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Can a Business Get a Residential Mortgage?

A lender and business owner discussing a company's residential mortgage terms.

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 […]

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What Happens If Your Mortgage Renewal Is Denied?

A person evaluates their finances in response to a denied mortgage renewal.

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?

A close-up of a hand calculating a down payment amount on a crowded desk.

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 hand illustrates blueprints for a potential home renovation on the left while the right side shows a photo of the finished project.

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. […]

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What Happens if You Miss a Mortgage Payment?

A tiny model house resting on a calculator that sits on top of a calendar with the date circled to highlight a payment due date.

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 You Get a Mortgage with Bad Credit?

A miniature house sits on top of a person's credit report. The credit report shows that they have a poor credit score.

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. […]

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Porting a Mortgage: Your Guide

A mortgage broker helps the couple understand the contract and their options with regard to porting a mortgage.

You’ve decided it’s time to move. You have a current mortgage, you’re only a couple of years into your term, you have an amazing interest rate, market rates are on the rise, and you’re not sure what to do. Help!  Porting your mortgage could be the solution you’re looking for. We’ve created this informative guide […]

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What Is Trigger Rate and How Does It Affect Your Mortgage?

A wooden miniature model of houses and a red zigzag wooden arrow pointing upwards indicate higher rates.

The Bank of Canada is raising interest rates left, right, and center. Many Canadians are feeling the impact of this increase on their day-to-day finances, especially those with variable-rate mortgages.  If you have a variable-rate mortgage, you may be approaching your trigger rate. But what exactly is a trigger rate, and how does it affect […]

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