Mortgage Blog

Category: Educate Me (29 posts)

How do I Qualify for a Mortgage?

How do I Qualify for a Mortgage?

January 9, 2019 | Posted by: Laurie Anne Faulkner

How do I Qualify for a Mortgage? In Canada, if you have good credit, a permenant  income, a minimum down payment of 5% and the property you choose qualifies to the lenders guidelines you are wel ...

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New CMHC and Genworth Mortgage Loan premiums

New CMHC and Genworth Mortgage Loan premiums

March 17, 2017 | Posted by: Laurie Anne Faulkner

Increase in CMHC and Genworth Mortgage Loan Insurance Premiums MArch 17, 2017 Increase in CMHC and Genworth Mortgage Loan Insurance Premiums Key Facts Mortgage loan insurance helps protect lenders ...

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Home Buying and Closing Costs

Home Buying and Closing Costs

February 22, 2017 | Posted by: Laurie Anne Faulkner

When buying a home, especially upon purchasing your first home you will need to budget for extra expenses that will occur aside from your down payment. Some of the expenses related to buying a home ar ...

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New Downpayment Requirements for Mortgage Loan Insurance

New Downpayment Requirements for Mortgage Loan Insurance

March 7, 2016 | Posted by: Laurie Anne Faulkner

As of February 16th, 2016 the minimum down payment requirements to purchase a home in Canada has changed for anyone needing mortgage laon insurance with CMHC, Genworth or Canada Guaranty  For CM ...

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How Much Do I Need for a Down Payment?

How Much Do I Need for a Down Payment?

February 2, 2016 | Posted by: Laurie Anne Faulkner

What is a Down Payment? A down payment is the money you put forward toward the price of a home – your cash outlay - this amount needs to be a minimum of 5% of the purchase price for a home up t ...

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Tenants in Common vs. Joint Tenant

Tenants in Common vs. Joint Tenant

November 20, 2012 | Posted by: Laurie Anne Faulkner

Tenants in Common vs. Joint Tenant When purchasing a home with someone else or with multiple people on title, it is very important that you make an informed decision as to what happens to your intere ...

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Your Home Value

Your Home Value

November 19, 2012 | Posted by: Laurie Anne Faulkner

Putting A Value on Your Home for Financing Purposes Whether you are purchasing a home or looking to refinance, determining a property’s value is an essential step in the mortgage application pr ...

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The ABC's of Condominiums

The ABC's of Condominiums

November 19, 2012 | Posted by: Laurie Anne Faulkner

The ABC's of Condominiums There are almost as many types of condominiums as there are kinds of people who want to live in them.  Condominium Fees When looking for a new condominium, it is impo ...

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Municipal Property Tax

Municipal Property Tax

November 12, 2012 | Posted by: Laurie Anne Faulkner

Municipal Property Tax Property taxes are paid on an annual basis to your municipal government. However, in order to make these taxes more manageable, many governments have set up installment plans, ...

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What Happens When The Lender Collects My  Municipal Property Taxes?

What Happens When The Lender Collects My Municipal Property Taxes?

November 12, 2012 | Posted by: Laurie Anne Faulkner

Municipal Taxes Collected and Paid by Mortgage Companies; All insured mortgages require that the lender collect the property taxes until there is at least 20% equity in the property therefore, most l ...

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Accelerated Bi-Weekly VS Regular Bi-Weekly Payments

Accelerated Bi-Weekly VS Regular Bi-Weekly Payments

November 9, 2012 | Posted by: Laurie Anne Faulkner

Some Lenders offer the choice of paying your mortgage with accelerated or “rapid” bi-weekly payments along with a non-accelerated or “regular” bi-weekly payment. This can cause ...

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Self-Employed Documentation

Self-Employed Documentation

November 7, 2012 | Posted by: Laurie Anne Faulkner

Mortgage Insurers and Lenders within Canada have made homeownership easier than ever with specific programs for today’s business owner. Today many lenders have reduced the amount of documentati ...

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Mortgage Loan Insurance

Mortgage Loan Insurance

November 7, 2012 | Posted by: Laurie Anne Faulkner

Mortgage Loan Insurnace For a large number of Canadian home buyers especially first time home buyers saving enough money for a 5% down payment is the hardest part of becoming a home ownerand saving ...

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Switching or Transfering Your Mortgage

Switching or Transfering Your Mortgage

November 7, 2012 | Posted by: Laurie Anne Faulkner

Switching a Mortgage You’ve heard about the switch mortgage and know that it means moving your mortgage to another lender but don’t quite understand the whole story. Here are some questi ...

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Pre-Payment Options – Comparing the Results

Pre-Payment Options – Comparing the Results

November 6, 2012 | Posted by: Laurie Anne Faulkner

Comparing the Results Monthly Payments, Bi-Weekly-Accelerated Payments, and Lump-Sum Payments   Depending on your available income, taking full advantage of the prepayment privileges feature ...

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If Another Mortgage is in Your Future, Be Prepared!

If Another Mortgage is in Your Future, Be Prepared!

November 6, 2012 | Posted by: Laurie Anne Faulkner

by Julie Garton-Good If it’s been years since you prepared for a mortgage loan interview, don’t assume that it’s the same world of lending. Mortgage practices have changed and strea ...

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Title Insurance – Is it for Everyone?

Title Insurance – Is it for Everyone?

November 6, 2012 | Posted by: Laurie Anne Faulkner

For most Canadians, a home is the largest single investment they will make. In today’s complex real estate environment, homebuyers can face a range of unforeseen problems that can affect their r ...

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Good Debt Versus Bad Debt

Good Debt Versus Bad Debt

October 30, 2012 | Posted by: Laurie Anne Faulkner

Not all debt is created equal… The difference lies in how it helps –or hurts – your pursuit of your financial goals. Some debt can be seen as an investment in one’s future: ...

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Buying an Investment or Rental Property

Buying an Investment or Rental Property

October 30, 2012 | Posted by: Laurie Anne Faulkner

Why Consider an Investment properties? Investment properties, particularly smaller, residential real estate – are now much more accessible to the average Canadians. And as any homeowner will co ...

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Documentation You Will Need to Provide

Documentation You Will Need to Provide

October 30, 2012 | Posted by: Laurie Anne Faulkner

What Documentation Will I Need for My New Mortgage? When buying a new home or refinancing your existing mortgage, certain documentation is needed to support your mortgage request. By providing us wit ...

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Mortgage Discharge Penalties

Mortgage Discharge Penalties

October 30, 2012 | Posted by: Laurie Anne Faulkner

This is the most difficult topic related to mortgages and it will continue to be confusing until the laws in Canada are changed to require consistency on how lending institutions charge their penaltie ...

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Accessing Your Tax Information and NOA’s

Accessing Your Tax Information and NOA’s

October 30, 2012 | Posted by: Laurie Anne Faulkner

Most lenders require your current years Notice of Assessment from Revenue Canada in order to approve your mortgage application – If this document is with all the other socks out there in the uni ...

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Pay Off Your Mortgage Sooner

Pay Off Your Mortgage Sooner

October 30, 2012 | Posted by: Laurie Anne Faulkner

How can you shorten the length of your mortgage and minimize the cost of borrowing? For most of us, a mortgage is by far the biggest debt we’ll ever take on. The excitement of home ownership of ...

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Buying a Home

Buying a Home

October 30, 2012 | Posted by: Laurie Anne Faulkner

Buyer Tips For Negotiating PriceYou want to make every dollar count in the purchase of your home. And one way to make it happen is to employ sound negotiating tactics that make a difference between sm ...

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Mortgage Life Insurance

Mortgage Life Insurance

October 30, 2012 | Posted by: Laurie Anne Faulkner

We bring you mortgage insurance protection specifically designed for mortgage borrowers like you, underwritten by The Canada Life Assurance Company, one of Canada’s leading insurers. This optio ...

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The Closing Process

The Closing Process

October 30, 2012 | Posted by: Laurie Anne Faulkner

If you understand the closing process for your new home everything will move along much smoother and with less stress. Here are the steps that will happen once you have removed your conditions: Usual ...

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Home Owners Grant

Home Owners Grant

October 30, 2012 | Posted by: Laurie Anne Faulkner

Provincial Property Tax Home Owners Grant Program The Home Owner Grant is a provincial program, the purpose of the home owner grant is the Province of BC pays a portion of your property taxes to help ...

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Bridge Financing versus Interim Financing

Bridge Financing versus Interim Financing

October 30, 2012 | Posted by: Laurie Anne Faulkner

Obtaining Bridge Financing can be difficult – On the other hand, Interim Financing is more financially complex. That’s because you have to qualify for two mortgages, even if only for a br ...

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Umbrella Mortgages

Umbrella Mortgages

October 30, 2012 | Posted by: Laurie Anne Faulkner

A Recent Trend in Mortgage Lending Over the past few years we have seen a number of lenders introduce a mortgage product that allows several different credit facilities (such as a first mortgage, a l ...

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