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 […]
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 […]
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 […]
Is it possible to get a mortgage without a down payment?
Sadly, no 🙁 You’ll need a minimum of 5% down if it will be owner occupied.
Are there penalties when renewing (refinancing) my mortgage early?
Almost all mortgages can be refinanced before the term you’ve agreed to is up, although the consequences of doing that can vary quite widely. Here’s some things that may affect the penalty you see when breaking your current mortgage. – Your mortgage is “open”. In the unlikely event that your mortgage is “open”, their shouldn’t be […]
What should I consider when buying multiple properties?
Great question! How much time have you got? 😉 If you plan to build a large property portfolio (more than 3 or 4 properties) you will want to talk with an experienced broker to make sure you’re positioning yourself properly from the start. If you’re considering purchasing a second home, or having one or two […]
Should I pre-pay my mortgage or put the money into an investment?
First off, great job on having some extra money to ask this question 🙂 A cyber fist bump for you my friend! A very simplistic way to answer this question would be with another question. Do you think you can earn a better return on your investment than you are paying in interest on your […]
What is a monoline lender? (aka broker lender)
A monoline is simply a company that specializes in one type of financial service. The monolines that mortgage brokers deal with offer mortgages and do not offer credit cards, investments, bank accounts, etc. like a chartered bank would. Often, the only way to access these specialized lenders is through a licensed broker that is authorized […]
What is the benchmark rate? (aka qualifying rate)
Often, lower rates are offered for shorter terms or for variable rate mortgages. Short term and variable rate mortgages are considered to be less stable than a longer term fixed rate mortgage because the payments are subject to change when the market changes. In order to ensure that payments will continue to be affordable even […]
How do I make pre-payments on my mortgage?
As long as your mortgage allows you to make additional payments to principle (and most do), you can usually make pre-payments any one of these ways: contact your mortgage broker if your mortgage has online access, you will likely be able to make payments online call the customer service line for the lender if your […]