Is your alternative mortgage costing you? Do you need a clear and simple exit strategy? This article gives you a great option. It’s clear that it has become increasingly difficult to get approved for a mortgage in Canada. This is due in part to the impact that COVID-19 has had …
Down Payment Requirements for a Rental Property
The down payment required from borrowers by lenders, investors and banks is a major hurdle to buying a rental property Before lenders can approve your investment property mortgage application, they expect you to be able to pay part of the home’s purchase price upfront. This upfront payment is called the …
Divorce: Dividing Your Property & Mortgage
Are you going through a divorce or ending a common-law arrangement and if so, how will you be dividing your property? Such assets can make the already aggravated situation even more stressful. Divorce is complicated on its own merit. Learn below how is a mortgage dealt with for married couples …
5 C’s of Credit and Your Creditworthiness
The 5 Cs of Credit determine how lenders define your creditworthiness. They are character, capacity, collateral, capital, and conditions and each determines how likely you are to receive funding. I will explain all 5 C’s in-depth below. The 5 C’s of Credit Explained Character The first and probably the most …
Mortgage and Loan Terms
The mortgage world is complicated. Fortunately, that’s why I’m here. Before we start working together, get familiar with the language. Here is a full list of terms and their definitions mortgage brokers use. Looking forward to speaking the same language. Mortgage Terms Amortization Period The Amortization period represents the period …
First-Time Homebuyer Guide on Getting a Loan
When you are a first-time homebuyer, it often feels like every next step of the process is harder than the last one. First, you have to scale the hurdle of saving enough money for the down payment on the home. Then you must get approved for the loan. Finally, you …
6 Ways to Increase Credit Ratings
Too many negative factors on your credit rating can make it extremely difficult to obtain a mortgage or loan. Unfortunately, once negative information lands on your credit report, it can remain on for at least seven years and be very difficult to remove. There are a few ways you can …
5 Steps to Commercial Mortgage Approval
A commercial mortgage approval ultimately means showing that you have enough collateral to support repayment. Collateral is a borrower’s promise with property, to secure repayment of a loan. Your business, not yourself, assumes the mortgage and it can be a complex process. A business may seek out a commercial mortgage …
3 Stages of Obtaining a Residential Mortgage
The process of obtaining a residential mortgage is best done with the help of a mortgage broker. An expert simplifies a rather complicated process. The Canadian Mortgage and Housing Corporation report a more than a 20% increase in the total value of mortgage originations compared to the same period in 2019. …
Keys to Securing a Commercial Mortgage
The keys to securing a commercial mortgage are not foreign to a seasoned mortgage broker. A potential client once told me, “You cannot get a commercial mortgage outside of Toronto.. lenders in Toronto do not think that there is anything of value outside of their area!” In some ways, he …