Mortgage Blog

Category: Advice for Borrowers (24 posts)

Understanding Insurance for Home Buyers and Borrowers

June 9, 2022 | Posted by: Ronice Harrison

Not all insurance products are created equal. One of the most common mistakes homeowners and potential homeowners make is that they hear the word “insurance” and just assume they have it! ...

Watch Out For These Common Mortgage Traps

June 7, 2022 | Posted by: Ronice Harrison

We've all seen those enticing bargain mortgage rates around the internet... 'Get your mortgae at a 1.5% fixed rate!' Is this real, or too good to be true?The sad reality is that enticing 'bargain-bin' ...

Should I Lock in my Mortgage Rate as Rates Start to Rise?

May 31, 2022 | Posted by: Ronice Harrison

With impending Bank of Canada rate increases occurring in the coming months, many are wondering if they should be locking in a mortgage rate or making a change to their mortgage. With the variable rat ...

Investing in a Vacation Property? Learn What You'll Need to Have to Get A Mortgage Approved

May 4, 2022 | Posted by: Ronice Harrison

With approximately one million people having purchased vacation homes in the last year, this type of residence is gaining popularity for those who are interested in a home in a beach setting or a vaca ...

Tax Rebates for First Time Home Buyers

April 21, 2022 | Posted by: Ronice Harrison

It can be a struggle trying to get a foothold in the housing market. Purchasing a home is very expensive, and not just due to the down payment you must acquire and present to the lender before they is ...

How to Get a Down Payment For a Home in Ontario

April 14, 2022 | Posted by: Ronice Harrison

If you’re hoping to buy a home sometime in the near future, odds are you’ll need to take out a mortgage to finance it. But even though you’re borrowing money to finance the propert ...

Land Transfer Taxes for Every Canadian Provice

April 14, 2022 | Posted by: Ronice Harrison

When you buy a house, there are plenty of costs involved in the transaction aside from the purchase price. But one expense that many buyers may not be aware of is the Land Transfer Tax (LTT). E ...

Alternative Mortgage Financing in 2022

April 7, 2022 | Posted by: Ronice Harrison

With the implementation of new mortgage rules in recent years, including the introduction of the mandatory mortgage stress test in 2018, it’s becoming harder and harder for aspiring homeown ...

How to Save for a Down Payment

April 5, 2022 | Posted by: Ronice Harrison

Buying a home, whether it’s your first or fifth, requires being prepared. This of course includes saving for a down payment. The down payment is the biggest frustration for Canadians look ...

Minimum Down Payment Required for Mortgage Approval in 2022

March 31, 2022 | Posted by: Ronice Harrison

Understanding the ins and outs of down payments in Canada is one of the keys to smooth and successful mortgage approval. In this article, we will look at the most important things that you need ...

Tips on How to Improve Your Credit Score

March 24, 2022 | Posted by: Ronice Harrison

It’s clear that a good credit score is one of the most important factors when trying to get a mortgage. It also helps calculate the interest rate you’ll be given by your lender. So, havin ...

Minimum Credit Score Required For Mortgage Approval in 2022

March 22, 2022 | Posted by: Ronice Harrison

If you live in Ontario, you may have noticed that it’s getting harder and harder to be approved for a mortgage loan. You need to have a number of factors in your favour, like your down payment, ...

Should You Change Jobs While Shopping For a Home?

March 8, 2022 | Posted by: Ronice Harrison

Along with our red-hot housing market and historically low Canadian mortgage rates, another trending topic in the news and in conversations around the country is the recovery of the job market. While ...

Get a Bad Credit Mortgage in Canada

February 24, 2022 | Posted by: Ronice Harrison

Even for Canadians that have low credit, or have been turned down by the major banks, mortgage lending options do exist. While you might not be able to qualify with a prime lender at the lowest possi ...

Which Is Better: Buying With Cash or Mortgage In Real Estate?

February 1, 2022 | Posted by: Ronice Harrison

Not every homebuyer is lucky enough to have the coveted choice between buying with cash or taking out a mortgage. The majority of people looking to buy a new home will simply go with the option of mor ...

How to Get a Mortgage with Zero Per Cent Down

January 27, 2022 | Posted by: Ronice Harrison

No money for a down payment? You might think you can't get a mortgage, but it could be possible! Let's see how you could borrow money for a down payment, and get your mortgage with zero per cent down. ...

Top 10 Questions to Ask Your Mortgage Broker in Ontario

What to do if You Are Denied a Mortgage

November 24, 2021 | Posted by: Ronice Harrison

What to do if You Are Denied a Mortgage Main reasons Why your mortgage application is Denied and What to do If Mortgage lenders reject Yours Mortgage lenders often reject loan application requests f ...

What Happens if You Lose Your Job Before Closing?

August 4, 2021 | Posted by: Ronice Harrison

A job loss a few days or weeks prior to closing your home purchase can be distressing; especially when you have no alternative source of income. Getting a new job can ease the situation, but it's not ...

Risks of Putting Down a Firm Offer with a Pre-Approval Ontario

July 7, 2021 | Posted by: Ronice Harrison

Risks of Putting Down a Firm Offer with a Pre-Approval Today, the real estate market is competitive and homebuyers need all the help they can get to secure their home at the right price. Once you fin ...

Why Borrowers May Choose a Private Mortgage

February 25, 2021 | Posted by: Ronice Harrison

Why Borrowers May Choose a Private Mortgage When most people want to buy a home, they get a list of local banks and mortgage companies to start comparing the available financing options. However, the ...

How to Handle a Mortgage After a Separation or Divorce

February 10, 2021 | Posted by: Ronice Harrison

Mortgage Life After Separation and Divorce Separation and divorce present many challenges. It's a situation you likely never thought you'd never be in, but now there are personal and financial conseq ...

Should You Pay Off Your Mortgage Early?

March 13, 2020 | Posted by: Ronice Harrison

It's a dream to be able to pay off your mortgage early, but is there a downside? While it sounds like a great idea, there are some factors to consider before doing so. This article will ex ...

Should You Spend the Full Mortgage Amount You're Approved For?

February 14, 2020 | Posted by: Ronice Harrison

Before you start shopping for a new home, you'll need to know exactly how much house you can afford. Otherwise, you could end up in a home that is way out of your budget. What you qualify for may not ...