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Credit Reports: You’ve Scored! But Are You Playing the Game?

Credit Reports: You’ve Scored! But Are You Playing the Game? For most people, your personal credit score and how a credit score is calculated are complete mysteries. How can you be expected to play and be successful if you aren’t even told the rules of the game? There are things bo...
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6 Things all Co-signors should consider

6 Things all Co-signors should consider Co-signing on a loan may seem like an easy way to help a loved one (child, family member, friend, etc. ) live out their dream of owning a home. In today’s market conditions, a co-signor can offer a solution to overcome the high market prices and st...
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Mortgage renewals with the same lender are on the rise, but should you just sign on the dotted line?

Mortgage renewals with the same lender are on the rise, but should you just sign on the dotted line? If you’re in a mortgage that’s coming up for renewal in the coming months and you’re considering just staying with your current lender, you wouldn’t be alone. According...
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5 Mistakes First Time Home Buyers Should Avoid

5 Mistakes First Time Home Buyers Should Avoid Buying a home might just be the biggest purchase of your life—it’s important to do your homework before jumping in! We have outlined the 5 mistakes first time homebuyers commonly make, and how you can avoid them and look like a Home Bu...
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First Time Home Buyers Incentive Program

First Time Home Buyers Incentive Program The new First Time Home Buyer Incentive program from CMHC (Canadian Mortgage and Housing Corporation) was officially released on September 2. This program was met with mixed reactions across the mortgage industry, but we wanted to take a minute to give ...
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4 Ways to Make the Mortgage Process Smoother

4 Ways to Make the Mortgage Process Smoother Mortgages are complicated—we get it! But there are steps that you as a homebuyer can take to make the process a much smoother one (plus let you walk away with the sharpest rate!) 1. Use a Broker This should be the first step you take whe...
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Stress Test Rate & Recent Decrease

Stress Test Rate & Recent Decrease Currently, all borrowers in Canada need to qualify for a new mortgage at the current Bank of Canada Benchmark Qualifying Rate or at their approved mortgage interest rate plus 2.0%, whichever is higher. For more than a year, this Bank of Canada Benchm...
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Mortgages are like coffee

Mortgages are like coffee The most common question we get for mortgages is “what is your best rate?” Now imagine we walked into our local coffee shop and asked “what is your best price?” Doesn’t happen. There are all kinds of different coffees and lots of ways to ...
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20 Terms that Homebuyers Need to Know

20 Terms that Homebuyers Need to Know Buying a home is one of the most important financial decisions you will make. It’s common for a first-time homebuyer to be overwhelmed when it comes to real estate industry jargon, so this BLOG is to help make some of the jargon understandable. ...
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Income Qualified

Income Qualified There are several different ways a borrower can qualify for a mortgage when it comes to their income. One of the most common ways is known as income qualified. All of the following methods of employment income are under the income qualified umbrella: Annual salary inc...
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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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7 Steps To Buying a Home

7 Steps To Buying a Home It’s important to understand the home buying process, so here’s a 7-step checklist. Step 1: Down Payment The hardest part to buying a home is saving the down payment (a gift from the Bank of Mom & Dad also works). • For purchases under $500,...
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3 “Rules of Lending” – What Banks look at when you apply for a Mortgage

3 “Rules of Lending” – What Banks look at when you apply for a Mortgage Buying a home is usually the biggest purchase most people make and there are a lot of factors to consider. Our job is to provide you with a much information (as you can handle!!) so you make the best deci...
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Who Really Sets Interest Rates?

Who Really Sets Interest Rates? A recent article in the Huffington Post addressed the pricing strategy for the Big Six Banks, BMO, CIBC, National Bank, RBC, Scotia and TD and who really sets interest rates.  RBC announcing a rate drop in January and the other banks soon followed.  Fo...
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What is an Uninsurable Mortgage?

What is an Uninsurable Mortgage? With the mortgage rule changes in recent years, lenders have had to make some adjustments to their rate offerings. There are different tiers and rate pricing based on the following 3 categories: 1) Insured – a mortgage that is insured with mortgage ...
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Credit Cards for the Credit Challenged

Credit Cards for the Credit Challenged If you want to buy a home and don’t have a bucket load of cash – you are going to need a mortgage. In order to get a mortgage, you are going to need credit… When you get a mortgage, banks lend you “their” money and...
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What is a mortgage broker?

What is a mortgage broker? You may have noticed that there are many different terms for those of us who work in the mortgage industry besides “broker”. Mortgage: specialist, expert, advisor, associate, officer, etc. I just want to clear up some potential confusion with all these m...
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Buying your first home? – These tips will save your life

Buying your first home? – These tips will save your life So you’re wanting to buy a new home? That is some very exciting news. First question, are you prepared?! We all know big-item purchases are scary. It’s expensive, you are fully committing to this household – ther...
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5 Things NOT to do before closing on your new home

5 Things NOT to do before closing on your new home 1. Change your job.  You were qualified for your mortgage financing based on your income, years at the job and the understanding that you were there for a while. Changing jobs should be put off until after possession day. 2 – Chang...
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Get to know Title Insurance

Get to know Title Insurance Are you officially Mortgage Free? CONGRATULATIONS! That is a monumental milestone to achieve! With that significant accomplishment, you should look at obtaining a Title Insurance Policy. What most people don’t realize is that when you had a mortgage, the ...
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