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5 Reasons why Realtors want you to have a Pre-approval

5 Reasons why Realtors want you to have a Pre-approval You’ve decided that you want to buy a home and you call up a realtor to show you a listing and the first question they ask is “ How much are you pre-approved for?” Many realtors will refuse to book home viewings until the...
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Source of Funds

Source of Funds Over the past several years, investigators have been working on an ongoing investigation relating to criminal money laundering in Canada. Looking at B.C. alone, billions of dollars have been laundered through B.C. casinos by criminal organizations and parked in high end B.C. re...
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Should you pay down your mortgage ASAP?

Should you pay down your mortgage ASAP? One of the top questions we get asked: Should I pay down my mortgage as fast as possible? In theory, this makes sense. The faster you pay it down, the faster you get out of debt, right? For many people that is the case and it does make sense often times ...
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A bank that may not be familiar to you

A bank that may not be familiar to you Quiz time! Who is the largest non-bank mortgage originator in Canada with over $100 billion dollars in mortgages under administration? Answer – First National Financial Corporation. If you’ve never heard of them before, don’t feel bad. T...
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Your mortgage broker is here to help

Your mortgage broker is here to help For many people in Canada, they are first-time home buyers. Or if they are new to Canada, it’s their first home purchase in a new country. They may not be aware of the rules and guidelines. It’s the job of your mortgage broker to make you aware ...
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What happens when your credit card account is closed

What happens when your credit card account is closed I have been working in the mortgage industry since 2005. I have had all sorts of clients over the years. Every once in a while I get someone who has a car loan , a couple of credit cards but there’s a collection from a credit card, a d...
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Toys and buying a home

Toys and buying a home In 2005, I was asked to do a pre-approval by a couple hoping to buy a home. I went through the application with them and pre-approved them for $320,000. They were astounded. They told me that their bank told them that they were qualified to a maximum of $260,000. They wa...
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CMHC CHANGES TO ASSIST SELF-EMPLOYED BORROWERS

26 JUL 2018 CMHC CHANGES TO ASSIST SELF-EMPLOYED BORROWERS As a self-employed person myself, I was happy to hear that CMHC is willing to make some changes that will make it easier for us to qualify for a mortgage. In an announcement on July 19, 2018, the CMHC has said &ldq...
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BREAKING A MORTGAGE – CAN YOU DO IT?

BREAKING A MORTGAGE – CAN YOU DO IT? Do you have a mortgage? So do I! Looks like we have something in common. Did you know that 6 out of 10 consumers break their mortgage 38 months into a 5-year term? That means that 60% of consumers break a 5-year term mortgage well before it’s du...
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IT’S ALL ABOUT THE PROPERTY

IT’S ALL ABOUT THE PROPERTY With all of the rule changes imposed by the federal and provincial governments around mortgage financing and real estate it may be more difficult to access financing. But don’t take it personally – sometimes it’s not you it’s the proper...
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