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 […]
Category: Renewals
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 […]
Do I have to wait until my mortgage matures to make any changes?
Short answer: No. Longer answer: Nope. Explanation of the longer answer: Almost all mortgages can be broken at any time, so you don’t have to wait until maturity to make changes. The penalty and fees in order to be able to break that mortgage early can vary widely however – enough that you’ll want 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 […]
Can I get a mortgage if I just started a new job?
That’s a definite maybe! 🙂 The truth is that it depends on a wide range of factors. If, for instance, you’ve started a new job at the same employer, that’s a good thing. Or even if it’s a different employer but you have a proven history within that industry, you’ve got some good odds. Being a […]
What are “CMHC Fees”?
“CMHC fees” are classified as mortgage default insurance. These fees depend on a few factors, but the two largest factors 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 […]
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 “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”. […]
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 […]