There’s really nothing like planning ahead, huh? 🙂 Once you’ve got your keys and you’re all settled in, you’ll get a better idea of what the actual costs are to own your home. Some regular costs you can plan ahead for might include an alarm system, insurance for you and your family, insurance for your […]
All posts by sarah sloane
sarah sloane
Are there any cases where I would have to pay a fee to use a mortgage broker?
There are some specialty products that mortgage brokers can arrange when people are in need of an alternative to traditional lending. In those rare cases, there may be a cost to use the services of a broker. You’ll know up front if that’s the case, before anything is signed. Any fees would be agreed to […]
How do mortgage brokers get paid?
Sooooo, if you’re not paying us, how the heck do we make money? we are paid a commission directly from the lender that provides your mortgage the cost is not “hidden” in the mortgage and won’t be charged back to you lenders can do this and still offer the best products without passing the cost […]
Why do I need to show you a transaction history of my bank account for my down payment?
If you’ve managed to save your down payment on your own, first- CONGRATULATIONS. You rock. We’ll need to show a recent 90 day transaction history of the account(s) that your money is saved in. We’ll also be required to show proof of the source of any large deposits to your account(s). We’re not trying […]
How is income determined if I’m self employed?
First off, congratulations on being self employed. We think that’s awesome 🙂 If we’re qualifying your income using traditional methods, we’ll need to have at least two years of you reporting your self employed income to Revenue Canada. Here’s what we’ll need to have a look through to figure out your qualifying income. If you […]
What is “cashback”?
Cashback is free money from the bank!! Just kidding:) Wouldn’t that be great though? Some lenders offer the option of taking a one-time cash payment at the beginning of your new mortgage. The amount offered can vary and is usually a certain percentage of your loan amount. This is what is referred to as “cashback”. […]
Where can I find my credit score?
The best place to go to find your own credit score is www.equifax.ca, where you can order a copy of your credit bureau and check out your Equifax score. It’s different than your credit score, but it’s a great place to start if you’re curious about your score. If you’re a serious go-getter, you can […]
Why would I refinance?
Most people think that a 9 is a thing you do if you need extra money for something. That “something” could really be anything. Investing, buying more property, consolidating debt, travel, education…the list goes on. Access to extra cash is certainly one of the reasons someone would refinance, but there are plenty of others. Like […]
What is an appraisal?
An appraisal is a the opinion a licensed appraiser using a standardized method to evaluate a piece of property. In addition to determining the lending value, an appraisal will be used to evaluate the condition of the property. If the condition of the property doesn’t meet a lender’s criteria, they will not want to mortgage […]
Should I take cashback on my mortgage?
Cashback can be a good tool to help you get what you want. It can also be a attractive bit of flash that ends up costing you more in the long run if you don’t actually need it. The first thing you should look at it whether or not you actually need the money for […]