Resources

When people think of first time home buyers, you think of anxious, confused and indecisive individuals. However, a new report is stating it is the exact opposite. There were two surveys done by BMO and Genworth. This study finds that first time home buyers are expecting to spend $300,000 when the current average of home prices start at $368,895. This is a difference of 19% of what they think they will spend versus what is likely the will spend. In regards to down payment of the home, first time home buyers are averagely showing of putting down 16% percent of the purchase price (works out to be $48,000).
Read More

If you are a new immigrant getting a mortgage in Canada has never being easier.  You can qualify for a standard mortgage of up to 95% of borrowing.  That is right 95%.  This program is open for all new immigrants with permanent residency, temporary residency or working visa.
Read More

Construction mortgage financing option is for clients who want to build or do large renovations to a property both residential and commercial. The construction mortgage makes construction and land development faster and easier.
Read More

What is Purchase Plus Improvements?

This mortgage product allows the purchaser of a property to add renovations cost onto the mortgage.  The renovations must improve the value of the property.  I have done allot of these mortgages and once the renovations stay within the guidelines for home improvements such as new flooring, roof, windows, kitchen or bathroom there is no problem with approval.  A $10,000.00 Persian carpet is not going to fly.
Read More

Clients often call me with this question, “Is it worth breaking our current mortgage for a better mortgage term and interest rate”.  Each case varies significantly as there are many factors to consider.
Read More

What is Purchase Plus Improvements?

This mortgage product allows the purchaser of a property to add renovations cost onto the mortgage when setting the mortgage up.  The renovations must improve the value of the property.  I have done allot of these mortgages and once the renovations stay within the guidelines for home improvements that would add immediate value to a home (new flooring, roof, windows, kitchen or bathroom) there is no problem with approval.  A $10,000.00 Persian carpet is not going to fly.
Read More

New mortgage rules for fully secured lines of credit mean they are no longer available up to 80%.  (an exception to this are some credit unions)  The new rules employ that if a borrower wants a full Line of credit on their property the amount is limited to 65% of property value.  If a borrower however has a fixed or variable component to the mortgage (All In One product) minimum 15% of total mortgage then a line of credit can also be added up to 80% of property value.
Read More

When your mortgage is up for renewal you do have options.  Believe it or not nearly 85% of Canadians sign their mortgage renewal letter without actually considering other options for a better rate or product.  When you receive a renewal letter from your lender, they (mainly banks) will not offer you the best discount rate.   They are hoping (and in most cases are correct) that the client will just sign the letter and send it back to the lender.  The lenders save allot of money by taken this approach.
Read More

When your mortgage is up for renewal you do have options.  Believe it or not nearly 85% of Canadians sign their mortgage renewal letter without actually considering other options for a better rate or product.  When you receive a renewal letter from your lender, they (mainly banks) will not offer you the best discount rate.   They are hoping (and in most cases are correct) that the client will just sign the letter and send it back to the lender.  The lenders save allot of money by taken this approach.
Read More

Clients often call me with this question, but of course each case varies significantly as there are many factors to consider.  When deciding whether or not to refinance there are two important questions you must ask yourself. Firstly, how soon would you like to realize the savings? Secondly, how much longer do you expect to reside in your current home?
Read More