Entries by Callum Grieg

Insured, Insurable, Uninsurable?

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 […]

Refinance Plus Improvement Mortgage

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 […]

Summary – 2019 Federal Budget

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 […]

Don’t Forget About Closing Costs

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 […]

Assessments and Appraisals

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 […]

Downpayments

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 […]

Bank vs Credit Union Lenders

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 […]

Self Employed? Get Approved!

As a self-employed individual, taking advantage of write-offs that allow your income to be in a lower tax bracket may seem great. However, this may also hurt your ability to qualify for a mortgage. Lenders generally require two year of Tax Returns; two years Notice of Assessment; two years Financial Statement; statement of bank account […]

What’s in a Good or Bad Credit Score

For many clients in the pre-approval process, their credit report and credit scores are a source of stress and mystery. Even with the endless information available at the click of a mouse, there seems to be no straightforward summary on what doesn’t and doesn’t affect them. So, what determines a good (or bad) credit score? […]

Knowing the Terms of your Mortgage

Prepayment Having the option to pay off your mortgage faster should be a consideration when reviewing your mortgage terms. Prepayments allow you to pay off a little more each year (usually a set portion of you mortgage amount). This is a great feature if, say, you get yearly bonuses from works, work commission based and […]