Mortgage pre-approval timelines typically range from 1 to 2 business days, but this can vary based on several factors. […]
How Long Does Mortgage Pre-Approval Take?
What Happens When You Pay Off Your Mortgage in Canada?
After your final mortgage payment, remember to update your homeowner’s insurance, confirm the property title is in your name, and plan how to use your extra funds. […]
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Can a Business Get a Residential Mortgage?
Running a business requires you to think strategically. And there’s nothing quite like real estate marketing working in your favour. You can get a residential mortgage for your business, but you must use the property for commercial purposes. Residential and commercial mortgages are fundamentally different. Our experienced brokers provide personalized advice that aligns with your […]
What Happens If Your Mortgage Renewal Is Denied?
Despite all your planning, your renewal might decline. Although figuring out the next steps can feel unsettling, it’s not the end of the road. Here’s what to do next:
Stay calm & reassess
Explore other lenders
Improve your financial profile
Seek an exception or negotiation
Consider alternative mortgage options
[…]
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How Much Do You Need for a Mortgage Down Payment?
The total cost of the house determines the minimum down payment amount in Canada:
A house that costs less than $500,000 can have a 5% minimum down payment
On houses 500,000 to $999,999, you can pay 5% on the first 500,000, & then 10% on any amount above 500,000
Houses at $1.5 million or more require at least a 20% down payment […]
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Can You Add Renovation Costs to a Mortgage?
A mortgage is already an immense responsibility. Fortunately, you can add renovation costs to your mortgage through certain financing options.
However, being eligible for this option depends on several factors, such as:
Current mortgage terms
Scope of the renovations
Whether you’re first-time purchasing or remortgaging
If you’re purchasing a new home, you may qualify for a purchase-plus-improvements mortgage, which allows you to include renovation costs as part of your mortgage.
As an existing homeowner, refinancing your mortgage or tapping into your home equity may be viable options to secure renovation funds. […]
What Happens if You Miss a Mortgage Payment?
Being late for a mortgage payment is different than missing it entirely.
Many institutions offer up to a 15-day grace period (aim within 10 days for extra security) if you’re late with your payment. But don’t become reliant on this leniency.
Missing a mortgage payment completely means you’ve missed one payment in your cycle. So, when you owe 12 monthly payments a year but only make 11, you’ve missed one payment.
The consequences for missing a mortgage payment vary but might include penalties such as:
Lowering your credit score
Higher fees
Possibility of losing your home […]
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Can a Non-Resident Get a Mortgage in Canada?
But can non-residents or temporary residents secure a mortgage in Canada? The short answer is yes, but the process comes with specific requirements and regulations. […]
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Can You Get a Mortgage with Bad Credit?
If you’re wondering whether homeownership is still within reach with less-than-perfect credit, the good news is that it’s possible! While challenges exist, there are ways to overcome them with the right support, preparation, and information. […]
How & Why to Refinance a Mortgage
Whether interest rates have shifted, your financial goals have evolved, or you’re looking for greater flexibility, refinancing your mortgage can be a smart way to take control of your finances. […]
