This author has yet to write their bio.Meanwhile lets just say that we are proud Callum Grieg contributed a whooping 19 entries.
One of the largest barriers to entry into home ownership is saving enough cash for a down payment. Small every day expenses add up; and depending on the market you live in, rent may also be eating a significant portion of your income each month. You do have options; here are some ways you may […]
Firstly, here at Prime Mortgage Works, we do not charge any retainer or upfront fee for our services. Actually, you don’t pay any fee directly to us for our services, ever! Yes, 100% free, no pressures advise! We are licensed professionals and are governed by provincial bodies, who have you, the clients, best interest in […]
Having been in your home for some time, steadily paying off you mortgage, you have subsequently been gaining equity. To access it, begins with refinancing. This is likely more accessible and at a lower cost than obtaining a loan not secured by your valuable asset – your home. For the most part, home equity loans […]
Mortgage rate pricing is based much on insurance: Insured mortgages are covered by mortgage default insurance through one of three insurers – CMHC, Genworth or Canada Guaranty. A premium is added to the mortgage amount. The amount is a percentage of the loan based on the loan to value ratio with a down payment […]
A refinance plus improvements can help you finally complete those home renovations you have always wanted to do! A conventional refinance enables a homeowner to borrow up to 80% of the fair market value of their home. So, the equity a homeowner can access would be the difference between 80% of market value and the […]
The Federal Government announced their official 2019 budget and affordable housing was certainly a high priority topic. First, the Canada Mortgage and Housing Corporation (CMHC) First Time Home Buyers Incentive Plan could give first time homebuyers the option to share the cost of purchasing a home with CMHC. This would be done through funding/equity sharing […]
You have saved enough for a down payment, found your perfect home, negotiated the purchase price and made an offer subject to financing, and have now gotten approved! You’re all set, the hard part is done, right? Not in reality, there are quite few other fees that need to be considered – closing costs. Closing […]
The value on an assessment notice may vary quite a bit from a mortgage or real estate appraisal. One reason for this may be the timing that the assessment was done; versus the appraisal just done reflecting the most recent value based on the current market conditions. Home Appraisal An appraisal provides you with a […]
Depending on how much you have saved and whether you are being supported with a gift from the bank of mom and dad, what you are able to put towards a down payment will vary. In Canada, the minimum down payment is 5% of the purchase price, however there are also benefits to putting down […]
Both banks and Credit Unions are financial institutions that have similar financial offerings; however what they can offer in term s of mortgages are quite different. Banks are publicly listed and regulated by the federal government. Credit Unions on the other hand, are locally based organizations regulated by provincial government. Because Credit unions are not […]
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