Resources
What is a Conventional and High Ratio mortgage?
What is a conventional and high ratio mortgage?
A conventional mortgage is where the buyer provides a down payment of 20% of the purchase price. In other words the mortgage may not exceed 80% of loan to value. Mortgages that exceed this limit are called High ratio mortgages.
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New To Canada and Non-Resident Program.
New to Canada Program requires minimum of 5% down. Must be working full-time permanent for at least 3 months and be living in Canada under 5 years. Work permits are accepted.
For new to Canada applicants without a job they need 35% down and have 12 month of mortgage and property tax payments.
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Speak to your broker before signing that mortgage renewal !
Typical process for a renewal is you will receive a letter in the mail anywhere from 120 to 30 days prior to your maturity date. The bank will offer you a rate that may be lower than the posted rate but is typically much higher than the current market rate. Most of us will sign the renewal and send it back just to avoid the hassle of more paper work, but is that the best option for your bank account.
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Mortgage Pre-Approval
A mortgage pre-approval allows for the home buyer to know their borrowing power. It is a great option for those looking to buy a home to get an idea of what price range they can afford. Applying for a pre-approval is very easy and absolutely free. The great thing about pre-approvals is you are not obligated to the lender or mortgage broker from whom you received the pre-approval from.
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Private Mortgage Financing & Second Mortgages
What is Private Mortgage Financing?
Private Mortgage Financing can occur when the borrower has to obtain financing outside of the traditional lending sources, i.e. Banks, credit unions, trust companies. The private lenders can be individuals who are searching for a better return on their money or, companies specifically, designed for these purposes. Private financing is not shady as the bad criticism it may receive. It represents a large portion of the mortgage financing industry here in Canada and provides another option for Canadian borrowers.
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Fixed Rate Mortgage vs. Variable Rate Mortgage
Fixed Rate Mortgage vs. Variable Rate Mortgage
Which mortgage is the better way to go? Most people go for the fixed rate mortgage because it is the safe choice; it provides stability and gives the feeling of comfort knowing exactly what you will be paying on your mortgage for the fixed term.
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Self-Employed Mortgages
There are two different types of mortgages for self-employed borrowers. One is based on qualifier income (proof of income on paper) and the other is non-qualifier income (no proof of income on paper). There are big differences in lender policy based on each type of borrowers.
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Purchase Plus Improvements Mortgage
This mortgage product allows the purchaser of a primary or investment property to add immediate renovation costs onto the new mortgage. The renovations must improve the value of the property such as new flooring, roof, windows, kitchen or bathrooms.
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