The contract rate of a mortgage, is exactly what it sounds like – it’s the rate you’ll find in your contract!
How much are my mortgage default insurance premiums?
Determining how much you’ll pay for mortgage default insurance can be confusing. The premiums are calculated according to risk. The higher the perceived risk of the mortgage application, the higher the default insurance premium will be. There are a number of different factors that are taken in to consideration when risk is determined: the amount […]
What is the Condition of Finance (COF)?
Whenever you put in an offer to purchase a home, their will be a variety of conditions that must be met. One of those conditions, is proving that you can actually get approved for a mortgage and be able to pay for the house. This is called the condition of finance. If you are working with […]
What is a “rate lock” and how long is it good for?
Rate locks are designed to protect you from rate changes that may occur while you are house-hunting. They act as a price “ceiling”, which means that if rates rise during your rate lock period, you get to keep your lower locked-in rate. If rates drop on the other hand, then you can let go of your […]
The Eagle Eye Award
“Wait, what?” In our ongoing efforts to bring you up-to-date answers fast, it’s likely that we’ll produce some misspellings/typos from time to time here on friendlii.ca. Please feel free to identify & share them with us via email@example.com. If you’re spot on, you’ll be entitled to receive our Eagle Eye award, aka a $5 Starbucks […]
How important is my credit score?
It’s pretty important. It can make, or break, your approval and may determine the rate you pay on your mortgage.
What does a “serious go getter” look like?
The serious go getter comes in many shapes and sizes, but they’re easy to spot. Be on the lookout for someone like this:
What information is in a gift letter?
Some lenders have their own gift letters that we’ll need to use, but they’ll all be (pretty much) some variation of ours pictured below. Printable copy
How do I know if my credit is good enough to qualify for a mortgage?
Can I use my RRSP for my down payment?
If your RRSP is cashable, then you can use it. If you’re a first time buyer, you may qualify to withdraw money from your RRSP under the Home Buyer’s Plan. Find out all you need to know about that by clicking here.