Entries by Callum Greig

Getting Over the Down Payment Hump

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 […]

How Mortgage Brokers Get Paid

Firstly, how do mortgage brokers get paid 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 […]

Utilizing the Equity in Your Home

How Utilizing the Equity in Your Home can work to your advantage Having been in your home for some time, steadily paying off your mortgage, you are setup to be utilizing the equity in your home. To access it, begins with refinancing. This is likely more accessible and at a lower cost than obtaining a […]

Insured and Uninsurable Mortgages?

Mortgage rate pricing is based much on insurance: Insured and uninsurable mortgages will determine the rate that a lender will offer for your mortgage. This will depend heavily upon the lender’s ability to finance their own operation in the background. It’s important to understand the key aspects when your mortgage broker will discuss uninsurable and […]

Refinance Plus Improvement Mortgage

A refinance plus improvement mortgage 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. The equity a homeowner can access would be the difference between 80% of market value and the […]

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. This could give first time homebuyers the option to share the cost of purchasing a home with CMHC. This will be done through cash/equity […]

Don’t Forget About Closing Costs

You 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 costs […]

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 done reflecting the most recent value based on the current market conditions. Home Appraisal The appraisal provides you with a document […]

Down Payments

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 […]