Reasons to Reach Out to a Monoline Lender in Canada
Mortgage brokers work with a wide variety of lenders ranging from major banks and credit unions to private lenders and monoline lenders. If you have never heard of a monoline lender, you are not alone, but mortgage brokers love to work with them because they can often offer their clients the best rates.
Everything you need to know about home appraisals in Canada
In most cases, when you get a mortgage, you will also need to get an appraisal. This is a professional assessment of the property’s value. Lenders often require appraisals before they will give a mortgage on a property because they want to be sure that the property is actually worth what they are lending.
Tips on Getting the Best Adjustable Rate Mortgage in Canada
Historically in Canada, those who opt for adjustable rate mortgages tend to pay less than those who opt for the more common fixed rate mortgages. An adjustable rate mortgage is one that has an interest rate that fluctuates with the Bank of Canada’s interest rate. So if you do choose an adjustable rate mortgage, how […]
3 Tips for Rent to Own Agreements in Canada
For many in Canada, the dream of homeownership can be a difficult one to achieve – particularly if your credit score isn’t stellar. Rent to own can be a viable solution, allowing the tenant/buyer to live in a home that they love while they put away money for the down payment. The landlord/seller collects rent […]
The Benefits of Creditor Life Insurance
If you have ever taken out a mortgage or other type of large loan, the lender may have recommended that you also purchase creditor life insurance. But what exactly is creditor life insurance and what are the benefits? Simply put, a creditor life insurance policy is one that allows you to keep your financial obligations […]
Becoming a Private Mortgage Lender
According to recent mortgage statistics, more and more homebuyers are turning to private mortgage lenders. One of the biggest reasons for this is that the mortgage financial stress test that was introduced at the beginning of this year is making it more difficult for people to qualify for mortgages on the homes that they want. […]
What is a Mortgage Pre-Approval and Why Should I Get One?
If you are ready to take the plunge and finally purchase a home of your own, one of the first steps that you should take is to get pre-approved for a mortgage. Be sure not to confuse mortgage pre-approval with pre-qualification. Mortgage pre-qualification is a quick process where a lender will determine how much of […]
How a Commercial Mortgage can help your Business?
If you operate a business that relies on a brick and mortar location, you may start out renting but at some point you will need to decide whether renting is really your best option or if you should get a commercial mortgage. The answer to this question depends on a number of factors including how […]
When should you opt for a second mortgage?
A second mortgage can be a useful tool if you want to consolidate debt, invest in a business or pay for a major purchase such as a home renovation. But it is not the right tool for everyone. When you take a second mortgage, you have to keep in mind that you will be adding […]
First Time Home Buyer Mortgage Programs
Are you in the market for your first home? What an exciting time! It may seem like buying a home for the first time would be more difficult, but the good news is, that’s not really true. The government actually wants to see people buying homes and they have a few different incentives to help […]