Arm's-Length Mortgages & Finding Your Approval When it comes obtaining a mortgage, the down payment is paramount. Most banks and traditional lenders require a down payment of at least 5%. A down payment of 20% is generally required to avoid Mortgage Loan Insurance. In some cases, having 20% or more ...

If you’re buying a home in new construction, builders tend to work with two different types of loans – completion mortgages and draw mortgages. Different builders have their preferences. In this article, we will compare a draw mortgage to a completion mortgage. What is a completion mortgage? A completion mortgage ...

There are all sorts of issues that can pop up at the last minute with mortgage loans. Some issues can be cleared up before closing, but there may be others that cannot be dealt with in time. Examples include an outstanding bill to a utility, a work order on the ...

Table of Contents

• What Is a Second Mortgage?
• Choose a Mortgage Option
• Get Your Funding Quickly
• Benefits of a Second Mortgage

What Is a Second Mortgage? A second mortgage is a type of loan that’s secured by your home and sits behind your first mortgage. Your first mortgage ...

The Canadian economy has suffered over the past months as the nation has gone through an extended lockdown to fight the spread of the COVID-19 pandemic. However, these months of remaining shuttered in the interest of public health and safety have taken their toll on the fortunes of many small ...

Thanks to the COVID-19 pandemic, the Canadian federal government and the CRA have changed their Tax Filing and Payment Deadlines for the 2019 tax year. For individual tax returns from 2019, and for corporation payments from 2019 or 2020, as well as trust returns and installment payments, the payment deadline ...

So, you’re about to make one of the single most important investments in your lifetime—buying a house. However, for many people, understanding the technicalities regarding mortgage payments can often be challenging. This, however, is simply because they haven’t been properly apprised of everything involved. In this post, we’re going ...

Excluding the separation of common-law spouses, nearly 40% of marriages end in divorce. If you are a homeowner and are going through a separation, here’s everything you need to know. Take a look. You Still Need to Make Your Mortgage Payments As a legally binding contract between you and your ...

Personal bankruptcies are as daunting as they are common. However, Canada's bankruptcy rate is declining. When it comes to filing for bankruptcy, know that you might have to give up many financial benefits and perks. Another question that may haunt you is, "will I be able to get a mortgage ...

Applying for a loan to fund your residential purchase is a challenging task—and this is particularly true when it comes to buying a manufactured home. Banks and credit unions often throw roadblocks in the process of financing a manufactured home, because this type of property is believed to depreciate ...

For most people, their largest investment is in their primary residence, and the largest check they write each month is their mortgage payment. Putting together a down payment can take months and even years of saving. Over the last decade, taking out a mortgage has become more difficult, thanks to ...

A “private mortgage” involves an entity or individual extending a loan for a mortgage, rather than a bank or credit union. There are many people who have the means to pay a mortgage but who do not fit within the banks' metrics for financing approval; for them, private mortgages allow ...

Whether we work with customers directly or whether it is a brokerage referring a client that got rejected; one common complaint we hear is the difficulty they had with their previous mortgage loan application. These are not people with multiple foreclosures in their past, or people who have had a ...

American entertainer P.T. Barnum once said “There's a sucker born every minute,” and the sad fact is that, even in the mostly honest culture of Canada, there are some predators in the mortgage business who take advantage of their trusting customers. That does not mean that you should never think ...

For most Canadians, the largest payment made each month is the mortgage payment. If things start to get tight financially, the last bill that we would or should let lapse every month is that mortgage payment. Why? Because that is our home – the last thing that we would let ...