Just because 😊 💝
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 […]
I’ve started a new job. How long do I have to wait until I can use my income to apply for a mortgage?
High Fives for starting a new job! We love fresh starts 🙂 Whether or not income from a new job can be used to qualify for a mortgage will depend on a couple of things: Full Time? We can use your income to qualify for a mortgage right away, as long as you’re not on probation. Many employers have a […]
We’ve all been there. Take a deep breath; we can help. The key is to take it one step at a time. First, Make sure you’re paying at least the minimum owing on every loan and credit card each month. If it’s hard to keep track, set up automatic payments on your online banking so […]
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 […]
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 […]
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 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 […]
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 […]