Category: FAQs

Calculating

Can You Qualify For A Mortgage After A Consumer Proposal?

After you file a consumer proposal, the last thing on your mind might be a new mortgage, but you may be a lot closer than you think. Maybe you wish to buy a home, or you own a home and are interested in refinancing your mortgage. Let’s first talk about purchasing a home. When Can […]

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Fixed Rate Mortgage

What Is A Fixed Rate Mortgage?

The interest rate on a fixed-rate mortgage is set for a pre-determined term. This offers the security of knowing what you will be paying for the term selected.

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Variable Rate

What Is A Variable Rate Mortgage?

A mortgage in which payments may fluctuate from month to month depending on market conditions. If interest rates go down, more of the payment goes towards reducing the principal; if rates go up, a larger portion of the monthly payment goes towards covering the interest.

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Term Length

What Should The Length Of My Mortgage Term Be?

The length of mortgage terms varies widely – from six months right up to 10 years. While four or five-year mortgages are what most home buyers typically choose, you may consider a short-term mortgage if you have a higher tolerance for risk, if you have time to watch rates or are not prepared to make a long-term commitment right now.

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Mortgage Maturity

Should I Wait For My Mortgage To Mature?

Lenders will often send out their mortgage renewals 120 days prior to your mortgage maturing. I refer to this as their “Convenience Rate” as it is generally not the best rate but appears convenient for the borrower.

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Down payment

What Is A Down Payment?

Very few home buyers have the cash available to buy a home outright. Most of us will turn to a financial institution for a mortgage,

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RRSP

How Can You Use Your RRSP To Help Buy Your First Home?

Today, about 50% of first-time home buyers use their RRSP savings to help finance a down payment. If you are a first-time homebuyer, the Home Buyers Plan (HBP) allows you to withdraw money from your Registered Retirement Savings Plan (RRSP) tax-free to make your down payment.

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Home Inspection

What Is A Home Inspection & Should I Have One?

A home inspection is a visual examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roofs, ceilings, walls, floors, foundations, crawl spaces, attics, retaining walls, etc.) and systems (electrical, heating, plumbing, drainage, exterior weather proofing, etc.).

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Mortgage Loan Insurance

What Is Mortgage Loan Insurance?

Mortgage loan insurance is insurance provided by Canada Mortgage and Housing Corporation (CMHC), a crown corporation, Genworth Capital Mortgage Insurance Company (GE), and Canada Guaranty (CG).

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Conventional Mortgage

What Is A Conventional Mortgage?

A conventional mortgage is usually one where the down payment is equal to 20% or more of the purchase price, a loan to value of or less than 80%, and does not normally require mortgage loan insurance.

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