The Four Types of Insurance in a Home Purchase

When purchasing a home you are going to hear the word insurance a few times through your conversations with the people who are going to help you get into your home. It would be nice if we just had one insurance and that covered everything but that is not the case. There are four different … Continue reading The Four Types of Insurance in a Home Purchase

New Down Payment Rules for Mortgages Over $500,000

Rule changes that come into effect starting Feb 15, 2016 and the dates that everything gets effected. Minimum Down Payment Policy Changes for all CMHC and Genworth Applications As a reminder, on December 11th, 2015, the Government of Canada announced the minimum down payment requirement will be increased from 5% to 10% on the portion … Continue reading New Down Payment Rules for Mortgages Over $500,000

Beware of Mortgage or Title Fraud

In a time where identity theft and Ponzi schemes are plastered across the daily news, the last thing you want to worry about is yet another way to lose your hard-earned money. But as a homeowner, you need to be aware of crimes on the rise known as mortgage fraud and real estate title fraud. … Continue reading Beware of Mortgage or Title Fraud

Tips to Keep in Mind Between Your Mortgage Approval and Funding Dates

In light of the new market realities and tightening of credit underwriting standards by both lenders and mortgage default insurers as of late, keep in mind that now – more than ever – it’s important to be careful what you do between the time your mortgage is approved and when it funds. A few mortgage … Continue reading Tips to Keep in Mind Between Your Mortgage Approval and Funding Dates

Take Advantage of the Energy-Efficient Home Rebate!

When ever there is a rebate offered you never hear it advertised to often. It is like a secret that they only want a few people to know about. Well, I want everyone to know!  CMHC has a rebate for homes that are build energy-efficient or if your renovation was made to make your current home energy-efficient. … Continue reading Take Advantage of the Energy-Efficient Home Rebate!

What is Mortgage Insurance? How Much Does it Cost?

Mortgages are usually classified as High-Ratio or Conventional. A conventional mortgage is when you are putting more than a 20% down payment. High-ratio would be when you have less than the 20% down. Mortgage insurance is something that is mandatory on every mortgage that is classified as high-ratio. There is private lenders(or 'B' Lenders) that will not require … Continue reading What is Mortgage Insurance? How Much Does it Cost?