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
Tag: Equity
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
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
Many mortgage lenders have re-introduced the cash back mortgage, to help buyers and current home owners at a time when people need it the most.
Its times like these that we depend on the people we trust. Mortgage Sisters West are here to help you with your mortgage challenges and options during these uncertain times.
When you purchase a home, your name is on your land title as being the owner of the property and any other interests in the property- such as a mortgage- will also go on title. We assume that all mortgages are registered the same- however there are very big differences between a standard mortgage charge … Continue reading A Collateral Mortgage is not a Standard Mortgage
What are some tips to pay down your mortgage quickly? Here is how some people saved themselves money on mortgage interest and paid down their mortgage's faster. Of Buyers who purchased between 2014-2017: 18% made a lump sum payment (average was $19,500) 16% increased the amount of their payment (average was $440 a month) 10% … Continue reading How to pay down your mortgage?
The Most Recent OSFI Mortgage Rule Changes On Tuesday October 17 the Bank of Canada announced they will proceed with the implementation of a stress test for all uninsured mortgages. An uninsured mortgage is where the down payment is more than 20% down, has no default mortgage insurance and includes refinancing. The stress … Continue reading OFSI Mortgage Rule Changes effective January 1st 2018