When a relationship ends, it’s ideal and common for couples to try to work things out amicably between themselves. While a verbal or a self-drafted agreement is a great sign of mutual respect, mortgage lenders and insurers require something much more robust. To approve a new mortgage, underwriters require a Separation Agreement that needs to … Continue reading Separation Agreements- Why a Formal Agreement is Mandatory for Your Mortgage
Author: Mortgage Sisters West
Breaking up is incredibly difficult, and deciding what to do with the matrimonial or family home can add a heavy layer of stress. When one partner wishes to stay in the home and buy out the other’s equity, a standard refinance isn't always the best, or even a possible, option. Thankfully, Canada offers specialized Spousal … Continue reading Staying in the Family Home- How A Spousal Buy Out Works
Step-by-Step Process When Purchasing a Home With A Mortgage And You Are Working With The Best—A Mortgage Sister! Step 1: Get Pre-Approved Meet with your mortgage broker to review your qualifying details/pre-approval. We do our pre-approvals in 4 clear and comprehensive steps: Introductory Call- this is about 15-20 min. In this phone call we will … Continue reading Step by Step Guide To A Purchase Transaction When There Is A Mortgage
Mortgage Payment Frequency: What It Means and Why It Matters When you're setting up your mortgage, one of the key decisions you'll make is how often you want to make your payments. While it might seem like a small detail, your payment frequency can have a big impact on your budgeting, interest costs, and how … Continue reading Mortgage Payment Frequency: What It Means and Why It Matters
When you're applying for a mortgage, one of the most important pieces of documentation you'll be asked to provide is proof of where your down payment is coming from. This isn’t just about showing a balance—it’s about showing a clear and consistent history of the funds in the accounts you're using. In this post, we’ll … Continue reading How to Use Online Banking to Provide Your Down Payment Account History
📎 Submitting Your Documents Electronically Save time—and a tree🌳—by using electronic documentation. Most lenders accept PDFs of your banking documents, and sending them digitally can help move your mortgage approval forward more quickly and efficiently. Below are simple steps for saving your online banking documents as PDFs on desktop or mobile devices. 💾 How to … Continue reading Simplify The Paperwork- Electronic Documentation
January 2024- Bank of Canada Rate Update The Bank of Canada has NOT increased its overnight rate, keeping its rate at 5%, prime rate with most banks remains at 7.20%. In its statement, the Bank said " discussion about future policy is shifting from whether monetary policy is restrictive enough to how long to maintain … Continue reading BANK OF CANADA RATE UPDATE – JANUARY 2024
Some quick math for mortgage payments! $58/ month per $10K mortgage amount $581/ month per $100k mortgage amount $1,163/month per $200k mortgage amount $1,744 / month per $300k mortgage amount $2,326/ month per $400k mortgage amount Based on a 25 year amortization with interest rates hovering around 5%. Mortgage Sisters West mortgage brokers are your … Continue reading Quick Mortgage Math
If you are looking at purchasing a typical residential property as a rental, the minimum down payment is 20%. BUT, did you know that if you are purchasing a multi family property (more than 5 doors), there is insured financing that can go up to 85% or more of the value of the property! If … Continue reading Down Payment on A Multi Family Residential Property
On January 1, 2023, The Prohibition on the Purchase of Residential Property by Non-Canadians Act (Act) comes into force. It prohibits the purchase of residential property in Canada by non-Canadians unless they are exempted by the Act or its regulations, or the purchase is made in certain circumstances specified in the regulations. This new legislation … Continue reading Foreign Buyers Prohibition