In terms of interest rates there are 3 options for institutional closed mortgages (even though everyone thinks there is 2)….. Fixed Rate & Fixed Payment This is where the interest rate changes by the Bank of Canada will not impact you You payment will remain the same (typically 1-5 years) Historically this mortgage type has cost Canadians more in interest than the other options This mortgage can have high penalties depending on the lender, term, what rates are doing and their

One of the major qualifiers lenders look at when considering your application for mortgage financing is your debt service ratios. Now, before we get started, if you prefer to have someone walk through these calculations with you, assess your financial situation, and let you know exactly where you stand, let’s connect. There is no use in dusting off the calculator and running the numbers yourself when we can do it for you! However, if you’re someone who likes to know the nitty

Deciding to list your home for sale is a big decision. And while there are many reasons you might want/need to sell, here are 3 questions you should ask yourself; and have answers to, before taking that step. What is my plan to get my property ready for sale? Assessing the value of your home is an important first step. Talking with a real estate professional will help accomplish that. They will be able to tell you what comparable properties in your area have sold for and what

With summer underway, it might be time to consider a backyard upgrade! These don’t have to be luxurious or expensive, but a couple tweaks can give your yard a facelift and make your outdoor space feel brand new! Check out my backyard renovation ideas below: Revive Your Deck: You don’t necessarily have to tear it down and start over to have a fresh deck. Chances are the structure is in good shape. A remodel job featuring new decking, rails and stairs can save a ton of money ov

The housing market continues to favor sellers as we move into the summer months. If you’re thinking of selling, this is a great time to do so! Not only will your home likely be listed on the market for a shorter period of time, but most sellers are currently receiving multiple offers on their sale. This is due to the increasingly high demand for housing with limited homes currently available on the market. However, even in a seller’s market, there are some things you can do t

Canada has seen a surge of international migration over the last few years. With all these new faces in town wanting to plant roots in this great country, it’s a good time to review some of the details surrounding mortgages and how individuals new to Canada can qualify to be homeowners. If you are already a Permanent Resident or have received confirmation of Permanent Resident Status, you are eligible for a typical mortgage with a 5% down payment - assuming you have good cred

A question that comes up from time to time when discussing mortgage financing is, “If I have collections showing on my credit bureau, will that impact my ability to get a mortgage?” The answer might have a broader implication than what you might think; let's spend a little time discussing it. Collections accounts are reported on your credit bureau when you have a debt that hasn’t been paid as agreed. Now, regardless of the reason for the collection; the collection is a re

For your conditions you and your realtor will decide what conditions are appropriate on the home you offer on. When you make a purchase you need mortgage money for you are making an offer to buy a home using someone else’s money without letting them evaluate it first. During a financing condition (typically 5 days) a lender will officially evaluate the property and sign off on an appraisal supporting the value that you paid for it. If you do not have a financing condition a

Let’s start with it is truly anyone’s guess as we are living in unprecedented times. Yes, we expect the bank of Canada to increase rates again today…. No we don’t believe it is cause for worry or stress… but if you want to talk about your situation let us know, we are here to help. But here are the basics of it…. the Bank of Canada is making changes that increase the prime rate to try to offset inflation. But here is the problem….The supply chain may actually be what is caus