4 Mar

How to get a Mortgage Approval

Mortgage Tips

Posted by: William Douglas

What do lenders require? 1.) Income – all lenders will require some form of stable income that proves that you can afford the Mortgage Payment required to purchase the property. Income can come from many different sources, salaried, self-employed, pension, stated, child tax, child support to name a few. Keep in mind many lenders have […]

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27 Jan

What is a Secondary Unit?

General

Posted by: William Douglas

Properties with a ‘Second Unit’ Have a look through many MLS listings and you will see terms like: “Secondary Suites”, “Basement Apartments”, “Accessory Apartments”, “Granny Flats”, “In-Law Suites”, “Granny Suites” or “Nanny Suites”.    Whether a buyer is looking for a unit for an aging parent to stay nearby or to make some extra money to […]

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18 Jan

WHO PAYS YOUR MORTGAGE BROKER?

General

Posted by: William Douglas

If you’re looking to get a mortgage and considering a mortgage broker, there’s a good chance you’re wondering about how much the service costs. Good news! Clients looking to get a standard residential mortgage pay no fees to the broker. On standard residential mortgages, it’s 100% free for the clients. We’re paid by the bank […]

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30 Dec

Credit Scores – How do you score?

General

Posted by: William Douglas

Why you need to monitor your credit score! All the recent mortgage changes translate into needing a strong credit score more than ever.  Most Lenders rely on the “Equifax” score.  Equifax calculates a daily “risk” score out of a maximum score of 900.  Using Creditkarma.ca will access a TransUnion score which is not used by […]

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16 Dec

What are Rate Holds?

General

Posted by: William Douglas

You May Have Heard of the Term “Rate Holds”. Lenders offer rate holds to potential clients purchasing a new property who need a mortgage.  Rate holds are not used for refinancing a mortgage or transferring it from one lender to another. Lenders will typically hold a rate for 120 days.  However, some lenders will hold […]

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8 Oct

First Time Home Buyers

General

Posted by: William Douglas

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 Buying Champ. 1. Shopping Outside […]

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