Entries by Callum Greig

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 […]

Bank vs Credit Union Lenders

Bank vs Credit Union Lenders. Both banks and Credit Unions are financial institutions that have similar financial offerings. However, what they can offer in terms 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. When […]

Self Employed? Get Approved!

Self Employed? Get Approved! As a self employed individual to get approved, means taking advantage of write-offs that allow your income to be in a lower tax bracket. 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  along with […]

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. This is they key information for What’s in a Good or Bad Credit Score. So, what […]

Knowing the Terms of your Mortgage

Prepayment Knowing the terms of your mortgage, like 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 […]

Mortgage Payment Frequency Options

Mortgage payment frequency options include many factors. These may influence your choice of payment frequency, including budget flexibility and when your payroll is deposited. Moreover, the ability to take on slightly larger payments will enable you to minimize total interest paid and pay off your mortgage quicker. When it comes to mortgage payments, the frequency […]

Using a Guarantor

Using a guarantor or co-signer will assure payment responsibility if the primary borrowers default. This will enable the applicant to qualify for a mortgage, if on their own; the applicant(s) have to poor credit and/or insufficient income. A guarantors name may be on the loan but not the property. Conversely, a co-signers name will appear […]