When you’re buying a home, negotiating a price reduction after the inspection can feel like a big win. If the seller lowers the price by $5,000 for issues such as an aging roof or a faulty furnace, that savings can help cover the repair costs. However, while the price drop makes sense and is a … Continue reading Why Price Drops Can Risk Your Mortgage Approval
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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
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
What to Expect in Your Mortgage Lender’s Welcome Package Within a few weeks after your mortgage closes (funds), you should receive communication from your mortgage lender. It often comes in the mail, but you may also receive a phone call and possible email communication as well. In your welcome package you can expect information on: … Continue reading Mortgage Lenders Welcome Package
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
What You Need to Know About FINTRAC When you’re navigating the mortgage process, you might come across the term FINTRAC. But what exactly is it, and how does it impact you when you are being approved or even pre approved for a mortgage? In this post, we’ll break down FINTRAC and its relevance in your … Continue reading What You Need to Know About FINTRAC
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