Preparing Your Home For A Successful Appraisal

When you refinance your home, or even when you are switching mortgage lenders and your mortgage is uninsured, the mortgage lender will require an appraisal on the property to confirm your property's current value. Your home is one of your largest assets so of course you want it to appraise high within your current market. … Continue reading Preparing Your Home For A Successful Appraisal

How to alter your mortgage to give yourself some financial reprieve

Here are 3 things you can do to give you some financial reprieve during these uncertain times. 1. Reduce your monthly mortgage payment. There are two ways to do this. a)  If you are making accelerated bi weekly payments, change it to biweekly. Accelerated essentially pays an additional month of mortgage payments per year., by … Continue reading How to alter your mortgage to give yourself some financial reprieve

COVID-19-What Home Owners Need to Know

As your trusted mortgage adviser's we are absolutely committed to doing everything we can to help you if you are experiencing difficulty making your mortgage payments. These are unprecedented times, incredibly volatile and information is being adjusted, changed, clarified on a daily basis. I hope the information provided here can provide some help and please … Continue reading COVID-19-What Home Owners Need to Know

POSTPONED- Changes to the Mortgage Stress Test

The changes announced in this blog, have been postponed. With the impact on the economy from COVID-19, the regulators have decided to wait on any changes. It is worth to note that at this time the Stress Test has lowered with most mortgage lenders and today (March 31st, 2020) it is currently 5.04%. Previous post … Continue reading POSTPONED- Changes to the Mortgage Stress Test

Insurance Series- Default Mortgage Insurance

Default Mortgage Insurance is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. In Canada, we are fortunate that we have three organizations that offer default mortgage insurance: CMHC – Canadian Mortgage Housing Corporation, Genworth, and Canada Guaranty. Why is this important and a benefit to a borrower? While these … Continue reading Insurance Series- Default Mortgage Insurance

Insurance Series-Title Insurance

Title insurance is protection against loss arising from problems concerning the title of your property. In Canada, First Canadian Title (FCT) is the company through which title insurance policies are insured through. There are two different types of title insurance policies a “lender policy” and an “owner policy”. Lender Title Insurance When you take out a mortgage, … Continue reading Insurance Series-Title Insurance

Insurance Series-Home, Disability and Life

Home Insurance When you purchase a home, it is prudent to protect yourself in the event of calamity such as fire, flood, storm and even liability damage. If you have a mortgage on your home, the lender you are with, will require proof of insurance prior to funding. This proof is often in what's commonly … Continue reading Insurance Series-Home, Disability and Life