Saving for a down payment is one of the biggest challenges facing people wanting to buy their first home. Verifying the down payment when purchasing a home via supporting documentation is required by alllenders. Doing so also protects against fraud and confirms that you are not borrowing your down payment, which could changes debt […]
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Here are some Mortgage Insights from CMHC’s latest national edition of the Mortgage and Consumer Credit Trends report covers the second quarter of 2019. Here are a few facts to consider. Contact us at https://primemortgageworks.com/contact/ for more information. indebtedness is higher than one year ago, increasing the vulnerability of Canadians to financial difficulties the average […]
One of the decisions you will need to make before your new mortgage is set up, is what kind of payment frequency you would like to have. For many, sticking to a monthly payment is the default, however, other payment frequency choices can save you money in interest costs over time. Monthly Payments Monthly payments […]
First time home buyers tips help you to be prepared before closing but as importantly, AFTER you are pre-approved for a mortgage. In fact, buyers ruin their chances of closing by making simple mistakes once they hear the word “approval” from the mortgage broker. These are some of the most common mistakes people make and most importantly […]
If you have the funds to perform improvements on your home, you want to also consider the long-term payback in terms of increase in value and payback when you sell. So, what improvements get you the best return? Adding Square Footage – although a quite significant project both in time and money, this can […]
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 […]