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5 Mortgage Tips When Buying a Home

February 1st, 2018
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Five Mortgage Tips

When buying a home, applying for a mortgage may seem overwhelming, especially if it’s your first time.  Using a mortgage broker can help you navigate the myriad of options and programs that are available but here are a few tips to help you feel more confident as you approach the process.

1              Keep your credit balances in check -  when it comes to your mortgage a ...

Appraisals Made Easy

October 27th, 2015

Appraisals made easy

Changes in mortgage rules for home buyers and insurers have had an impact on the housing market, and those changes impacted property appraisals as well.

Conventional mortgages - those that are up to 80% loan-to-value of the value of the property -- and uninsured -- are often required to have an appraisal. The decision to approve a conventional mortgage, after all other ...

The Benefits of Private Lending

September 2nd, 2015

The Benefits of Private Lending

As I have mentioned in some of my previous blogs the mortgage lending landscape has changed over the past few years.  Lenders and insurers have become more discerning when approving mortgage applications and it is even more challenging to those with damaged credit and those who are self-employed.  The good news for self employed individuals is that one insure ...

The Road to Mortgage Freedom

June 2nd, 2015

The Road to Mortgage Freedom.

Paying off your mortgage may be the best investment you can make. A survey conducted in 2013 by Canada Mortgage and Housing Corporation (CMHC) found that 68% of homeowners felt they could pay off their mortgage early. Last year a Scotiabank poll found that almost two-thirds of mortgage-holders agreed they could pay off their mortgage faster without impac ...

Mortgage Tips by Jerry Sims

April 10th, 2015

Appraisals …..explained.

Conventional mortgages - those that are up to 80% loan-to-value of the value of the property -- and are uninsured -- are often required to have an appraisal. The decision to approve a conventional mortgage, after all other lending criteria have been satisfied, is made on a property's fair market value, which is defined as the market value of an interest in land at th ...

Mortgage Tips by Jerry Sims

February 20th, 2014

First Time Home Buyers Property Transfer Tax Exemptions and Home Owner Grants

Effective February 19, 2014 the threshold for the Property Transfer Tax (PTT) exemption for First Time Home Buyers has increased to $475,000 from $425,000. There is still a partial exemption for purchase prices between $475,000 and $500,000. The government estimates that about 1,700 first-time buyers will benefit w ...

Mortgage Tips by Jerry Sims

February 17th, 2014

Mortgage fine print……Part 1 – Conversion Rates

As I have mentioned before, choosing a mortgage based only on the lowest rate is not always a decision that saves you the most money in the long run. Mortgages are not a one-size-fits-all product and your unique personal situation really needs to determine the mortgage that suits you best.  Over the next few blogs I will outline and describe som ...

Mortgage Tips by Jerry Sims

January 28th, 2014

Mortgage Rate Discussion

I don’t normally like to post about topics that are as mercurial as interest rates but this synopsis from First National Financial LP caught my eye this morning and I thought it was worth passing along……

“Mortgage rates continue to be a major question for those looking to buy a home. Concerns about rising rates linger and there appear to be mixed signals coming from ...

Mortgage Tips by Jerry Sims

November 2nd, 2012

OSFI - Even Tighter Lending Guidelines

As you may have already heard, the Office of the Superintendent of Financial Institutions (OSFI) - the regulator of all Canadian Financial Institutions -has imposed underwriting guidelines for Residential Mortgages on all regulated lenders and CMHC. These underwriting guidelines are known as B20 and have been created at the insistence of the Financial S ...

Mortgage Tips by Jerry Sims

August 24th, 2012

The Scoop on Amortizations..…with 20% Down

When the government cut maximum amortizations for insured mortgages in 2008 and 2011, most big lenders reduced amortizations on all of their mortgages including the uninsured ones even though they didn’t have to.

This last set of government imposed rules saw a different reaction and most lenders are allowing longer amortizations as long as you have ...

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