What items in a mortgage transactions have higher risk for fraud?
Often people are not doing anything wrong but different aspects of their mortgage transaction will make a lender look more closely at what they are doing. Because sometimes what you are doing is at a higher risk of fraudulent transactions. So what are some items that can raise red flags for lenders? - private agreement of purchase & sale - quick closing (less than 1 month) - high ratio mortgages - equity gifts/vender take backs - extra deposits in bank accounts - power of at
A Mortgage Pre-Approval is Not What you Think
Although going through the pre-approval process is more important than ever, the term ‘pre-approval’ is often misleading as it addresses very few variables that may arise once an actual offer is made. The process should really be treated as a pre-screening of the client. What do clients expect? The pressure in many markets has never been greater to write a condition-free offer, yet due to changes in lending regulations over the last few years a financing condition has never b
How big can penalties be?
Often the penalty of a fixed rate mortgage will be the best reason to select a variable rate mortgage. Some penalties on fixed rate mortgages can be HUGE depending on the lender and the product that you sign up for. The highest one i have seen a client quoted in 2021 was $37k.... yup, $37k to break a mortgage they paid on time every month that their bank put them in and told them it was the "least risky" mortgage (a 5 year fixed). These people were selling their home and ne
Why was our first home a duplex?
When we bought our first home we were living in a basement apartment. We were sick of sharing a garbage day and driveway and laundry with someone else and we decided to buy our own home. When we set out to find the perfect home I definitely thought I wanted a townhouse. We looked at SO MANY townhouses. But what was in our price range wasn't great. So we decided to look at condos and guess what? They were pretty small. Also, we qualified to buy less on a condo than we di
Coming Soon... podcast
Is anyone else tired of hearing all the amazing parts of how celebrities did something that you and I "should" try to do? I present to you my podcast.... where I talk to REAL people who have done REAL things with their own REAL money or properties. We will talk about the good and bad of decisions made. The things people told them that weren't true (ahem, rental income is passive, lol) or what they wished someone had told them about along the way. Each week I will do a 15 min
Individual Growth Award - 2020 - really?
I am blown away by the growth and support I have seen throughout the strangest year of my life. 2020 you were full of so much I never expected. I am honoured to share that somehow I managed to accomplish 3rd for the highest individual business growth for all Mortgage Architects agents & brokers in Central Canada. In a year where I found myself stuck at home, homeschooling 3 children & unable to do my normal networking activities that i relied on to build my business. Thank
Preparing for the Spring Market
Spring is almost here! To help you get prepared for the Spring market, I have put together some details on what you need to know whether you’re buying or selling! Selling This Spring? Here are some great tips for those of you looking to sell your home this Spring! Hire an Experienced Realtor: Before preparing your home for the Spring market, you will want to hire an experienced realtor! A good realtor will serve as your guide through the entire sales process, h
Spring Cleaning Tips!
As the sun starts coming back around, it is a great time to scrub those windows and deep clean your home! Here are some tips for a successful Spring cleaning adventure: Create a Playlist: Everything is more fun with a great playlist! Not only is music great therapy but it can make the cleaning process go by quicker and make it more enjoyable. Clean One Room at a Time: While we all like seeing our homes sparkly and fresh, it can sometimes be an