Whenever you make a real estate purchase a down payment is required. If you are planning on purchasing your first home you may be wondering how much money you should set aside for your down payment, and where that money can come from. There is no “rule” that specifies how much the perfect down payment […]
Updated: November 26, 2019 Before you sell your home, you will have to decide what to do with your current mortgage. There are three possible options: porting your mortgage, assuming a new mortgage, or breaking your mortgage. You need to understand what each of these options entails so you can better decide which is best […]
Updated January 9, 2020 When buying a home in Alberta you need to budget for more than just your down payment – you’ll also need to account for your closing costs. Closing costs can add up to anywhere between 1.5% and 4% of the final purchase price of the home and must be paid with […]
When you’re looking to get a mortgage you’ll likely to end up at either a bank or a mortgage broker through a mortgage brokerage. While both are able to provide you with the mortgage you’re looking for how they go about it can be very different. What is a “Banker”? A banker is someone who […]
How do you know what type of property is best for you? Ultimately, the best choice for you will depend on your needs and what you’re looking for, whether you choose a condo, home, or even a townhouse. That said, we do have some tips to help make your home hunting journey a little easier […]
The CMHC recently announced that as of March 17, 2017 they will be increasing their homeowner loan insurance premiums. For most prospective homeowners these changes to premiums will likely result in an additional $5 to $10 per month compared to their old premiums. This change is coming in to affect mostly due to OSFI’s change […]
There is a persistent myth that continues to make its way around homeowner circles that as a business owner it is next to impossible to get a mortgage. Some people even believe that you will be disqualified immediately if you bring less than a 25% down payment to the table, but how much of this […]
At Mortgage Connection, our mortgage brokers are committed to looking after your best interests. That includes getting you a low interest rate. However, the interest rate is just one of many aspects of a mortgage. There are other key factors that need to be considered when you are determining which mortgage solution is best suited […]
The mortgage industry recently underwent a large change in the way high-ratio mortgages are now qualified and approved. A high-ratio mortgage is a mortgage where less than 20% of the total value of the home is being put forward as a down payment. While these mortgages traditionally required CMHC insurance the qualification process for them […]
On Monday, October 3, 2016 the Bank of Canada announced that as of October 17, 2016 any insured mortgage applications must be qualified at the benchmark rate (which is currently set at 4.64%). As of right now only variable mortgages, or mortgages with terms shorter than 5 years, are qualified at the benchmark rate. All […]