front (ie. provided […]
When I give a deposit with my offer to purchase a property, does that go toward my down payment?
The short and sweet answer: Yes, it does 🙂 For those who want a little something more to read: When you make an offer to purchase a property, you provide a deposit along with the offer as a show of good faith to the seller. Typically, when you make an offer on a property there […]
Can I buy another property and keep my house as a rental?
You sure can! If you’ve got the money for a down payment on the new property without having to sell your current home, you can buy your new home with as little as 5% down and keep your old place as a rental. More on that here. 🙂