Experts Questions and Answers

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Sep 30 2009

If you are applying to be preapproved for a mortgage, you should start to gather: A letter of employment: Have your employer give you a letter on company letterhead outlining your name, position, gross annual income, and number of years employed with the company. If you are self-employed,... [ read more ]

Sep 30 2009

Each purchaser may borrow up to $25,000 from their RRSP under the Home Buyers’ Plan. (The funds must have been in the RRSP for at least 90 days prior to withdrawal to be eligible under the program) Provided you buy or build a qualifying home and meet all of the conditions for making a... [ read more ]

Sep 30 2009

Mortgage Broker's are compensated from the lender, (not you, the borrower). Mortgage Brokers are only paid when they have successfully completed helping their clients. They are therefore motivated to help you. When creative, specialized, or difficult mortgages are... [ read more ]

Sep 29 2009

What is CMHC Mortgage Insurance?

Posted by Cory to Cory Kline, AMP Views (3739)

Mortgage insurance helps protect lenders and mortgage investors from severe financial losses in case a loan is not repaid for any reason. This insurance benefits lenders and investors, but it helps homebuyers, too. Because lenders are protected by mortgage insurance, they are willing to offer... [ read more ]

Sep 21 2009

Reason #1 Your long-term plan and risk tolerance should determine which mortgage product is right for you. This product may or may not have the lowest rate. For instance, there are cases where lenders will offer lower rates for insured mortgages. With insured mortgages, however, you're charged... [ read more ]

Sep 11 2009

Many lenders have identified that people who are self employed have troubles trying to verify how much money they actually earn. With as little as 1 year of self employment, some lenders have special programs that allow you to purchase a home with limited verification of your income, provided you... [ read more ]

Sep 11 2009

Is it OK to take a 35 year mortgage?

Posted by Cory to Cory Kline, AMP Views (3616)

A 35 year mortgage can help you manage your payments, and get you into a home that suits your needs. However it is a very important that you ensure your mortgage comes with flexible pre payment options that will allow you to pay off the mortgage quickly without penalty. When choosing a lender for... [ read more ]

Sep 11 2009

Most clients speak to their bank about getting a pre approval, but it has become good practice to get a second opinion from a Mortgage Broker, who is an accredited mortgage professional. The reason is simple, at no fee to you, a Mortgage Broker can give you access to over 50 Canadian Banks... [ read more ]

Sep 11 2009

Although under the current bank act, you are required to make a minimum down payment of 5% in Canada, their are ways to come up with the down payment. First some lenders will actually give you the 5% down payment, provided that you commit to taking the mortgage out with them for 5 years at the... [ read more ]


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