Your SIN is not mandatory to provide, but it’s certainly helpful for us to have! Why? We thought you’d never ask 🙂 As happiness builders, it’s our mission to keep things as simple as possible for you. To do that, we pay attention to detail all along the way. Your SIN is tied to your […]
What is title insurance?
It’s insurance that can help protect you against problems related to the title of your home. Title insurance can cover the lender, or you can take out your own title insurance policy to benefit you. You can learn more here, or here. And the Financial Services of Ontario made a pretty excellent brochure that you […]
Is a HELOC (Home Equity Line of Credit) considered a mortgage?
Yes, it is 🙂
What are my “payment frequency” options?
The two most common payment frequencies are monthly and accelerated bi-weekly payments, although the option does exist to do semi-monthly, bi-weekly, weekly and accelerated weekly. Here’s a quick run through of each. Monthly Semi-monthly Bi-weekly Accelerated bi-weekly Weekly Accelerated weekly Phew! Take a break and reward yourself if you read all that 🙂
How much are my mortgage default insurance premiums?
Mortgage default insurance depends on a few factors. The two largest factors though are if you are self-employed, with difficult to prove income, and the amount of your downpayment. If you can get to 20% down, there is a good chance you won’t have to cough up any of these premiums 🙂 For a list of the latest […]
What is an IAD (Interest Adjustment Date)?
Bankers looooove their acronyms:) Your interest adjustment date is the day your first payment is made after your mortgage funds are advanced. If the period of time between you getting your mortgage and you making your first payment is shorter than your regular payment schedule, then the first payment out of your account will be […]
What is “land transfer tax” and who pays it?
All provinces have some form of “tax” required when purchasing a piece of property. Most provinces call these a “land transfer tax”, which is exactly what it sounds like – a tax when land is transferred from one person to another. Other provinces, like Saskatchewan, call these “land title transfer fees”. These fees/taxes vary from province to […]
Definition of “default”?
Default’s are the biggest “Oops” of the financing world. When someone defaults on their mortgage, it means they’ve failed to make the scheduled payments. Our advice, start talking with our team before you even miss the first payment. We may be able to come up with some strategies to help prevent your situation from going from default […]
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 […]
definition of “Amortization”
Amortization is the length of time that your mortgage payments are spread out over. A 25 year amortization means that, based on your current rate and payments, it will take approximately 25 years to pay off the total mortgage.