Blog - mortgage

Getting your Home Hunting Ducks in a Row

Say you’re shopping for a new home. Your goal is to find the ideal property, in a neighbourhood that is just right for you, within a price range that you can afford.

What do you need — at a minimum — to get started?

If you’re looking for ways to get your ducks in a row, here are some things to prepare:

1. A property wish list. What does your ideal home look like? How many bedrooms does it need to have? Do you require a spacious recreational room? A large deck? A pool? A nice view? Get your wish list down on paper.
2. A neighbourhood wish list. Where you live is just as important as what you live in. What qualities are you looking for in a neighbourhood? A nearby park? Walking distance to a good school? Hiking trails? A shorter drive…

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Mortgage Co-signer: Roles and Responsibilities

The market is hot, house prices are increasing and so is the interest rate. There are higher barriers to entry for a first time home buyer than there were last year. If you're having trouble qualifying for a mortgage, a co-signer might be the answer. Here are a few things you need to know.

What is a co-signer? A co-signer is a person who is taking responsibility, along with the primary borrower, to ensure the mortgage is paid. The co-signer acts almost like insurance to the lender that if the primary borrower does not follow through on payments, the co-signer is held legally responsible for ensuring the payments are made. 

When is a co-signer required? A co-signer is required if the primary borrower has uncertain income, is self-employed, or at a…

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5 Simple Strategies For Paying Your Mortgage Off Faster

Looking to pay your mortgage off faster? Shave years (possibly even decades) off your mortgage loan with the help of these five easy-to-follow strategies:

1. Take Advantage of Increased Payment Options 

Upping your monthly payments, even by the smallest increment, can make all the difference in helping you become mortgage-free faster. While your ability to increase your payments will depend on the terms and conditions outlined in your mortgage, many lenders include prepayment privileges in their contracts.

Keep in mind, however, that if you pay more than the prepayment privilege allows, you may be required to pay a prepayment penalty. Your increased payments will also likely apply until the end of your mortgage term.

2. Make Lump-Sum…

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Credit: Secrets to Unlock the Bank's Vault

Click here to open up on YouTube:

As an agent, I have helped MANY clients purchase their first home, and have learned what the banks want. If you think you have ANY issues getting approved to purchase your next home, watching this credit video (and my other videos) will help tremendously towards your future purchase. When your normal banks won't grant you credit, I suggest:

1. A SECURED card: https://www.capitalone.ca/credit-cards/guaranteed-mastercard/  or https://www.hometrust.ca/credit-cards/secured-visa-card/ 
2. After this, I suggest cards from a variety of retailers. Retailers are keen to help you shop in THEIR stores; store specific cards are generally easier to get than "main stream" cards. Many retailers offer co-branded…

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How to Get Approved for a Mortgage in 5 Easy Steps

Whether you’re a seasoned homeowner or a first-time home buyer, navigating the mortgage process can be downright daunting if you don’t know what to expect ahead of time. Don’t worry, we’re here to help!

Here is the start-to-finish mortgage process, summed up in five simple steps.

1. Ready Your Down Payment

To purchase a home in Edmonton (or anywhere else in Canada), you’ll need to come up with the mandatory 5% down payment. While we understand it can be tempting to move ahead as soon as you’ve scraped together the minimum (after all, it can take months or years), keep in mind, the larger your down payment, the more affordable your mortgage will be in the long run.

Mortgage lenders also tend to look more favourably on larger down payments.…

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Helpful Programs First-Time Buyers

Are you looking to buy your first home but struggling to come up with a down payment? These first-time buyer programs can help.

CMHC Mortgage Default Insurance

Admittedly, mortgage default insurance isn’t a “program” per se, but it is beneficial for helping first-time buyers realize their dream of home ownership. To purchase a home in Canada, you’ll require a minimum down payment of 5% on the home’s overall purchase price. Buyers with a down payment of 19.99% or less will be required to purchase mortgage default insurance, which protects the lender in the event you, the borrower, default on your mortgage loan. 

In short, mortgage default insurance enables buyers to purchase a home with as little down payment as possible. 

First-Time Home…

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Covid 19, Mortgage Deferrals and the Credit Score Gamble

This post is time sensitive, with implications for your mortgage, cashflow, and credit for April - Sept 2020, all due to Covid-19.

 I am not a medical professional.  I know NOTHING about health.  There are hundreds of news stories out there about Covid-19.  Many more about government actions.  About social distancing.  This is NOT one of those posts.  It should also be noted, that as with everything Covid, the situation is fluid and changing.

 The federal government announced the Covid-19 Mortgage Payment Deferral Program.  Essentially freeing up extra cash flow for mortgage holders NOW, in the middle of the outbreak.  The best page directly from the government describing the program…

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Mortgage Changes

The Government Has Made Changes

In the government's never ending attempt to influence the market, control risks to the larger economy (bubbles in Vancouver / Toronto), spur / restrict the economy, encourage home ownership, fund budgets (BC speculator tax), and otherwise create headaches for people wanting to buy, this is a list of the changes wrought to the mortgage industry in the last decade:

Confusing? This is why I stress the importance of using an experienced mortgage broker.  Someone who tracks these changes.  So you don't have to.

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