8 May

THE TOP 7 MISCONCEPTIONS ABOUT REVERSE MORTGAGES

General

Posted by: Trina Tallon

The Top 7 Misconceptions About Reverse Mortgages How much do you really know about reverse mortgages? Maybe you know that reverse mortgages can help Canadians 55+ access the equity in their home, tax-free. Maybe you know that tens of thousands of Canadians are using a reverse mortgage as part of their financial plan. But did […]

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30 Mar

WHY ARE MORTGAGE RATES RISING?

General

Posted by: Trina Tallon

Why Are Mortgage Rates Rising? Over the past month, the Bank of Canada has lowered its overnight rate by a whopping 1.5 percentage points to a mere 0.25%. Many people expected mortgage rates to fall equivalently. The banks have reduced prime rates by the full 150 basis points (bps). But, since the second Bank of […]

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20 Jan

PAYMENT FREQUENCY

General

Posted by: Trina Tallon

One of the decisions you will need to make before your new mortgage is set up, is what kind of payment frequency you would like to have. For many, sticking to a monthly payment is the default, however, different frequencies may end up saving you less interest over time. Monthly Payments Monthly payments are exactly […]

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13 Dec

HOW TO VERIFY YOUR DOWN PAYMENT WHEN BUYING A HOME

General

Posted by: Trina Tallon

Saving for a down payment is one of the biggest challenges facing people wanting to buy their first home. To fulfill the conditions of your mortgage approval, it’s all about what you can prove (hard to believe – but some people have lied in the past – horrors!). Documentation of down payment is required by […]

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5 Dec

5 MISTAKES FIRST TIME HOME BUYERS MAKE

General

Posted by: Trina Tallon

Buying a home might just be the biggest purchase of your life—it’s important to do your homework before jumping in! We have outlined the 5 mistakes First Time Home Buyers commonly make, and how you can avoid them and look like a Home Buying Champ. 1. Shopping Outside Your Budget It’s always an excellent idea […]

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29 Nov

PAYMENT FREQUENCY

General

Posted by: Trina Tallon

One of the decisions you will need to make before your new mortgage is set up, is what kind of payment frequency you would like to have. For many, sticking to a monthly payment is the default, however, different frequencies may end up saving you less interest over time. Monthly Payments Monthly payments are exactly […]

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20 Nov

PRINCIPAL & INTEREST

General

Posted by: Trina Tallon

Principal and interest are the two components that make up a mortgage payment. Principal is the portion of your payment that goes towards paying down the outstanding balance of your mortgage. Interest is the other portion of your payment which goes directly into the pockets of your lender and does not contribute to paying down […]

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5 Nov

MORTGAGES FOR EXPENSIVE HOMES – NOT AS EASY AS IT SOUNDS

General

Posted by: Trina Tallon

Large home purchases that require a mortgage present unique challenges in the Canadian Mortgage market. Sliding scales, director approval, multiple reviews, it all adds up to difficultly getting larger mortgages approved, unless you’re working with an experienced mortgage broker. In 2012 the government of Canada removed the mortgage insurers ability to approve mortgages of $1 […]

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4 Nov

HOW TO GET A 5% DOWN PAYMENT FOR A $500,000 PURCHASE

General

Posted by: Trina Tallon

We have seen a return of the buyers’ market and many people are asking, how long will this last? While some renters without a down payment might be asking, how can o put a plan in place to own? With the cost of living so high, and student debts coming out of school, many consumers […]

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27 Oct

WHAT THE ELECTION RESULTS MEAN FOR YOUR MORTGAGE

General

Posted by: Trina Tallon

With all the news we have seen on the election, I thought I would sum it up from a mortgage industry perspective. What the liberal win means for your mortgage: 1. We will see the continuation of the First Time Home Buyers’ Incentive. Check out the link for more information here: 2. Property Transfer Tax modifications […]

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22 Oct

MORTGAGE RENEWALS WITH THE SAME LENDER ARE ON THE RISE, BUT SHOULD YOU JUST SIGN ON THE DOTTED LINE?

General

Posted by: Trina Tallon

If you’re in a mortgage that’s coming up for renewal in the coming months and you’re considering just staying with your current lender, you wouldn’t be alone. According to the Canadian Mortgage and Housing Corporation’s (CMHC) Residential Mortgage Industry Report released in the summer, in 2018, the number of mortgage renewals with the same lender […]

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16 Oct

BUILDING A REAL ESTATE PORTFOLIO

General

Posted by: Trina Tallon

More and more Canadians do not have a defined benefits pension plan. Companies are moving away from this model due to the expense of maintaining enough in the fund to pay out until the employee and survivors die. Those who are self employed also do not have pensions beside the Canadian Pension Plan. What can […]

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14 Oct

MORTGAGES 101 – WHAT YOU NEED TO KNOW ABOUT MORTGAGES

General

Posted by: Trina Tallon

Mortgage [ˈmôrɡij] NOUN With a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a claim on the house should the home buyer default on paying the mortgage. In the case of a foreclosure, the bank may evict the home’s occupants and sell the house, using the income […]

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14 Oct

CLIENT SUCCESS STORY: CHIP REVERSE MORTGAGES

General

Posted by: Trina Tallon

A retired couple on fixed pensions found themselves struggling to make ends meet each month. Both were in good health and wanted to maintain an active lifestyle. They had spent their working years paying off their mortgage and had little saved in their RRSPs. Now both in their 70s, they’re mortgage free. They love their […]

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7 Oct

RENT, OWN, OR DO BOTH?

General

Posted by: Trina Tallon

There are generally three different situations you can find yourself in when it comes to living situations; living with parents, renting, or owning. A lot of the times the first decision someone will need to make is whether they buy a home to live in, buy a home to rent to someone else, or buy […]

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30 Sep

WHEN DEATH STRIKES SUDDENLY

General

Posted by: Trina Tallon

Recently I was finishing up a mortgage with a young couple who had just had a beautiful baby girl. I brought up the topic of mortgage and life insurance as well as getting a will written up. The response from the husband was that it was such a morbid topic and a real downer when […]

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26 Sep

REVERSE MORTGAGES IN CANADA DIFFER GREATLY FROM THOSE IN THE U.S.

General

Posted by: Trina Tallon

How much do you really know about reverse mortgages? Maybe you know that reverse mortgages can help Canadians 55+ access the equity in their home, tax-free. But there are many people who mistakenly think that Canadian reverse mortgages are just like those offered in the U.S. As Canada’s leading provider of reverse mortgages, HomeEquity Bank […]

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24 Sep

5 MISTAKES FIRST TIME HOME BUYERS SHOULD AVOID

General

Posted by: Trina Tallon

Buying a home might just be the biggest purchase of your life—it’s important to do your homework before jumping in! We have outlined the 5 mistakes first time homebuyers commonly make, and how you can avoid them and look like a Home Buying Champ. 1. Shopping Outside Your Budget It’s always an excellent idea to […]

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17 Sep

AUGUST DATA CONFIRM THAT HOUSING HAS TURNED THE CORNER

General

Posted by: Trina Tallon

Statistics released today by the Canadian Real Estate Association (CREA) show that national home sales rose for the sixth consecutive month. Transactions are now running almost 17% above the six-year low reached in February 2019, but remain about 10% below highs reached in 2016 and 2017. Toronto, Montreal and Vancouver all saw sales and prices rise. CREA […]

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15 Sep

HELPING FAMILIES ONE AT A TIME

General

Posted by: Trina Tallon

Every once in a while you get to help people out and make a real difference in their lives. Recently a couple was referred to me who wanted to renew their mortgage. The bank that they had been dealing with for over 20 years had offered them a 5 year fixed rate that was more […]

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13 Sep

20 TERMS THAT HOMEBUYERS NEED TO KNOW

General

Posted by: Trina Tallon

Buying a home is one of the most important financial decisions you will make. It’s common for a first-time homebuyer to be overwhelmed when it comes to real estate industry jargon, so this BLOG is to help make some of the jargon understandable. To help you understand the process and have confidence in your choices, […]

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12 Sep

FIRST TIME HOME BUYERS INCENTIVE PROGRAM

General

Posted by: Trina Tallon

The new First Time Home Buyer Incentive program from CMHC (Canadian Mortgage and Housing Corporation) was officially released on September 2. This program was met with mixed reactions across the mortgage industry, but we wanted to take a minute to give you the facts regarding the program. Below are the key points you need to […]

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8 Sep

4 WAYS TO MAKE THE MORTGAGE PROCESS SMOOTHER

General

Posted by: Trina Tallon

Mortgages are complicated—we get it! But there are steps that you as a homebuyer can take to make the process a much smoother one (plus let you walk away with the sharpest rate!) 1. Use a Broker This should be the first step you take when getting a mortgage! Enlisting a trusted broker to work […]

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29 Aug

MORTGAGE STRATEGIES: TAKE ME OUT TO THE BALL GAME!

General

Posted by: Trina Tallon

While most people start off their mortgage search by going after the lowest rate, what they are really after is the mortgage with the lowest cost. Then again, the majority of borrowers in Canada end up with a mortgage that is not the lowest rate nor the lowest cost. Strike 1! Whether borrowers realize it […]

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28 Aug

NEED AN APPRAISAL – 7½ TIPS FOR SUCCESS

General

Posted by: Trina Tallon

Do you need to get a current value of your property? Then you are going to need an appraisal. Banks and other lending institutions want to know the “current” market value of your home before they consider loaning money on the property. An appraiser checks the general condition of your home and compares your home […]

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26 Aug

STRESS TEST RATE & RECENT DECREASE

General

Posted by: Trina Tallon

Currently, all borrowers in Canada need to qualify for a new mortgage at the current Bank of Canada Benchmark Qualifying Rate or at their approved mortgage interest rate plus 2.0%, whichever is higher. For more than a year, this Bank of Canada Benchmark Qualifying Rate has been 5.34%. Now, for the first time in 3-years, […]

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22 Aug

RAISE YOUR CREDIT SCORE IN 3 MONTHS

General

Posted by: Trina Tallon

While people often think of mortgage brokers when they are first time home buyers, we can help people in a variety of different ways. Recently Garrett LaBarre of Calvert Home Mortgages in Calgary shared a success story with brokers. He had a client referred to him by a mortgage broker who had a conundrum. She […]

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15 Aug

4 COSTS TO CONSIDER AS A FIRST-TIME HOMEBUYER

General

Posted by: Trina Tallon

Oftentimes even the most organized and detail oriented first-time homebuyer can overlook some unexpected costs that come with the purchase of their new home. We are outlining 4 of the costs that we most commonly see overlooked by home buyers in hopes that we can better prepare you—and save you from a few surprises! 1. […]

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8 Aug

MORTGAGES ARE LIKE COFFEE

General

Posted by: Trina Tallon

The most common question we get for mortgages is “what is your best rate?” Now imagine we walked into our local coffee shop and asked “what is your best price?” Doesn’t happen. There are all kinds of different coffees and lots of ways to make them. The same goes for mortgages. Getting a coffee at […]

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5 Aug

CREDIT REPORTS: YOU’VE SCORED! BUT ARE YOU PLAYING THE GAME?

General

Posted by: Trina Tallon

For most people, your personal credit score and how a credit score is calculated are complete mysteries. How can you be expected to play and be successful if you aren’t even told the rules of the game? There are things borrowers can do to improve their score so they can access better mortgage products and […]

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29 Jul

20 TERMS THAT HOMEBUYERS NEED TO KNOW

General

Posted by: Trina Tallon

Buying a home is one of the most important financial decisions you will make. It’s common for a first-time homebuyer to be overwhelmed when it comes to real estate industry jargon, so this BLOG is to help make some of the jargon understandable. To help you understand the process and have confidence in your choices, […]

Read More
25 Jul

4 WEIRD THINGS LENDERS ASK FOR

General

Posted by: Trina Tallon

A number of times I have had people who wonder why they need to provide so much documentation when it comes to arranging a mortgage. Besides an employment letter, you are usually asked to provide a pay stub and your most recent Notice of Assessment (NOA) to prove income. “Why do they need all 3, […]

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23 Jul

5 WAYS YOU COULD USE A CHIP REVERSE MORTGAGE

General

Posted by: Trina Tallon

Reverse mortgages are continuing to grow as a retirement solution for Canadians 55+. Homeowners 55+ are unlocking their home equity for tax-free funds that improve their cashflow and pay-off higher interest loans. Consider your own financial needs. Do any of these 5 common scenarios sound familiar? 1) You have missed a payment/made a late payment. […]

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18 Jul

FORECLOSURE, BANKRUPTCY, CONSUMER PROPOSAL & CREDIT COUNSELING

General

Posted by: Trina Tallon

The Canadian Bankers Association’s latest reporton mortgage delinquency shows that Saskatchewan has the highest per capita of all the provinces. The national average shows that .24% of home owners are having difficulty paying their mortgage. Saskatchewan is more than triple that at .80% with next in line Atlantic Canada at .51% and then Alberta at .46%. […]

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18 Jul

WHAT IS A MORTGAGE “REFINANCE” AND HOW DOES IT AFFECT ME?

General

Posted by: Trina Tallon

Refinancing a Home is one of those things where people understand what it is but have trouble explaining How it works. To put it simply, refinancing your Home allows you to access the equity you have built up, by changing the mortgage amount. Let’s say you bought a $300,000 condo and you paid 20% ($60,000) […]

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11 Jul

5 MORTGAGE TIPS TO HELP YOU AFFORD A HOME

General

Posted by: Trina Tallon

Buying a home is more difficult now than ever—and this is not news to anyone! No matter where you live, the recent stress testing measures, increase in housing prices in major cities, and continued increase of the cost of living all combine to make home ownership a daunting task. But we do want to offer […]

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5 Jul

MILLIONAIRES AND REAL STATE

General

Posted by: Trina Tallon

Andrew Carnagie was one of the richest men in America over 100 years ago. Today his wealth would be worth $4.6 billion dollars. He was a shrewd businessman. While he made most of his money in oil and iron, he understood the value and importance of real estate in building wealth. Leveraging your money is […]

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4 Jul

TECHNOLOGY IN MORTGAGES AND REAL ESTATE

General

Posted by: Trina Tallon

Technology is already playing a huge role in the mortgage industry. In the past, mortgage applications had to be physically taken by hand and faxed in (what’s fax anyways?!)… It may soon by possible, with technology’s help, for borrowers to be able to fill out their own application and send it, along with all supporting […]

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26 Jun

4 HOME IMPROVEMENTS THAT WILL PAY YOU BACK

General

Posted by: Trina Tallon

Some home improvements provide more of a payback when you sell the house down the road. Here’s a list of the four home improvements which will provide the biggest payback when you sell.  Adding square footage – while this can be a very expensive project, adding to the size of a house can re-coup between […]

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24 Jun

MORTGAGE BROKER HISTORY AND MORTGAGE APPLICATIONS

General

Posted by: Trina Tallon

In the past, we had banks (bank as a catch all for credit unions and trust companies) and Mortgage Brokers. Writing mortgage applications is extremely difficult; there are a lot of moving parts in a mortgage. Because of this, banks employ mortgage specialists whose sole role is to provide mortgage advice. On the other hand, […]

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24 Jun

HOW TO GET A 5% DOWN PAYMENT FOR A $500,000 PURCHASE

General

Posted by: Trina Tallon

We have seen a return of the buyers’ market and many people are asking, how long will this last? While some renters without a down payment might be asking, how can o put a plan in place to own? With the cost of living so high, and student debts coming out of school, many consumers […]

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18 Jun

5 REASONS TO CONSIDER BUYING A CONDOMINIUM APARTMENT OR TOWN HOME

General

Posted by: Trina Tallon

If you are thinking about purchasing a home in the near future, here are some reasons you may consider buying a condo apartment or town home. You should also be aware there are some cons as well. Pros They are relatively inexpensive. As your footprint is small and you share exterior walls with others, the cost […]

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13 Jun

WHO REALLY SETS INTEREST RATES?

General

Posted by: Trina Tallon

A recent article in the Huffington Post addressed the pricing strategy for the Big Six Banks, BMO, CIBC, National Bank, RBC, Scotia and TD and who really sets interest rates.  RBC announcing a rate drop in January and the other banks soon followed.  For consumers the banks are seen as leaders of the pack and […]

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12 Jun

3 STEPS TO TAKE YOU FROM PRE-APPROVAL TO GETTING THE KEYS

General

Posted by: Trina Tallon

Picture this: You’ve finally been able to put away enough for a down-payment on your dream home. It’s taken you five years of diligent saving, but you did it! You have also been diligently working on improving your credit score and paying off debts and are at a place of financial stability. So, first of […]

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10 Jun

HOME BUYER TAX CREDIT

General

Posted by: Trina Tallon

When you purchase a home as a first time home buyer, you have a third benefit on top of the First Time Home Buyers’ Program and the Home Buyers Program- the Home Buyer Tax Credit. The Home Buyer Tax Credit allows you to claim $5,000 for the purchase of a qualifying home in the year […]

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7 Jun

WHICH MORTGAGE LENDER IS BEST FOR YOU?

General

Posted by: Trina Tallon

The following is a summary of the choices available for clients when looking at the four different types of lending groups. So what exactly is a lender? By simple definition, a mortgage lender provides financing for a real estate purchase hence the word lend. Which lender is best for you will all depend on who […]

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5 Jun

HOME BUYERS’ PLAN

General

Posted by: Trina Tallon

The Home Buyers’ Plan is a Canada wide program that allows individuals to withdraw a certain amount from their Registered Retirement Savings Plans (RRSPs) for the purposes of qualifying for a home or if you are planning to help a related person who may have a disability. Currently, the maximum amount an individual can withdraw […]

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4 Jun

CREDIT CARDS FOR THE CREDIT CHALLENGED

General

Posted by: Trina Tallon

If you want to buy a home and don’t have a bucket load of cash – you are going to need a mortgage. In order to get a mortgage, you are going to need credit… When you get a mortgage, banks lend you “their” money and secure the loan against the property you are buying.  […]

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31 May

DEBT: TO CONSOLIDATE OR NOT TO CONSOLIDATE? THAT IS THE QUESTION

General

Posted by: Trina Tallon

If you are a Canadian living in debt, you are not alone. According to Statistics Canada, household debt grew faster than income last year, with Canadians owing $1.79 for every dollar of household disposable income to debt(1). • Canadian households use almost 15% of income for debt re-payment(1). • 7.3% of this re-payment goes towards […]

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29 May

6 WAYS TO GET A DOWN PAYMENT

General

Posted by: Trina Tallon

When is it time to think about saving for a down payment? I would say about a year before you think about buying a home. While that’s ideal in today’s world, we often do not have much time to save for a down payment. Sometimes your landlord is planning on retiring and wants to sell […]

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27 May

ACCESSING YOUR HOME’S EQUITY TO INVEST

General

Posted by: Trina Tallon

To tap into your home’s equity, it all starts with refinancing your home. If you own a home, the equity you have built up in it is one of the most valuable assets you have available to you. It is also much more accessible than taking out a large loan. In many cases, home equity […]

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27 May

3 THINGS YOU MAY NOT KNOW ABOUT CASH-BACK MORTGAGES

General

Posted by: Trina Tallon

About twice a year, one of the big Canadian banks likes to run an advertising campaign for their cash back mortgages. These are mortgages usually with 5 year terms where you receive a certain percentage back in cash. The percentage varies from 1% to 5% in most cases. You can use these funds to build […]

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23 May

WHAT IS A MORTGAGE BROKER?

General

Posted by: Trina Tallon

You may have noticed that there are many different terms for those of us who work in the mortgage industry besides “broker”. Mortgage: specialist, expert, advisor, associate, officer, etc. I just want to clear up some potential confusion with all these monikers. There are 2 main categories that these fall in to. Those that work […]

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22 May

MAKING THE MOST OF YOUR VARIABLE MORTGAGE

General

Posted by: Trina Tallon

Working with your DLC mortgage professional can save you thousands of dollars by making the most of your variable rate mortgage in a shifting market. In the past year we have seen an increase in the prime lending rate by 1%. For those home owners with variable rate mortgages who secured a low discount, savings […]

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21 May

GOING LONG, 5 YEAR + MORTGAGES

General

Posted by: Trina Tallon

Recently, Stephen Poloz, the governor of the Bank of Canada stated that he felt that lenders and by offshoot, mortgage brokers, were not being creative in promoting mortgages for periods of longer than 5 years. He feels that the longer the term the less risk there is and people will be able to qualify for […]

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17 May

DO YOU UNDERSTAND THE B-20 GUIDELINES?

General

Posted by: Trina Tallon

A new survey has emerged showing that out of 1,901 owners and would be homeowners, 43% (more than two out of five) Canadians are not confident in their knowledge of the mortgage stress tests—despite them being in place for more than a year now. We wanted to give you a brief set of notes regarding the guidelines. […]

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16 May

BUILD A PLAN TO MOVE INTO YOUR HOME

General

Posted by: Trina Tallon

There’s nothing quite like stepping into your dream home for the very first time. You have achieved your goal of homeownership! However, the journey from home seeker to home buyer can be challenging – unless you have a well-defined plan and guidance from the right professionals. As a mortgage broker, here’s how I will help […]

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13 May

5 THINGS NOT TO DO BEFORE CLOSING ON YOUR NEW HOME

General

Posted by: Trina Tallon

  1. Change your job.  You were qualified for your mortgage financing based on your income, years at the job and the understanding that you were there for a while. Changing jobs should be put off until after possession day. 2 – Changing your name. Make sure that your identification and your name match. Do […]

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13 May

SOLE PROPRIETORS

General

Posted by: Trina Tallon

Sole proprietors are individuals who run their own business and do not have it set up as a corporation or partnership. The biggest difference between them and a corporation is that a sole proprietor does not have separation between their business and themselves. This means that when taxes are filed, all costs that are essential […]

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10 May

WHO PAYS YOUR MORTGAGE BROKER? NOT YOU!

General

Posted by: Trina Tallon

If you’re looking to get a mortgage and considering a mortgage broker, there’s a good chance you’re wondering about how much the service costs. Good news! Clients looking to get a standard residential mortgage pay no fees to the broker. On standard residential mortgages, it’s 100% free for the clients. We’re paid by the bank […]

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7 May

WHAT’S YOUR BEST RATE?

General

Posted by: Trina Tallon

You know at one time I could give you a quote over the phone and not worry that I would be too far out. Today is a totally different story, here are some of the variables that come into play. 1. What’s your credit score? A 700 FICO score is the new 650 for many […]

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6 May

CORPORATIONS AND MORTGAGES

General

Posted by: Trina Tallon

For self employed clients, incorporation is a popular business structure we tend to encounter. Having a corporate structure to your business allows for effective separation between the individual and the business. If you own your business and have it set up as a corporation, that corporation is essentially its own person. They have their own […]

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2 May

HOW TO PICK THE BEST MORTGAGE FOR YOUR SITUATION!

General

Posted by: Trina Tallon

Most Canadians are conditioned to think that the lowest interest rate means the best mortgage product. Although sometimes that is true, a mortgage is much more than just an interest rate. You can save yourself a lot of money if you pay attention to the fine print for the total cost of your mortgage. In […]

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29 Apr

THE FAMILY PLAN PROGRAM EXPLAINED

General

Posted by: Trina Tallon

Genworth Canada, one of the three mortgage default insurers in Canada, offers a program called Family Plan. It provides you with a solution which only requires a 5% down payment to take advantage of its unique solutions to family problems. In the past, I have used this with clients who want to purchase a home […]

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29 Apr

HOW TO IMPROVE YOUR CREDIT SCORE

General

Posted by: Trina Tallon

When applying for any sort of loan, one of the most important metrics a lender is going to look at is your credit score. But what really is a credit score, who keeps track of it, and most importantly, how can you improve yours? There are a few simple ways to keep your credit score […]

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23 Apr

FLAT YIELD CURVE. BEST NEWS, OR BORROWER BEWARE?

General

Posted by: Trina Tallon

A Flat Yield Curve In our post entitled A Flat Yield Curve, we discussed the implications of a flat yield curve. At the time of the post, early summer 2018, rates were rising. The reverse seems now to be true, with rates recently softening, however the results are similar, a flat yield curve. Typically a […]

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22 Apr

SPRING IS HERE, MAKE SURE YOU’RE COVERED BY FLOOD INSURANCE

General

Posted by: Trina Tallon

The sun is coming out, and the snow is disappearing. You know what that means: it’s flood season. And because flood season is upon us, it’s time to make sure you’re covered. What you need to do is ask specific questions. When you call your insurance company, you should say ‘I want to know, do […]

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18 Apr

WHAT’S INCLUDED IN A HOME PURCHASE AGREEMENT

General

Posted by: Trina Tallon

While a home purchase agreement may seem simple and straight forward, there are many differences that you can encounter that can be a big surprise to first-time homebuyers. While you expect the date of possession and the full purchase price to be outlined in the agreement, there are items that you may not be aware […]

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14 Apr

SHOULD YOU PAY DOWN YOUR MORTGAGE ASAP?

General

Posted by: Trina Tallon

One of the top questions we get asked: Should I pay down my mortgage as fast as possible? In theory, this makes sense. The faster you pay it down, the faster you get out of debt, right? For many people that is the case and it does make sense often times to take this route. […]

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9 Apr

ARE YOU BEHIND ON YOUR CRA TAXES?

General

Posted by: Trina Tallon

Nothing weighs heavy on one’s shoulders than owning a home and getting behind on your Canada Revenue taxes. Most banks will not be able to help you refinance your home to pay them off as CRA has first dibs on your house and assets. We have clients owing anywhere from $5,000- $300,000 in back taxes […]

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9 Apr

INCOME QUALIFIED

General

Posted by: Trina Tallon

There are several different ways a borrower can qualify for a mortgage when it comes to their income. One of the most common ways is known as income qualified. All of the following methods of employment income are under the income qualified umbrella: Annual salary income employees Full time employees working guaranteed weekly hours Part […]

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7 Apr

HOW A SIDE HUSTLE CAN CHANGE YOUR HOME-BUYING OUTLOOK

General

Posted by: Trina Tallon

So you want to buy a house, but you’re short on the downpayment. Have you ever considered getting into some sort of “side hustle.” The term side hustle describes something you do to make extra cash outside your full-time job. Anyone can make a hundred bucks on the side by literally doing anything – mowing […]

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6 Apr

SOURCE OF FUNDS

General

Posted by: Trina Tallon

  Over the past several years, investigators have been working on an ongoing investigation relating to criminal money laundering in Canada. Looking at B.C. alone, billions of dollars have been laundered through B.C. casinos by criminal organizations and parked in high end B.C. real estate over the past decade or more. With government citing limited […]

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4 Apr

7 STEPS TO BUYING A HOME

General

Posted by: Trina Tallon

It’s important to understand the home buying process, so here’s a 7-step checklist. Step 1: Down Payment The hardest part to buying a home is saving the down payment (a gift from the Bank of Mom & Dad also works). • For purchases under $500,000 minimum down payment is 5%. • Buying between $501-999,000 you […]

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1 Apr

PRE-APPROVALS & PRE-QUALIFICATIONS

General

Posted by: Trina Tallon

Throughout the mortgage and home buying process, there are many steps and many checkpoints a buyer will need to complete before they can move on to the next one. A buyer will not be able to close on a purchase if they do not have a lawyer. Financing conditions need to be lifted after confirmation […]

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27 Mar

MORTGAGE STRESS TEST – NOT THE BAD GUY

General

Posted by: Trina Tallon

Ever since the federal government regulator, The Office of the Superintendent of Financial Institutions (or OSFI) brought in the Mortgage Stress Test, there has plenty of blame heaped upon it for slowing home sales and new home starts. Even though it has slightly reduced how much of a mortgage I can approve my clients for, […]

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25 Mar

WHEN DEATH STRIKES SUDDENLY

General

Posted by: Trina Tallon

Recently I was finishing up a mortgage with a young couple who had just had a beautiful baby girl. I brought up the topic of mortgage and life insurance as well as getting a will written up. The response from the husband was that it was such a morbid topic and a real downer when […]

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21 Mar

𝐅𝐄𝐃𝐄𝐑𝐀𝐋 𝐁𝐔𝐃𝐆𝐄𝐓 𝟐𝟎𝟏𝟗 𝐇𝐎𝐔𝐒𝐈𝐍𝐆 𝐌𝐀𝐑𝐊𝐄𝐓 𝐎𝐕𝐄𝐑𝐕𝐈𝐄𝐖

General

Posted by: Trina Tallon

Mortgage Professionals Canada welcomes aspects of the housing affordability component of today’s Federal Budget. The announcement of a new CMHC First-Time Home Buyers Incentive Plan represents a shared equity mortgage program that would give eligible first-time homebuyers the ability to lower their borrowing costs by sharing the cost of buying a home with CMHC.   […]

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13 Mar

WHAT IS AN UNINSURABLE MORTGAGE?

General

Posted by: Trina Tallon

With the mortgage rule changes in recent years, lenders have had to make some adjustments to their rate offerings. There are different tiers and rate pricing based on the following 3 categories: 1) Insured – a mortgage that is insured with mortgage default insurance through one of Canada’s mortgage insurers, CMHC, Genworth or Canada Guaranty. […]

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12 Mar

WHY I CHOSE A MORTGAGE BROKER? OUR HOUSE MAGAZINE – WINTER

General

Posted by: Trina Tallon

Amanda Moss and her husband Robert have had a mortgage on various properties for almost 10 years. The Chilliwack B.C. couple was a few years into their mortgage term, but looking to pay off some extra bills and clear up some financing. They hadn’t considered the option of refinancing until Amanda got some advice of […]

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11 Mar

PERSONAL GUARANTEE? PROCEED WITH CAUTION.

General

Posted by: Trina Tallon

In my post entitled Personal Guarantee Required? 6 Tips You Should Follow, I set forth that there are significant implications to consider, when providing a guarantee. Similar concerns and strategies are raised in a recent article by Scott Anderson of Lawson Lundell LLP, entitled Buckle Up: How Guarantors of Real Estate Loans Can Limit Their Exposure. He sets […]

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7 Mar

ZERO DOWN PAYMENT MORTGAGE–DOES IT EXIST?

General

Posted by: Trina Tallon

Did you know that you can buy a home with ZERO down payment?? If a home purchase is your goal this year but you aren’t able to save up enough of a down payment, you may qualify for a low or zero down payment mortgage. One of our Lenders is offering a great zero down […]

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6 Mar

BROKERS MAKE A DIFFERENCE

General

Posted by: Trina Tallon

While many people will go to their bank to obtain a mortgage or line of credit, they often feel betrayed by their favourite bank if their application is rejected. One big advantage that we have over banks is that we can send underwriter notes along with the application. Our questions and speaking at length with […]

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4 Mar

WHAT QUESTIONS TO ASK WHEN CONSIDERING A REFINANCE

General

Posted by: Trina Tallon

Many of my clients and friends regularly ask me when or if they should consider a refinance. Here are 4 quick questions that I ask of them. The answer they give me, will very quickly tell me if we should be taking a deeper look at the mortgage refinance options available to them. What do […]

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3 Mar

JIDD HAPPENS

General

Posted by: Trina Tallon

You may have heard people say “s@@t happens. In the mortgage broker world, JIDD happens. These are unexpected events that can turn a happy homeowners’ life upside down. JIDD consists of: Job Loss – often unexpected and with no time to save for emergencies, things get ugly pretty quick. E.I. payments can run out leaving you […]

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2 Mar

RENOVATING? CONSIDER A REFINANCE PLUS IMPROVEMENTS

General

Posted by: Trina Tallon

Let’s take a closer look at how a Refinance Plus Improvements mortgage can get you the extra cash you need to get your renovations completed. The Standard Refinance An everyday refinance allows the home owner to access up to 80% of the fair market value of the home. The value is typically determined by a […]

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28 Feb

QUALIFIED TO MAKE SURE YOU QUALIFY – OUR HOUSE MAGAZINE

General

Posted by: Trina Tallon

If you need open-heart surgery, you want to be sure the doctor in the operating room knows what they’re doing. You want to know they’ve got the professional education, skills and experience to carry out the life-saving procedure. You would expect nothing less from the person handling the biggest financial decision of your life – […]

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26 Feb

TRANSFERS AND SWITCHES

General

Posted by: Trina Tallon

Transfer/Switches are when you opt to transfer your mortgage to a new lender in order to take advantage of a lower rate. A transfer/switch does not include additional money to the existing mortgage balance owing, your mortgage amount will remain the same, however lenders will allow you to increase the mortgage up to $3,000 to […]

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25 Feb

CREDIT UNIONS – AN ALTERNATIVE LENDER

General

Posted by: Trina Tallon

Credit Unions are often overlooked as a choice for your mortgage lender – but there are reasons why considering a Credit Union might be well worth your while. One of the primary attractions for Credit Unions is that they are regulated provincially, so they are not restricted by the Federal regulations that banks and monoline […]

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24 Feb

MINIMUM DOWN PAYMENTS

General

Posted by: Trina Tallon

Are you looking for that new dream home, or anything that will get you out of your current rental property so you can officially become a homeowner? If so, what is the minimum amount you are required to put down? Below are three different purchase price categories. Each one has their own minimum down payment […]

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23 Feb

5 REASONS WHY YOU DON’T QUALIFY FOR A MORTGAGE

General

Posted by: Trina Tallon

It’s not just because of finances. As a mortgage broker I receive calls from people who want to know how to qualify for a mortgage. Most of the time it comes down to finances but there are other reasons as well. Here are the 5 most common reasons why your home mortgage loan application could […]

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20 Feb

TAX REBATES FOR HOMEOWNERS

General

Posted by: Trina Tallon

It’s getting to be that time of year when we are collecting our tax receipts to file taxes and hopefully get a nice cheque back from CRA. 1st time homebuyer’s Tax Credit If you purchases a home in 2018 don’t forget to apply for the $5,000 tax credit. This could result in up to $750 […]

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18 Feb

BUYING YOUR FIRST HOME? – THESE TIPS WILL SAVE YOUR LIFE

General

Posted by: Trina Tallon

So you’re wanting to buy a new home? That is some very exciting news. First question, are you prepared?! We all know big-item purchases are scary. It’s expensive, you are fully committing to this household – there is no turn backing without that pricey consequence. We totally get it. The ultimate first-step is to do […]

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13 Feb

7 REASONS WHY YOU NEED A GARAGE

General

Posted by: Trina Tallon

Besides the obvious advantage of not having to go lug your groceries into the house in the rain, sleet or snow, there are a number of less obvious but important reasons to consider buying a home with a garage or building it sooner rather than later. 2- I just had $3,200 worth of hail damage […]

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12 Feb

HOW DO YOU KNOW WHEN YOU’RE READY TO BUY HOUSE?

General

Posted by: Trina Tallon

Here are 7 signs that you’re ready to buy your first home… 1. You have saved enough for the down payment Most people think the biggest hurdle to overcome when buying a house is saving up a down payment. You normally need to save at least 5% of the purchase price as a down payment. […]

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7 Feb

GET TO KNOW TITLE INSURANCE

General

Posted by: Trina Tallon

Are you officially Mortgage Free? CONGRATULATIONS! That is a monumental milestone to achieve! With that significant accomplishment, you should look at obtaining a Title Insurance Policy. What most people don’t realize is that when you had a mortgage, the lender will likely have had this in place for you. Once your mortgage is paid out […]

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30 Jan

PRE-APPROVALS & PRE-QUALIFICATIONS

General

Posted by: Trina Tallon

Throughout the mortgage and home buying process, there are many steps and many checkpoints a buyer will need to complete before they can move on to the next one. A buyer will not be able to close on a purchase if they do not have a lawyer. Financing conditions need to be lifted after confirmation […]

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29 Jan

FIRST TIME HOME BUYERS

General

Posted by: Trina Tallon

Your First Home. What a THRILLING thing that is to think about!! One of the best parts about our job is helping individuals purchase their first home. We know that the process can seem daunting at first, but we have an in-depth understanding and knowledge of what steps are required to make the process go […]

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28 Jan

WINTER IS HERE! GET A WORRY FREE MORTGAGE!

General

Posted by: Trina Tallon

This time of year, there are a few less mortgage’s being done- not many people want to move into a new home in the snow. But if you want to get a worry free mortgage, this is a great time to be shopping. Scope out those potential neighbourhoods – how many snow shovels? Will my […]

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24 Jan

THE TALE OF THE FORGOTTEN MONEY

General

Posted by: Trina Tallon

Ever wonder what happens to bank accounts that are inactive, forgotten about and left unclaimed? The answer to that question is that you probably haven’t. I know the thought of it never really crossed my mind and I bet that would be the case for most Canadians. My initial thought was “Seriously? Who forgets they […]

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23 Jan

REASONS WHY REALTORS WANT YOU TO HAVE A PRE-APPROVAL

General

Posted by: Trina Tallon

You’ve decided that you want to buy a home and you call up a realtor to show you a listing and the first question they ask is “ How much are you pre-approved for?” Many realtors will refuse to book home viewings until they can confirm that you are pre-approved. Why? 1- It shows that […]

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23 Jan

BUYING YOUR FIRST HOME? – THESE TIPS WILL SAVE YOUR LIFE

General

Posted by: Trina Tallon

So you’re wanting to buy a new home? That is some very exciting news. First question, are you prepared?! We all know big-item purchases are scary. It’s expensive, you are fully committing to this household – there is no turn backing without that pricey consequence. We totally get it. The ultimate first-step is to do […]

Read More
21 Dec

4 FACTS ABOUT USING A GUARANTOR

General

Posted by: Trina Tallon

A Guarantor, when it comes to mortgages, is exactly what it sounds like—they “Guarantee” the mortgage for another person if they are unable to pay back the loan. Guarantor’s or co-signers are often used if someone has: • Damaged or poor credit • Insufficient income In most cases, someone with poor credit and/or insufficient income […]

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19 Dec

LOOKING FOR A MORTGAGE… YOU BETTER KNOW YOUR CREDIT SCORE

General

Posted by: Trina Tallon

Over the last month, as the big banks and many of our monolines mortgage lenders wind down their fiscal year, we are starting to see some very obvious changes in what your credit score can get you. I heard a few months ago that 720 beacons were going to become the new 650. The 650 […]

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18 Dec

WHY REVERSE MORTGAGES ARE BUCKING THE DOWNWARD TREND

General

Posted by: Trina Tallon

The reverse mortgage market in Canada has been increasing at a phenomenal rate over the last few years. In fact, for HomeEquity Bank, the provider of the CHIP Reverse Mortgage, growth was well over 40% in August, bringing Canada’s outstanding reverse mortgage balance to $3.03 billion. Compare this to the latest growth in lending for […]

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12 Dec

THE #1 MISCONCEPTION ABOUT MORTGAGE FINANCING!

General

Posted by: Trina Tallon

It is a reoccurring but common misconception that you will qualify for a mortgage in the future because you have qualified for a mortgage in the past. This is not accurate! Do. Not. Assume. Anything. Even if your financial situation has remained the same or has improved, securing mortgage financing is more difficult now than […]

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29 Nov

WOULD A CO-SIGNER ENABLE YOU TO QUALIFY FOR A MORTGAGE?

General

Posted by: Trina Tallon

There seems to be some confusion about what it actually means to co-sign on a mortgage… and any time there is there is confusion about mortgages, it’s time to chat with your trusted Dominion Lending Centres mortgage professional! Let’s take a look at why you would want to have someone co-sign your mortgage and what […]

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26 Nov

CONGRATULATIONS ON THE MORTGAGE! NOW LET’S GET RID OF IT!

General

Posted by: Trina Tallon

So now that you’re a home owner, what are your next steps? Well first, you will have to figure out exactly how you are going to get RID of that mortgage. Yes, that’s right. Now that you got it, here are four ways you can pay it off and be done with it! 1. ACCELERATE […]

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13 Nov

WHAT SHOULD COME FIRST, THE HOUSE OR THE CAR?

General

Posted by: Trina Tallon

So you just got a shiny new car, and now you want a shiny new home to go with it. Will that new car payment affect your mortgage pre- approval? The short answer… absolutely it will. Recently, I have encountered many people looking to pre-approve for a home purchase that do not qualify. While it […]

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12 Nov

DEMAND LOAN VS. TERM LOAN. WHAT’S THE DIFFERENCE?

General

Posted by: Trina Tallon

What’s the difference between a Demand Loan and a Term Loan? A recent commercial mortgage refinancing I was involved with resulted in a discussion around Demand Loans. What are they exactly, and how they might typically differ from a term loan? A demand loan is a loan that a lender can require to be repaid […]

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12 Nov

HOW TO GET A FREE COPY OF YOUR CREDIT BUREAU

General

Posted by: Trina Tallon

Think of your credit score as a report card on how you’ve handled your finances in the past. A credit score is a number that lenders use to determine the risk of lending money to a given borrower. There is always someone willing to lend you money however, higher risk = higher rates! Step 1 […]

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7 Nov

WHY CAN’T YOU PORT YOUR MORTGAGE?

General

Posted by: Trina Tallon

Policies are always changing, and when you port a mortgage, a FULL application must be approved and completely underwritten with full, credit, income, property and policy review. It’s a mistake to believe that just because you already had a mortgage, you will easily get a new one. Policies and rates are changing rapidly and you […]

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4 Nov

DOCUMENTS YOU NEED FOR YOUR MORTGAGE PRE-APPROVAL

General

Posted by: Trina Tallon

Being fully pre-approved means that the lender has agreed to have you as a client (you have a pre-approval certificate) and the mortgage broker has reviewed and approved ALL your income and down payment documents (as listed below) prior to you going house hunting. Many bankers will say you’re approved; you go out shopping and […]

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24 Oct

ARE YOU BEHIND ON YOUR CRA TAXES?

General

Posted by: Trina Tallon

Nothing weighs heavy on one’s shoulders than owning a home and getting behind on your Canada Revenue taxes. Most banks will not be able to help you refinance your home to pay them off as CRA has first dibs on your house and assets. We have clients owing anywhere from $5,000- $300,000 in back taxes […]

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22 Oct

LEGALIZED MARIJUANA AND THE CANADIAN HOUSING MARKET

General

Posted by: Trina Tallon

October 17th was an important day in Canada’s social history. It’s the day when we are going to have legalized marijuana across the country. We will be the second major country in the world to do this. How does this affect mortgage brokers like myself? When someone comes to me to obtain financing for a […]

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9 Oct

MORTGAGE INSURANCE 101

General

Posted by: Trina Tallon

For a first-time home buyer, the types of insurance surrounding a mortgage can be confusing, so it’s important to know what insurance covers what. There are 3 main types of insurance to know about when buying a home. Mortgage Default Insurance – If you put less than 20% down on a home you are buying, Government […]

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3 Oct

WHAT TO LOOK FOR IN A MORTGAGE BROKER

General

Posted by: Trina Tallon

Are you on the hunt for a mortgage broker? Or you need a mortgage broker but just don’t know it yet! Either way, this article is for you! First up, where do you find a Mortgage Broker? The easiest (and one of the best places to start) is with referrals from a realtor, family, friends, […]

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30 Sep

BRIDGE LOANS

General

Posted by: Trina Tallon

If you have ever sold your home in order to help with the purchase of your next home, chances are you have heard of bridge financing. Bridge financing is an option available to homeowners if they find themselves in a little bit of a pinch when it comes to two different completion dates. A situation […]

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28 Sep

SUBJECT FREE OFFERS; STILL RISKY!

General

Posted by: Trina Tallon

The majority of my clients have stellar qualifications: established careers and businesses, excellent credit ratings, solid down payment funds, etc. They are truly awesome individuals who will almost certainly receive mortgage financing without a hitch. Almost certainly. With multiple offers, bidding wars, and over-asking-price bids now common as far afield from Vancouver proper as Port […]

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26 Sep

FIRST TIME MORTGAGES: EXPECTATIONS VS. REALITY

General

Posted by: Trina Tallon

First-time homebuyers are one of our favourite clients! It’s great to work alongside them and teach them the in’s and out’s about real estate, owning a home, and helping them cross “homeownership” off their bucket list. One thing that we find though, their expectations are often not aligned with reality. We are always honest with […]

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24 Sep

RENT, OWN, OR DO BOTH?

General

Posted by: Trina Tallon

There are generally three different situations you can find yourself in when it comes to living situations; living with parents, renting, or owning. A lot of the times the first decision someone will need to make is whether they buy a home to live in, buy a home to rent to someone else, or buy […]

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18 Sep

4 MORTGAGE STEPS TO OVERCOMING HIGH CONSUMER DEBT

General

Posted by: Trina Tallon

Client success stories are what make our job WORTH IT (We think most mortgage brokers would agree). So, with this in mind, we are sharing a recent client’s story that allowed them to not only purchase the home they wanted, but also pay down their own debt. Mortgage Problem: We had a young couple with […]

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14 Sep

MORTGAGE SWITCHES AND TRANSFERS

General

Posted by: Trina Tallon

Mortgage switches and transfers are becoming one of the more popular sources of revenue for certain lenders which means great incentives for borrowers as the banks and financial institutions fight for your business. When your mortgage is up for renewal, your lender will typically send you a letter either 6-months or 120 days before your […]

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12 Sep

KEEPING YOUR CREDIT SCORE HEALTHY

General

Posted by: Trina Tallon

There is a lot of misinformation floating around about credit bureaus, credit reports and credit scores – not only that, but a large amount of the clients I work with have never even seen their credit report or score before! I’d like to shed a bit of light, as they say, on the importance of your […]

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4 Sep

YOUR MORTGAGE BROKER IS HERE TO HELP

General

Posted by: Trina Tallon

For many people in Canada, they are first-time home buyers. Or if they are new to Canada, it’s their first home purchase in a new country. They may not be aware of the rules and guidelines. It’s the job of your mortgage broker to make you aware of what is expected from you to avoid […]

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29 Aug

TOYS AND BUYING A HOME

General

Posted by: Trina Tallon

I was asked to do a pre-approval by a couple hoping to buy a home. I went through the application with them and pre-approved them for $320,000. They were astounded. They told me that their bank told them that they were qualified to a maximum of $260,000. They wanted to know how I could get […]

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29 Aug

WHAT HAPPENS WHEN YOUR CREDIT CARD ACCOUNT IS CLOSED

General

Posted by: Trina Tallon

I have had all sorts of clients over the years. Every once in a while I get someone who has a car loan , a couple of credit cards but there’s a collection from a credit card, a dentist or some other creditor. When I ask why this has not been paid, I am told […]

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28 Aug

REVERSE MORTGAGE – NEED TO KNOW

General

Posted by: Trina Tallon

HomeEquity Bank is the only bank in Canada that currently offers the CHIP Reverse Mortgage as well as a secondary product, Income Advantage. These two products are options for homeowners unlike anything else out there. Instead of borrowing money to purchase a house, they will lend you money if you already have purchased one (as long […]

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27 Aug

BUYING A HOME AS A NEW CANADIAN

General

Posted by: Trina Tallon

Canada is made up of hundreds of thousands of people, and while some did not start here, they have made it their home. Buying a home, especially when you are new to Canada can be mind boggling, BUT, we have a mortgage for you! The New to Canada Program is designed to help new Canadians […]

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23 Aug

7 SURE-FIRE WAYS TO GROW YOUR CREDIT SCORE

General

Posted by: Trina Tallon

Have you ever wished for a simplified guide on how to actually GROW your credit score? Well today is your lucky day! We have had years of experience working with individuals who come to us with poor or damaged credit and we have found 7 steps that prove to be tried and true in fixing […]

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20 Aug

MORTGAGE BROKERS HAVE SOLUTIONS

General

Posted by: Trina Tallon

A lot of people are getting stressed out by Canada’s new mortgage stress test. In the past, if you had a good sized down payment (ie 20%) someone with a low income could purchase a home even if they did not meet the debt level guidelines for insured mortgages of 32/40 . Later this was […]

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15 Aug

A TAILOR-MADE SOLUTION FOR SOME BORROWERS

General

Posted by: Trina Tallon

Recently, two of my lenders came out with new products – Interest only mortgages. We have had these available from private lenders for many years but at much higher interest rates. They are useful for real estate investors and people who have consolidated debts and need six months to a year to get back on […]

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13 Aug

WANT TO BUY RURAL PROPERTY? 6 THINGS TO KNOW BEFORE YOU BUY!

General

Posted by: Trina Tallon

Living in the country has extreme appeal for some people. Space, peace and quiet, big home, big yard, place to raise your family… the list goes on. If you are considering buying a rural home, there are a number of things to consider, not the least being how different it is to get a mortgage. […]

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9 Aug

THE 3 STEPS THAT TAKE YOU FROM PRE-APPROVAL TO YOUR NEW HOME

General

Posted by: Trina Tallon

Picture this: You’ve finally been able to put away enough for a down-payment on your dream home. It’s taken you five years of diligent saving, but you did it! You have also been diligently working on improving your credit score and paying off debts and are at a place of financial stability. So, first of […]

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8 Aug

WHAT IS A MONOLINE LENDER?

General

Posted by: Trina Tallon

What usually follows once someone hears the term “Monoline Lender” for the first time is a feeling of suspicion and lack of trust. It’s understandable, I mean why is this “bank” you’ve never heard of willing to loan you money when you’ve never banked with them before? In an effort to help you see the […]

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6 Aug

WHAT ARE ACCELERATED PAYMENTS?

General

Posted by: Trina Tallon

An accelerated payment is a mortgage payment that is increased slightly so that you can pay off your mortgage faster. There are two common types of accelerated payments: bi-weekly and weekly. Of the two, bi-weekly is the much more common choice because it matches with pay dates more often. An accelerated payment works by increasing […]

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1 Aug

4 KEY THINGS YOU NEED TO KNOW ABOUT A SECOND MORTGAGE

General

Posted by: Trina Tallon

Many homeowners are vaguely aware of the fact that you can take out a second loan on your home. You hear your friends mention it or perhaps a family member close to you has gone through the process—but do you truly know what it means to take out a second mortgage? We have taken all […]

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31 Jul

THE RIGHT KIND OF DEBT

General

Posted by: Trina Tallon

Put yourself in a bank or lender’s shoes. Someone comes into your branch and asks you to politely loan them $300,000. You are a big bank, but $300,000 is still a lot of money. How do you ensure this person is going to pay back the money you loan them, on time, and in the […]

Read More
26 Jul

CMHC CHANGES TO ASSIST SELF-EMPLOYED BORROWERS

General

Posted by: Trina Tallon

As a self-employed person myself, I was happy to hear that CMHC is willing to make some changes that will make it easier for us to qualify for a mortgage. In an announcement on July 19, 2018, the CMHC has said “Self-employed Canadians represent a significant part of the Canadian workforce. These policy changes respond […]

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25 Jul

REFINANCES, RENEWALS & TRANSFERS

General

Posted by: Trina Tallon

After you have purchased your new home, closed on your new mortgage, and are all moved in, what comes next? Well, when it comes to your mortgage, the next step is to either refinance, renew, or transfer your mortgage. This decision can be made one month into your new mortgage or one month before your […]

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23 Jul

5 REASONS WHY EVERY REALTOR NEEDS A MORTGAGE BROKER AT THEIR OPEN HOUSES

General

Posted by: Trina Tallon

Realtor Safety – While we do not have the safety issues that realtors experience south of the border, there have been incidents involving female realtors being assaulted or feeling uncomfortable being alone with strangers walking around the house. Property Safety – Did you know that when a realtor is holding an open house they are liable for […]

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19 Jul

PORTING A MORTGAGE?

General

Posted by: Trina Tallon

Porting a mortgage is something similar to transferring a mortgage. Transfers are when you move your current mortgage to a different lender in order to take advantage of different interest rates or mortgage products. Porting a mortgage is when you keep your lender, but move your mortgage to a different property. Now, not every lender […]

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18 Jul

REMODELING YOUR HOME THIS SUMMER

General

Posted by: Trina Tallon

With most of the summer still ahead, it seems like the best time for rest and relaxation. Or… it could mean the perfect opportunity to make those changes around the house that they have been waiting to do since the Spring! A renovation or remodel on your home could mean excellent returns on your investment. […]

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17 Jul

RISING INTEREST RATES AND THE IMPACT ON REAL ESTATE VALUES

General

Posted by: Trina Tallon

Rising Interest Rates and the Impact on Real Estate Values. Is there a direct connection? In a post entitled Interest Rates and Property Values. What’s the Connection?, I suggested that there was. An example was given which suggested that mortgage lenders would be directly impacted by a rise in rates, as their underwriting parameters, most notably […]

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16 Jul

RATE HOLDS EXPLAINED

General

Posted by: Trina Tallon

Have you ever heard of the term rate hold? If you have ever worked with a mortgage broker, chances are, you have! Rate holds are something that the majority of lenders offer to potential clients purchasing a new home who need a mortgage. Rate holds are generally not given out for people refinancing their mortgage […]

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13 Jul

10 SECRET “TO-DO’S” AFTER YOU FILE CONSUMER PROPOSAL OR BANKRUPTCY

General

Posted by: Trina Tallon

Many people go through challenges in life that affect their finances. Divorce, job loss, health issues top the most common reasons. I commend you on getting your finances sorted out and back on track. The moment you FILE that consumer proposal or bankruptcy is the time to start rebuilding your credit history. YES, there are […]

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8 Jul

REVERSE MORTGAGE – COMMON USES

General

Posted by: Trina Tallon

Here is the final blog in the REVERSE MORTGAGE series. If you missed the first two, you read them here and here: Eliminate mortgage payment – Retired, or wanting to retire, but still have a mortgage and mortgage payment to make? Use a reverse mortgage to pay off the traditional mortgage, getting rid of that monthly payment. Unexpected expenses – […]

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6 Jul

CO-SIGNOR OR GUARANTOR FOR A MORTGAGE?

General

Posted by: Trina Tallon

If a buyer can’t obtain a mortgage due to poor credit, employment history, lack of down payment or income — most lenders will consider lending if there is someone to act as co-signor or guarantor for a mortgage. The two options provide different requirements. Co-signer or guarantor for a mortgage, which is best? People often […]

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5 Jul

MORTGAGE PROTECTION PLAN

General

Posted by: Trina Tallon

Insurance coverage is something that everyone is “pitched” at some point or another in their life. Unfortunately, a lot of us have a negative attitude towards insurance or warranty as it is perceived as being a cash grab. Yes, if you are purchasing a flat screen T.V., that extra 2-year warranty for $100 might be […]

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3 Jul

THE RIGHT KIND OF DEBT

General

Posted by: Trina Tallon

Put yourself in a bank or lender’s shoes. Someone comes into your branch and asks you to politely loan them $300,000. You are a big bank, but $300,000 is still a lot of money. How do you ensure this person is going to pay back the money you loan them, on time, and in the […]

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26 Jun

IS YOUR LINE OF CREDIT KILLING YOUR MORTGAGE APPLICATION?

General

Posted by: Trina Tallon

Some of the last round of changes from the government regarding qualifying for a mortgage were that if you have a balance on your unsecured line of credit, then to qualify for mortgage the lenders require that we use a 3% payment of the balance of the line of credit. Simple math is,  if you […]

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5 Jun

REVERSE MORTGAGE – COMMON USES

General

Posted by: Trina Tallon

Here is the final blog in the REVERSE MORTGAGE series. If you missed the first two, you read them here and here: Eliminate mortgage payment – Retired, or wanting to retire, but still have a mortgage and mortgage payment to make? Use a reverse mortgage to pay off the traditional mortgage, getting rid of that monthly payment. Unexpected expenses – […]

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29 May

FIXED VERSUS VARIABLE INTEREST!

General

Posted by: Trina Tallon

Fixed Interest Rates This is usually the more popular choice for clients when it comes to deciding on which type of interest rate they want. There are many reasons why, but the most unsurprising answer is always safety. With a fixed interest rate, you know exactly what you are paying every month and you know […]

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23 May

IT’S NOT ALL ABOUT THE RATE: AMORTIZATION & RENEWALS

General

Posted by: Trina Tallon

Have you spoken to a mortgage broker lately? When it’s time to renew your mortgage you have the freedom to do a number of things that are not possible at any other time without a financial penalty. Renewal time is an opportunity. Have you looked at your mortgage amortization lately? Let’s say that you started […]

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16 May

BROKERS MORE IMPORTANT THAN EVER

General

Posted by: Trina Tallon

Nearly half of all existing mortgage in Canada will be up for renewal in 2018. Stated in a Financial Post article by Armina Ligaya, CIBC Capital Markets estimates 47% of all existing mortgages will need to be refinanced in 2018. All of this coming on the heels of rising interest rates and changes to key mortgage […]

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14 May

WHAT IS A REFINANCE?

General

Posted by: Trina Tallon

Refinancing a home is one of those things where people understand what it is but have trouble explaining how it works. To put it simply, refinancing your home allows you to access the equity you have built up, by changing the mortgage amount. Let’s say you bought a $300,000 condo and you paid 20% ($60,000) […]

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10 May

WHY WE CHOSE A MORTGAGE BROKER

General

Posted by: Trina Tallon

For Arthur Dubreuil, the recent purchase of his new house will sound like a similar story for many homebuyers. Looking to upsize to meet the needs of his growing family, the Toronto area resident looked east outside the city for a more affordable option. What he found was a perfect affordable 2,000 square-foot home on […]

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3 May

ARE MORTGAGE TERMS MORE IMPORTANT THAN RATE?

General

Posted by: Trina Tallon

Why are the terms more important than rate when it comes to a mortgage? Simple. Seven out of 10 Canadians break their mortgages prior to the renewal date. Taking the wrong mortgage when you could have qualified for a better one- is a costly mistake. The biggest mistake anyone can make is they don’t think […]

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2 May

WHAT DOES A “RATE HIKE” ACTUALLY MEAN?

General

Posted by: Trina Tallon

TD Bank has increased it’s posted rates and RBC did the same on Monday. This increase, from 5.14% to 5.59% at TD, is the “biggest move in years.” The change came because of the bond yields increasing. We do expect every other lender to follow suit. But, actual interest rates have not changed… so what […]

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1 May

FIXED RATES ARE ON THE RISE. ARE YOU READY?

General

Posted by: Trina Tallon

With the Bank of Canada holding rates steady this April, the same is not the case for the bond market, which impacts fixed rates. In every interest-rate market there are many factors leading to and increase and we are hoping to provide a little bit of clarity on what is happening and what it means […]

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1 May

SUBJECT TO FINANCING- A MUST!

General

Posted by: Trina Tallon

With most people who are new to real estate and looking for their first home (or possibly second), one of the most significant times is when your offer to buy is accepted by a seller. Unfortunately, that moment is quickly followed by stress, as not many people know what comes next- securing financing. 99% of […]

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23 Apr

CLOSING COSTS

General

Posted by: Trina Tallon

Closing costs are a necessity when it comes to purchasing a home. They are not included in down payments, they are not included in monthly mortgage payments, nor are they included in the purchase price of a home, but you are still responsible for paying them, in full. Knowing they exist is half the battle, […]

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17 Apr

BREAKING A MORTGAGE – CAN YOU DO IT?

General

Posted by: Trina Tallon

Do you have a mortgage? So do I! Looks like we have something in common. Did you know that 6 out of 10 consumers break their mortgage 38 months into a 5-year term? That means that 60% of consumers break a 5-year term mortgage well before it’s due…but do you also know what the implications […]

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4 Apr

4 SMART FEATURES THAT WILL BOOST THE VALUE OF YOUR PROPERTY

General

Posted by: Trina Tallon

People have a lot of different ideas on how they want their home to look. Some want a modern look while others like traditional cottages. But one thing that more and more people want is smart technology in their homes. This adds value and desirability to your home making it easier to sell for the […]

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27 Mar

GETTING PRE-APPROVED FOR A MORTGAGE THIS SPRING

General

Posted by: Trina Tallon

Apparently, as per the weather experts, March has a lot of snowfall and surprisingly so does April! Hearing this on the radio gives you a wave of emotions: holy cow, oh great, I wonder how many vacation days I have left and when can I take down my Christmas lights. Good news, those same weather […]

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22 Mar

WHAT IS A “MONOLINE” LENDER?

General

Posted by: Trina Tallon

What usually follows once someone hears the term “Monoline Lender” for the first time is a feeling of suspicion and lack of trust. It’s understandable, I mean why is this “bank” you’ve never heard of willing to loan you money when you’ve never banked with them before? In an effort to help you see the […]

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20 Mar

A CONVERSATION ABOUT MORTGAGE PRE-APPROVALS!!

General

Posted by: Trina Tallon

Thinking of buying a property, but don’t know where to start? Well… that’s where a mortgage pre-approval comes in. Start here. Just like you wouldn’t go into a restaurant without having enough money to buy your meal, so you shouldn’t start shopping for a home without an understanding of how much you can afford. So let’s […]

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13 Mar

WHAT ARE ACCELERATED PAYMENTS?

General

Posted by: Trina Tallon

An accelerated payment is a mortgage payment that is increased slightly so that you can pay off your mortgage faster. There are two common types of accelerated payments: bi-weekly and weekly. Of the two, bi-weekly is the much more common choice because it matches with pay dates more often. An accelerated payment works by increasing […]

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7 Mar

MAKING SMARTER DOWN PAYMENTS

General

Posted by: Trina Tallon

Mortgage Insurance Premiums. Many people know what they are- an extra cost to you the borrower. But not many people realize how they are calculated. Understanding the premium charges and how they are calculated will help lead you to making smarter down payments. 5%- 9.99% down payment of a purchase price is a 4% premium […]

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5 Mar

TIPS FOR YOUR VARIABLE RATE MORTGAGE THAT COULD SAVE YOU THOUSANDS

General

Posted by: Trina Tallon

With changes to mortgage rules and interest rates on the rise here are some tips for your variable rate mortgage that could save you thousands. Since 2009 the prime lending rate has shifted from a high of 6% down to 2% range remaining fairly level for the past few years before rising to a present […]

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5 Mar

NEED A COMMERCIAL MORTGAGE?

General

Posted by: Trina Tallon

If you’re an entrepreneur, business person or commercial investor then you probably have or need a commercial mortgage. Where should you start? Do you call your bank, or do you call a commercial mortgage broker? I recommend you call your bank. Yes, that’s right; I’m a commercial mortgage broker and I am telling you to […]

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1 Mar

4 SIGNS YOU’RE READY FOR HOMEOWNERSHIP

General

Posted by: Trina Tallon

While most people know the main things they need to buy a home, such as stable employment and enough money for a down payment, there are a few other factors that may help you realize you’re ready, perhaps even earlier than you thought! As a mortgage broker, it is my job to ensure that each […]

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28 Feb

FIXED VERSUS VARIABLE INTEREST RATES

General

Posted by: Trina Tallon

Fixed Interest Rates This is usually the more popular choice for clients when it comes to deciding on which type of interest rate they want. There are many reasons why, but the most unsurprising answer is always safety. With a fixed interest rate, you know exactly what you are paying every month and you know that […]

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26 Feb

WHAT IS A COLLATERAL MORTGAGE?

General

Posted by: Trina Tallon

A collateral mortgage is a way of registering your mortgage on title. This type of registration is sometimes used by banks and credit unions. Monoline lenders, on the other hand, rarely register your mortgage as a collateral charge – which is an all-indebtedness charge that allows you to access the equity in the home over […]

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25 Feb

THINKING OF SELLING? COSTS YOU SHOULD KNOW ABOUT!

General

Posted by: Trina Tallon

Often times it’s the simple math that will betray you when selling a property. In your head you do quick calculations, you take what you think your property will sell for and then subtract what you owe on your mortgage, and the rest is your profit! Well… not so fast, there are several costs that have […]

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23 Feb

FORECLOSURE NOT AUTOMATIC ON DEFAULT

General

Posted by: Trina Tallon

According to a recent case tried in the Court of Appeal for Ontario, Winters v Hunking, 2017 ONCA 909 as summarized by Scott McGrath of WeirFoulds LLP, Foreclosure is not automatic on default. In an interesting article posted December 8, 2017 in Mondaq, Scott McGrath reminds us that the Court may have acknowledged the Lender was […]

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23 Feb

6 REASONS TO GET A HOME INSPECTION BEFORE YOU BUY

General

Posted by: Trina Tallon

In an active housing market sometimes buyers are urged by their realtors to make an offer with no conditions. As a mortgage broker this always makes my heart skip a beat. I know from experience that financing can go sideways and you need to be sure it’s in place before removing conditions. Another item that […]

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22 Feb

RRSP – USE HOME BUYERS’ PLAN (HBP) MORE THAN ONCE

General

Posted by: Trina Tallon

Under the home buyers’ plan, a participant and his or her spouse or common- law partner is allowed to withdraw up to $25,000 from his or her RRSP to buy a home. Before 1999, only the first- time home buyers are permitted to buy a home under this plan. Now a person can take an […]

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20 Feb

A COOL CAR, OR A HOME OF YOUR OWN?

General

Posted by: Trina Tallon

Thinking of purchasing or leasing a new car? Some quick math for you. A $400.00 payment will reduce your total mortgage qualification by $100,000.00 Ouch. I will confess that I think about new cars for at least a moment or two daily, fast cars and I go back a few decades and as I hit […]

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19 Feb

KNOW HOW YOUR MORTGAGE IS REGISTERED

General

Posted by: Trina Tallon

Every mortgage secured by a property will be registered with the land title office.There are two ways your mortgage can be registered on title: Standard charge or collateral charge.  Not long ago, most lenders registered all mortgages as a standard charge.  In recent years, some lenders – mainly the major big banks – have moved […]

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17 Feb

PRE-SALES- SAFE OF NEW RULES?

General

Posted by: Trina Tallon

The best part about pre-sales, especially for first time home buyers, is it allows you to reserve a unit for the cost of a deposit and have a significant amount of time to get everything in order. You can save money while renting or living at home, arrange a mortgage that best suits your needs, […]

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15 Feb

IMPROVING YOUR CREDIT SCORE

General

Posted by: Trina Tallon

Your credit score is a big factor when you apply for a mortgage. It can dictate how good your interest rate will be and the type of mortgage you qualify for. Mortgage Professionals are experienced helping clients with a wide range of credit scores so we can find you a mortgage product even if your […]

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14 Feb

THE ROLE OF THE INSURER IN A MORTGAGE

General

Posted by: Trina Tallon

Any time a down payment for the mortgage is less than 20%, it is required that the mortgage must be insured thru an Insurer. Why does this mortgage need to be insured, who provides this type of insurance, what does this insurance mean, who is the beneficiary, how much does this insurance cost? All these […]

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13 Feb

WHAT’S AN ACCEPTABLE DOWN PAYMENT FOR A HOUSE?

General

Posted by: Trina Tallon

Ask people this question and you will get a variety of answers.  Most home owners will say 10% is what you should put down. However, if you speak with your grandparents, they are likely to suggest that 20% is what you need for a down payment. The truth is 5% is the minimum down payment […]

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12 Feb

THE TASTE OF HOME – OUR HOUSE MAGAZINE

General

Posted by: Trina Tallon

Restaurateur and TV personality Vikram Vij on the joy of cooking—slowly—at home The culinary landscape in North America is amply populated with chefs and personalities putting their spin on a style of cooking designed to get your attention. With the explosion of the foodie culture in recent years, cutting through the clutter would seem a […]

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9 Feb

6 HOME PURCHASE CLOSING COSTS

General

Posted by: Trina Tallon

When you purchase your home, there are 6 additional costs to account for. They include: Home Fire and Flood Insurance Title Insurance Legal Fees Adjustments Land Transfer Tax GST Here’s an overview of what you can expect. Home and Fire Insurance. Mortgage lenders will require a certificate of fire insurance to be in place by […]

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7 Feb

WHAT IS THE CANADIAN MORTGAGE AND HOUSING CORPORATION (CMHC)?

General

Posted by: Trina Tallon

The Canadian Mortgage and Housing Corporation (CMHC) is a corporation that most are semi-familiar with, but do not know what CMHC actually does. CMHC is Canada’s authority on housing. They contribute to the stability of the housing market and the financial system. They also provide support for Canadians in housing need and offer objective housing […]

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7 Feb

WHICH LENDER IS RIGHT FOR YOU?

General

Posted by: Trina Tallon

The following is a summary of the choices available for clients when looking at the four different types of lending groups. Which one is best will all depend on who you are as a borrower, what your current situation is now, and what your situation will look like in the future. Big Banks Currently, mortgage […]

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5 Feb

LIVING THE SIMPLE LIFE – OUR HOUSE MAGAZINE

General

Posted by: Trina Tallon

Every winter, athletic power couple Ashleigh McIvor and Jay Demerit manage to scale back their busy lives into a 340-square-foot cabin in the woods. You would think that an Olympic gold medal and a successful pro soccer career would come with an opulent lifestyle, even after retirement from competition. But Canadian freestyle skier Ashleigh MacIvor […]

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2 Feb

8 THINGS YOU CAN DO TO GET THE BEST RENEWAL

General

Posted by: Trina Tallon

With 47 per cent of homeowners scheduled to renew their mortgages this year, 2018 is a year of change for lots of Canadians. Here are the top 8 things you can do to get the best renewal: 1. Pull out your mortgage renewal now, and start early. When you are proactive instead of reactive you […]

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30 Jan

SPLENDOUR OF THE PAST-OUR HOUSE MAGAZINE

General

Posted by: Trina Tallon

Things to consider before you buy a heritage home We’ve all walked by them at some point and marveled. It’s the character house that has to be at least 100 years old and is still standing. Your mind takes you to a different place. You start thinking about what life must have been like when […]

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30 Jan

MORTGAGES WITH THE 20 PER CENT

General

Posted by: Trina Tallon

There have been a lot of discussions around the new mortgage rules and I have had a few clients ask about what that means for them. Since stress testing on mortgages began last year, the biggest change this January will be for people who are putting more than a 20% down payment on their new […]

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28 Jan

GET AHEAD OF THE ‘RATE TRAIN’

General

Posted by: Trina Tallon

A recent article featured on www.mortgagebrokernews.ca brings up some interesting points to consider. With approximately 47% of mortgages in Canada coming up for renewal in 2018 and in a rising rate climate, it would be wise to consider the impact on our personal mortgage. What will these increases mean for you? 70% of Canadians are in 5-year […]

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24 Jan

WHAT IS A PROPERTY ASSESSMENT VS A HOME APPRAISAL?

General

Posted by: Trina Tallon

It’s the time of year when many homeowners are getting their property assessments. The real estate market is the single biggest influence on market values. Market forces vary from year to year and from property to property. The market value on an assessment notice may differ from that shown on a bank mortgage appraisal or […]

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22 Jan

MORTGAGE BROKER VALUE

General

Posted by: Trina Tallon

Not surprisingly, borrowers often default to their own Banker. And why not? It’s an established and comfortable relationship. Perhaps it’s viewed as the path of least resistance. But is it the right lender for the borrower’s current specific needs? Perhaps not. More sophisticated borrowers may be of a size or scale that they have their […]

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21 Jan

BUYING VS RENTING

General

Posted by: Trina Tallon

At some point in their lives, most Canadians have probably asked themselves whether it is better to buy or rent a home. Purchasing a home is one of the biggest decisions most people ever make so the impacts of the decision can be HUGE. Ultimately, the decision is a personal choice, but it helps to […]

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19 Jan

HOW MORTGAGE BROKERS HELP YOU GET APPROVED BY ‘A’ LENDERS

General

Posted by: Trina Tallon

Every year Canadian families are caught in unexpected bad circumstances only to find out that in most cases the banks and the credit unions are there to lend you money in the good times, not so much during the bad times. This is where thousands of families have benefited over the years from the services […]

Read More
18 Jan

9 REASONS WHY PEOPLE BREAK THEIR MORTGAGES

General

Posted by: Trina Tallon

Did you know that 60 per cent of people break their mortgage before their mortgage term matures? Most homeowners are blissfully unaware that when you break your mortgage with your lender, you will incur penalties and those penalties can be painfully expensive. Many homeowners are so focused on the rate that they are ignorant about […]

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17 Jan

ARE CANADIANS SAVING ENOUGH FOR RETIREMENT?

General

Posted by: Trina Tallon

Many Canadians think of retirement as a time filled with vacations, getaways to the cottage and spending more time on hobbies and interests. However, there are many other factors to consider when thinking about retirement savings. More and more Canadians are forgetting about some key obstacles that may change their perspective on what they actually […]

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16 Jan

COMING OFF THE BOTTOM

General

Posted by: Trina Tallon

Are the good times really over for good? Recently, for the first time since 2012 we have seen the 5-year bond market climb back up over 2.0%. Based on amazing employment numbers and the likelihood that the Bank of Canada will raise rates on January 17, the bond market has continued a climb out of […]

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15 Jan

BANK BROKER VS. MORTGAGE BROKERS | HERE’S THE SCOOP

General

Posted by: Trina Tallon

Ask any mortgage broker and they can tell you that there are a handful of misconceptions that the public has about working with a mortgage broker. From questioning their credentials (we all are regulated and licensed with in our own province, and are constantly re-educating ourselves) to assuming that the broker does not have access […]

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10 Jan

THE REAL VALUE OF TITLE INSURANCE

General

Posted by: Trina Tallon

I am often asked by clients about the real value of title insurance, why they need to have and pay for it.  Whether you are a home buyer or a home owner simply refinancing the mortgage on your home, you will need title insurance.  Once I explain the reason and need for title insurance, the […]

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8 Jan

TO THE CHILDREN OF AGING PARENTS

General

Posted by: Trina Tallon

Are you an adult with an aging parent(s) and are you concerned about your parents’ ability to remain financially independent? Today, Canadian adults have many responsibilities, including the concern for their children’s well-being, as well as their parents’ quality of life and their debt. As life expectancy rises for the senior demographic, there is a […]

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7 Jan

UNDERSTANDING THE BENEFITS OF GETTING PRE-APPROVED FOR A MORTGAGE

General

Posted by: Trina Tallon

Pre-approvals are certainly beneficial. However, they can also be very disappointing if you are not prepared to know what they actually mean. They DON’T mean… They don’t mean that you have a mortgage.Until there is a Purchase Agreement (a written up contract to purchase a property) actually submitted to a bank and a commitment from […]

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6 Jan

CREATING A PENSION PLAN

General

Posted by: Trina Tallon

What’s a pension? I don’t have one. In today’s day in age there are not many people that will have one when they retire. So it’s up to us, as individuals, to create our own – build your net worth from within. There are many ways to create a pension plan, acquiring rental properties is […]

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4 Jan

WHAT IS MORTGAGE INSURANCE?

General

Posted by: Trina Tallon

When you purchase a property, you may be a little overwhelmed by all the insurance offers related to purchasing a new property that come your way. Mortgage Insurance, Condo Insurance, Mortgage Default Insurance, Earthquake Insurance; the list goes on and on. It can be confusing and it is important to know what insurance covers what. For […]

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2 Jan

THINGS TO CONSIDER WHEN BUYING IN A NEW DEVELOPMENT

General

Posted by: Trina Tallon

With plenty of activity in the real estate market and more new building slated over the next few years, here is my list of “Things to Consider When Buying in a New Development”. Representation Some buyers attend the display suite and consider a purchase directly with the developer sales person or the developers Realtor. Regardless […]

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1 Jan

RENOVATING YOUR HOME

General

Posted by: Trina Tallon

Did you know you can get a mortgage for renovating your home? Many home buyers and existing home owners are deciding to get more bang for their buck by purchasing a home that needs some improvements. Whether you are renovating at the time you buy or waiting for a few years, there are financing options […]

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28 Dec

TOP 8 BENEFITS OF USING A MORTGAGE BROKER

General

Posted by: Trina Tallon

When shopping for a mortgage, many home buyers enlist the services of a Mortgage Professional. There are several benefits to using a Mortgage Broker and I have compiled a list of the top 8: 1. Saves you time – Mortgage Brokers have access to multiple lenders (over 50!). They work with lenders you have heard of and lenders […]

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27 Dec

10 LIKELY MORTGAGE QUESTIONS WHEN BUYING YOUR FIRST HOME

General

Posted by: Trina Tallon

When considering buying your first home, I am sure you will have many questions. I hope to give you some insight to what lenders are most importantly looking for when qualifying for a mortgage. 1. What’s the best rate I can get? The rate that you receive depends on a number of things. I get a […]

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20 Dec

MUCH ADO ABOUT ALMOST NOTHING–NON-RESIDENT OWNERSHIP OF HOUSING

General

Posted by: Trina Tallon

Statistics Canada in conjunction with Canada Mortgage and Housing Corporation (CMHC) released their first report this morning from the Canadian Housing Statistics Program (CHSP), providing data regarding the non-resident ownership of Canadian housing. This program was mandated by the last federal budget, filling in a significant data gap in housing statistics. For years, many have […]

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17 Dec

NEW MORTGAGE RULES COMING JAN 1 BOOST NOVEMBER HOME SALES

General

Posted by: Trina Tallon

So here we are in the lead-up to the January 1 implementation of the new OSFI B-20 regulations requiring that uninsured borrowers be stress-tested at a mortgage rate 200 basis points above the contract rate at federally regulated financial institutions. It is no surprise that home sales rose in advance of the new ruling. Even […]

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14 Dec

TOP 8 BENEFITS OF USING A MORTGAGE BROKER

General

Posted by: Trina Tallon

When shopping for a mortgage, many home buyers enlist the services of a Mortgage Professional. There are several benefits to using a Mortgage Broker and I have compiled a list of the top 8: 1. Saves you time – Mortgage Brokers have access to multiple lenders (over 50!). They work with lenders you have heard of and lenders […]

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12 Dec

WHAT IS A CASH BACK MORTGAGE?

General

Posted by: Trina Tallon

Every once in a while, a bank will advertise a cash back mortgage. It sounds great but there are a few things to consider. When you purchase a home, you may find that you need some extra cash. You may want to renovate, purchase some furniture, or start on building a fence or landscaping.. Fortunately, […]

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12 Dec

RETURNING TO THE ‘A-SIDE’

General

Posted by: Trina Tallon

Every year Canadian families are caught in unexpected bad circumstances only to find out that in most cases the banks and the credit unions are there (to lend you money) only in the good times, not so much during the bad times. This is where thousands of families have benefited over the years from the […]

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10 Dec

STRENGTH IN TURBULENT TIME – IMPACTS OF CANADA’S NEW MORTGAGE RULES

General

Posted by: Trina Tallon

Mortgage brokers have become an integral part of Canada’s financial landscape. Rather than deal directly with banks, about 30 per cent of Canadians turn to independent brokers to help them secure the best terms for their loan. But as residential real estate markets continue to power ahead at a time of economic uncertainty, government regulators […]

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6 Dec

THE EASY OPTION ISN’T ALWAYS THE BEST

General

Posted by: Trina Tallon

For those of us looking for mortgage financing options for our first or next home, the prevailing attitude is, ‘easiest is best’. For most of us, myself included, applying for any type of financing is a stressful event; its always easier to, when you’re in your local branch, to strike up a conversation with an […]

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5 Dec

OSFI MORTGAGE CHANGES ARE COMING

General

Posted by: Trina Tallon

As many of you may remember, this past October the Office of the Superintendent of Financial Institutions (OSFI) issued a revision to Guideline B-20 . The changes will go into effect on January 1, 2018 but lenders are expecting to roll this rules out to their consumers between December 7th – 15th, and will require conventional mortgage applicants to […]

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4 Dec

3 MORTGAGE TERMS YOU NEED TO KNOW

General

Posted by: Trina Tallon

Prepayment, Portability and Assumability Prepayments One of the most common questions we get is about mortgage prepayments. The conditions vary from lender to lender but the nice thing about prepayments is that you can pay a little more every year if you want to pay off your mortage faster. A great way to do this […]

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3 Dec

GETTING ON THE PROPERTY LADDER

General

Posted by: Trina Tallon

As property prices continue to rise across Canada, the conversation around “how to climb the property ladder” has made a subtle shift to “how to get on the property ladder in the first place.” Especially if you’re single. Whereas before it was assumed anyone would qualify to buy a starter home (or condo), nowadays with […]

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30 Nov

MISCONCEPTIONS OF A CHIP MORTGAGE

General

Posted by: Trina Tallon

Many homeowners have beliefs about how a CHIP Mortgage works but are not clear on the main benefits and protection offered by the program. Top 3 Misconceptions About a CHIP Mortgages: 1. The Bank Owns Your Home. Over 50% of Canadian homeowners over the age of 65, believe the bank owns your home once you’ve […]

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29 Nov

MORTGAGE PRE-APPROVAL IS NOT WHAT YOU EXPECT

General

Posted by: Trina Tallon

Although going through the pre-approval process is more important than ever, the actual term ‘pre-approval’ is often misleading. It really addresses just a few variables that may arise once in the middle of an actual offer. The pressure in many markets has never been greater to write a condition-free offer, yet due to recent changes […]

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28 Nov

WHY THEY’RE NOT REALLY IN THE MORTGAGE BUSINESS

General

Posted by: Trina Tallon

Often, when we talk to you about mortgages, Mortgage Professionals will provide you a set of choices involving banks, credit unions and single service mortgage providers called a “Monoline” and a recommendation. Many times, if it’s a good fit, we recommend a Monoline, as your first option. It’s important to recognize the differences between the […]

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27 Nov

BUT THEY SAID IT WAS PORTABLE…

General

Posted by: Trina Tallon

The question most often asked: ‘Is my mortgage portable?’ The answer most often given: ‘Yes.’ This answer is increasingly wrong. In reality you qualify to move ~80% of the balance… maybe. If you are thinking of: Moving (upsizing or downsizing) Locking a variable-rate mortgage into a fixed-rate product … you would be well served to […]

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26 Nov

MORTGAGES AND PAPERWORK

General

Posted by: Trina Tallon

Paperwork-it’s a fact of life. You need it and we as mortgage professionals also need it. Below is a list of must have documentation BEFORE you start going through the mortgage approval process. Personal Information This will be the basic information we require to start your mortgage process. It will include your age, marital status, […]

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24 Nov

ADDITIONAL FINANCING WITH A “BLEND AND EXTEND” MORTGAGE

General

Posted by: Trina Tallon

Prepayment Privileges You need additional financing. Do you prepay your existing loan? We remind readers that commercial mortgage borrowers do not enjoy the privileges afforded personal borrowers. Section 10 of the Interest Act, allowing borrowers to repay loans after 5 years, with a 3 month interest penalty, does not apply. In fact, for the most […]

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22 Nov

DOCUMENTS YOU NEED TO QUALIFY FOR A MORTGAGE

General

Posted by: Trina Tallon

Being fully pre-approved means that the lender has agreed to have you as a client (you have a pre-approval certificate) and the lender has reviewed, approved ALL your income and down payment documents (as listed below) prior to you going house hunting. Many bankers will say you’re approved, you go out shopping and then they […]

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20 Nov

NEW CREDIT REPORTING AND WHAT IT SAYS ABOUT YOU

General

Posted by: Trina Tallon

New credit reporting and what it says about you and your spending habits may make all the difference between you buying a home now or later. When home buyers contact me to apply for a mortgage, I always review their credit report with them along with the rest of their application, before they start looking […]

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20 Nov

MORTGAGE PAYMENT OPTIONS… WHICH IS THE BEST OPTION FOR YOUR SITUATION?

General

Posted by: Trina Tallon

Once your mortgage has been funded by your lender, you need to decide on how frequently you want to make your mortgage payments. Most people want to pay off their mortgage as quick as possible to save paying interest. We’ll discuss various mortgage payment options and then do the math by crunching mortgage numbers, keeping […]

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17 Nov

MORTGAGE INSURANCE 101

General

Posted by: Trina Tallon

When you purchase a property, you may be a little overwhelmed by all the insurance offers related to the purchase of said property. Mortgage Insurance, Condo Insurance, Mortgage Default Insurance, Earthquake Insurance; the list goes on and on. It can be confusing, and it is important to know what insurance covers what. For instance, Mortgage […]

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15 Nov

I’VE NEVER HEARD OF THAT LENDER BEFORE

General

Posted by: Trina Tallon

One of the benefits of working with an independent mortgage professional; compared to getting your mortgage through a single institution, is choice. And as there are even more mortgage rules coming into place January 1st 2018, now more than ever, having access to a wide variety of mortgage products is going to ensure you get […]

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14 Nov

LIFE HAPPENS, LET YOUR HOME HELP

General

Posted by: Trina Tallon

Sometimes “life happens”, and when it does, your home can be your savior if you have accrued some equity in it. Maybe you’ve been out of work, run up your credit cards and driven your credit rating into the ground. Perhaps, you’ve decided to leave the job you hate and venture out into the world […]

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13 Nov

YOUR FIRST MORTGAGE RENEWAL

General

Posted by: Trina Tallon

A lot can change in a year when it comes to mortgages. These changes can provide great opportunities for mortgagees to refinance their mortgage at the time of renewal in order to save money. Unfortunately, most people are under the impression that once they sign on the dotted line they are locked into their mortgage […]

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9 Nov

ADVICE AND OPTIONS MEAN YOU’RE IN CONTROL

General

Posted by: Trina Tallon

Today, you and your spouse go looking for a new home. You’re excited because after years of scrimping and saving, you can finally afford your own place. You’ve engaged a realtor and he’s called you to say that he’s found your new home. You visit the property and while its not perfect, your realtor insists […]

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8 Nov

4 COMMON FINANCIAL MISTAKES EVERY SMALL BUSINESS OWNER SHOULD AVOID

General

Posted by: Trina Tallon

Every entrepreneur and business owner will make a few financial mistakes during their journey. Those who aren’t savvy in accounting often overlook the need to brush up on their financial IQ. Truth is, these little financial errors can lead to some serious cash flow problems if you aren’t careful. Here are four financial mistakes you […]

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7 Nov

FACT AND FICTION-OUR HOUSE MAGAZINE

General

Posted by: Trina Tallon

This story appeared in the Fall issue of Our House Magazine The restored Green Gables property in Prince Edward Island is a blend of Lucy Maud Montgomery’s real childhood home and the one of her fertile imagination.  Stepping into the house at 8521 Cavendish Road in Cavendish, P.E.I., is like walking back a couple of […]

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6 Nov

YOU JUST GOT A MORTGAGE. NOW WHAT?

General

Posted by: Trina Tallon

Mortgages are a funny thing. On the one hand they allow you to become a home owner without saving up enough money to purchase the home outright, which is a really good thing. On the other hand, even at today’s really low interest rates, as they are amortized over a really long time (most of […]

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3 Nov

THE CAPITAL STACK. WHAT YOU NEED TO KNOW

General

Posted by: Trina Tallon

Financing is key to successful real estate investing. You’ve aligned your financing with your real estate investment strategy, and are comfortable that you can execute your plan. As a result, you may have a conventional mortgage, and secondary debt as well. The term Capital Stack is used to describe the various levels or layers of […]

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2 Nov

THE NEW NORMAL

General

Posted by: Trina Tallon

’Tis the season… this was no surprise here! The latest round of mortgage guidelines has been announced by OSFI, or Office of the Superintendent of Financial Institutions. As of January 1, 2018, all conventional or uninsured mortgages will have to qualify at the Bank of Canada 5-year fixed rate or the contractual rate + 2%, […]

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1 Nov

HOW TO GET A MORTGAGE AFTER BANKRUPTCY

General

Posted by: Trina Tallon

Bankruptcy is always the last resort-and it’s never easy or comfortable. However, sometimes it is the only option to turn to when life throws you something unexpected. The lasting impression it can have on one’s financial profile though can be overwhelming. If you have bankruptcy in your past, don’t fear-we have 6 steps to take […]

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30 Oct

5 SIMPLE STEPS TO OWNING YOUR OWN HOME

General

Posted by: Trina Tallon

Often, the route to owning your own home can seem like a trip to the moon and back. Really though, it comes down to five key steps: 1 – Manage your credit wisely. If there is one thing that will gum up the purchase of that perfect home, it’s an unwise purchase or extra credit […]

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29 Oct

TOP 5 THINGS MILLENNIALS SHOULD KNOW WHEN BUYING REAL ESTATE

General

Posted by: Trina Tallon

There are 9 million Millennials in Canada, representing more than 25 percent of the population. Born between 1980 and 1999, the eldest are in the early stages of their careers, forming households and buying their first homes. Buying a home is a daunting process for anyone, but especially so for the first-time home buyer. This […]

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27 Oct

TIME TO LOCK IN A VARIABLE RATE MORTGAGE?

General

Posted by: Trina Tallon

Approximately 32 per cent of Canadians are in a variable rate mortgage, which with rates effectively declining steadily for the better part of the last ten years has worked well. Recent increases triggers questions and concerns, and these questions and concerns are best expressed verbally with a direct call to your independent mortgage expert – […]

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26 Oct

PAYMENT FREQUENCY, DOES IT REALLY MAKE A DIFFERENCE?

General

Posted by: Trina Tallon

It has been said that there are two certainties in life; death and taxes. Well, as it relates to your mortgage, the single certainty is that you will pay back what you borrowed, plus interest. However, how you make your mortgage payments, the payment frequency, is somewhat up to you! The following is a look […]

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25 Oct

DON’T ‘FIX’ IT IF IT ISN’T BROKEN

General

Posted by: Trina Tallon

By now the media, along with multiple mortgage brokers’ social media feeds, have likely let you know that more changes to your ability to get a mortgage are arriving soon. But so what? Should you care? SHORT VERSION; Probably Not. LONG VERSION; The five ’W’’s follow to help answer the above questions and more; Who […]

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24 Oct

HELPING CHILDREN WITH A DOWN PAYMENT

General

Posted by: Trina Tallon

Although home prices in Toronto and Vancouver seem to have stabilized recently, they are still at historical levels. The average home price in these two major Canadian cities are still well over $1 Million. Unsurprisingly, first-time homebuyers are finding it increasingly difficult to get onto the “property ladder”. It is now harder than ever for […]

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22 Oct

ACCELERATED BI-WEEKLY VS. BI-WEEKLY PAYMENTS

General

Posted by: Trina Tallon

When signing your mortgage commitment letter you will have to choose your payment frequency. If your goal is to re-pay your mortgage as quickly as possible, then you need to understand how different payment options will affect your repayment schedule. So what are your options? In general, most lenders will offer the borrower the option […]

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21 Oct

NEW MORTGAGE CHANGES DECODED

General

Posted by: Trina Tallon

This week, OSFI (Office of the Superintendent of Financial Institutions) announced that effective January 1, 2018 the new Residential Mortgage Underwriting Practices and Procedures (Guidelines B-20) will be applied to all Federally Regulated Lenders. Note that this currently does not apply to Provincially Regulated Lenders (Credit Unions) but it is possible they will abide by […]

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19 Oct

SELF-EMPLOYED? HERE’S WHAT YOU NEED TO KNOW ABOUT MORTGAGES

General

Posted by: Trina Tallon

Why, why, why it is so challenging for entrepreneurs to obtain a mortgage in Canada? If you’re among the 2.7 million Canadians who are self-employed, regrettably your income is not as easy to document as someone who’s traditionally employed. Since 2008, mortgage regulations in Canada have made it more challenging for those who work for […]

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18 Oct

CREDIT RATING AND DEBT SERVICING A MORTGAGE

General

Posted by: Trina Tallon

It is great feeling buying your first home, but for most of us the first step is preparing to get a mortgage. Your credit rating and cash flow are based on a minimum of a two-year history. As mortgage rules continue to change, the credit rating is becoming even more important as a higher credit […]

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11 Oct

GO GREEN & SAVE!

General

Posted by: Trina Tallon

We all do different things to go green in our day to day life: using reusable shopping bags, biking instead of driving, re-using water bottles… you name it. All of the various steps we take to minimize our environmental foot-print give us the satisfaction of knowing we are working towards a greener tomorrow-but how often […]

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11 Oct

LESSONS FROM THE ASHES

General

Posted by: Trina Tallon

This story appeared in the Fall issue of Our House Magazine. The Fort McMurray fire and subsequent reconstruction demonstrates the necessity—but also the limitations—of home insurance in the face of natural disasters Tuesday, May 3, 2016, isn’t a day Lisa Reesik will soon forget. It started out beautifully, without a single cloud in the blue […]

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10 Oct

KNOWING WHEN LESS IS MORE

General

Posted by: Trina Tallon

No one wants to be told that they are not allowed to have something. We live in Canada; as Canadians, our focus has always been to strive for better and for more. That said, there appears to be a growing trend around co-sharing which means people are increasingly moving away from owning their own cars, […]

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9 Oct

KNOW YOUR 5 C’S OF MORTGAGE LENDING

General

Posted by: Trina Tallon

We all know the real estate industry is hot right now and for many getting into the housing market, it can be a pipe dream. With tightening government and lending regulations, historically low interest rates and soaring housing prices, it can be a daunting endeavour for anyone. Whether you are a first time home buyer, […]

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6 Oct

TIME TO LOCK IN YOUR RATE? MAKE SURE YOU HAVE AN EXIT STRATEGY

General

Posted by: Trina Tallon

Like many of you, I received a call last week, from my mortgage provider, asking whether I wanted to “lock in” a new five-year fixed rate. The rate was a special offer and would only last for the week, so I would need to make a decision quickly, with little time to think about the […]

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5 Oct

YES, YOU CAN

General

Posted by: Trina Tallon

This story is from the Fall edition of Our House Magazine Moving on up from condo to house, these young homeowners prove age is just a number For Jordan Rothwell and Karissa Roed, the timing to find their forever home couldn’t be more perfect. The couple, who recently moved to Mission, B.C., are expecting their […]

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2 Oct

DON’T ASSUME ANYTHING WHEN DEALING WITH MORTGAGE FINANCING

General

Posted by: Trina Tallon

A lot of people get into hot water when they assume that because they’ve qualified for a mortgage in the past, they will qualify for a mortgage in the future. This article has one point to make and it’s this: Don’t assume anything when dealing with mortgage financing! And if that’s all you take away, […]

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1 Oct

BANK OF CANADA RATE CHANGE – SHOULD I LOCK IN?

General

Posted by: Trina Tallon

This month, the Bank of Canada increased their lending rate for the 2nd time in as many months. The changes in the Prime Lender Rates means that those with a variable mortgage rates will have seen that their mortgages rates adjusted alongside the changes to Prime Rate. For those of you with variable rates, the […]

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1 Oct

TIPS ON GETTING READY TO BE A FIRST TIME HOME BUYER

General

Posted by: Trina Tallon

Very often, the first question is “what can I afford”. To answer this for a person getting ready to buy, we need to know about what is happening now, income, bills, savings, credit score etc. There are many positive things that you can do in the year or two prior to buying. It is always […]

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29 Sep

PAPERWORK YOU MUST KEEP

General

Posted by: Trina Tallon

As a mortgage professional there are things I wish more people were aware of which is why we are going to take a look into the paperwork we all need to hold onto to avoid frustration or even a decline when applying for a mortgage. Each of the following is taken from real life observations […]

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27 Sep

CREDIT SCORES: HERE’S WHAT YOU NEED TO KNOW

General

Posted by: Trina Tallon

The interest rate you pay on loans for every major purchase you make throughout your lifetime depends on various factors, and is dependent on your creditworthiness – everything from the mortgage on your home to your car loan or line of credit. And, given today’s ever-changing mortgage requirements and rising interest rate environment, your credit […]

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25 Sep

IT’S NEVER A BAD TIME TO PLAN

General

Posted by: Trina Tallon

Do successful entrepreneurs just open their doors for business without a business plan? Does a chef open a restaurant without a menu? Do pilots depart the hanger without a flight plan? Can you build a house without architectural plans?…I could go on forever! The answer is NO to all the above. I’m a planner. Whether it’s […]

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25 Sep

BRIDGE FINANCING – HOW DOES IT WORK?

General

Posted by: Trina Tallon

Rarely in life do things go as planned, especially in real estate. In a perfect world, when buying a new home, most people want to take possession of their new house before having to move out of the old one. This makes moving a lot easier and allows you time for painting or renovations prior […]

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23 Sep

AVOIDING “STICKER SHOCK” WHEN IT COMES TO MORTGAGE RENEWAL

General

Posted by: Trina Tallon

Imagine that, a few years from now, the time has come to renew your mortgage. Several years back, you got a $350,000 at the then great rate of 2.24%. Your mortgage payments are $1522 per month. Because we are now in what the financial brainboxes call “ an escalating rate environment “ – normal people […]

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22 Sep

MORTGAGE CHANGES ARE COMING—ARE YOU PREPARED?

General

Posted by: Trina Tallon

We know – more changes?! How can that be! With this ever-changing landscape, mortgages continue to get more complicated. This next round of changes is predicted to take affect this coming October 2017 (date not yet available). These new rules contain three possible changes, the most prominent being the implementation of a stress test for […]

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21 Sep

MORTGAGE BASICS- MORTGAGE TYPES AND PENALTIES

General

Posted by: Trina Tallon

This is part two of our mortgage basics series. It is a good idea to revisit the basics when looking at a complex thing like a mortgage. There can be misunderstandings which crop up. The mortgage process can be very stressful as you wait for some anonymous entity top decide whether or not you are […]

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19 Sep

MORTGAGE BASICS – TYPES OF INSURANCE

General

Posted by: Trina Tallon

In part one of this two-part series, we will look at the types of insurances you will hear about during the mortgage process. Sometimes it is a good idea to revisit the basics when looking at a complex thing like a mortgage. There can be misunderstandings which crop up. The mortgage process can be very […]

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18 Sep

HOW TO INVEST IN CANADIAN REAL ESTATE-FROM ABROAD

General

Posted by: Trina Tallon

Just because you are a Canadian citizen living abroad doesn’t mean that you are exempt from the rules for foreigners buying real estate in Canada. Foreign ownership applies if: • You don’t reside in Canada for more than 6 months a year (even if you are Canadian) • You don’t report your working income to […]

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14 Sep

SAVING FOR A DOWN PAYMENT

General

Posted by: Trina Tallon

What prevents many potential homeowners from buying a home is the lack of a down payment. Many first-time home buyers are receiving down payment gifts from family. Unfortunately, many are not in this position and need to plan to save their own down payment. When you can visualize the benefits of owning your own home […]

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13 Sep

GATHER YOUR MORTGAGE’S DOWN PAYMENT

General

Posted by: Trina Tallon

For many people, saving enough for a down payment on a house is not an easy task. (You can’t rely on finding One-Eyed Willy’s treasure like they did in the Goonies movie, either!) Once you have an idea as to how much you can afford on your home, relative to your salary and monthly costs, […]

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12 Sep

THE TRUE COST OF DOWNSIZING

General

Posted by: Trina Tallon

In the midst of the booming real estate market in Canada (mainly in Vancouver and Toronto), many Canadians are entertaining the idea of downsizing in order to sell their homes at a high value and purchase a smaller home or condo at a lower price. Is downsizing the way to go? What are the costs […]

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11 Sep

MORTGAGE BASICS TO KEEP YOU IN THE KNOW – PROPERTY TAXES

General

Posted by: Trina Tallon

Sometimes it is a good idea to revisit the basics when looking at a complex thing like a mortgage.  There can be misunderstandings which crop up.   The mortgage process can be very stressful as you wait for some anonymous entity to decide whether or not you are able to buy the home of your dreams.  […]

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9 Sep

10 STEPS TO HOME SWEET HOME

General

Posted by: Trina Tallon

Congratulations – you are moving into your new home! Whether you are starting with a plain new build or an older resale home, there’s no better way to make it yours than by putting your stamp on it. Invest a weekend or two into warming up a featureless space or refreshing someone else’s old homestead. […]

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6 Sep

CAN YOU AFFORD THAT BUSINESS LOAN? TIPS TO FIGURING IT OUT

General

Posted by: Trina Tallon

Figuring out whether you can afford to borrow money for your business is a crucial step in the loan process and one you should definitely take before approaching potential lenders. But determining if you have the resources to make your loan payments can be a bit tricky. Think Outside The Borrower’s Box If you want […]

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5 Sep

THINKING ABOUT PUTTING IN A FIRM OFFER? MAKE SURE YOU READ THIS FIRST

General

Posted by: Trina Tallon

The market is constantly changing these days, so if you asked me about affordability just a few weeks ago, I would have had a different answer, as the seller’s market has quickly shifted to a buyer’s market – for now, anyway. This spring, many first-time homebuyers were quickly being priced out of the market due […]

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4 Sep

TITLE INSURANCE CAN BE YOUR BEST FRIEND WHEN PURCHASING REAL ESTATE

General

Posted by: Trina Tallon

Nearly everyone will buy a home and, in fact, most people will buy several, moving up from one to another more desirable home.  Each time they buy a home, the buyer‘s realtor will request a Real Property Report from the seller’s Realtor. A Real Property Report (RPR) is a legal document that clearly illustrates the location […]

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30 Aug

REVERSE MORTGAGE VS. HOME EQUITY LOAN

General

Posted by: Trina Tallon

More and more Canadians are going into their retirement years without a lot of money saved in the bank. It is suggested that in order to live a financially comfortable retirement, couples should have saved 50-60% of their peak pre-retirement income, which equates to roughly $42,000 to $72,000 a year or $275,000 to $1,025,000. Singles should […]

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29 Aug

MORTGAGE BROKERS VS MORTGAGE SPECIALISTS

General

Posted by: Trina Tallon

We’ve all heard the terms Mortgage Broker and Mortgage Specialist flung around, but what on earth is the difference? Though they sound similar, there are major differences that all home buyers and owners should be aware of. Let’s start off with some simple definitions. A Mortgage Specialist is a person employed by a lending institution to sell […]

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28 Aug

THE POWER OF PREPAYMENT OPTIONS

General

Posted by: Trina Tallon

Do you have a Mortgage Action Plan (MAP)? If not, it’s time to plan your road MAP to mortgage free living. Every lender provides options, but very few take advantage of them. These mortgage benefits are called PREPAYMENT OPTIONS. The three most common prepayment options are: adjust the frequency at which the payments are made (weekly, […]

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27 Aug

COMPLETION VS DRAW MORTGAGES

General

Posted by: Trina Tallon

If you are considering building a new home, then you need to be educated on the difference between draw and completion mortgages. When you meet with a builder, there is tons of terminology and information you should be aware of so you are properly covered. Completion mortgages mean that the builder does not expect any funds […]

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25 Aug

MANAGING YOUR MORTGAGE

General

Posted by: Trina Tallon

Why is it important for you to have a mortgage manager? Reaching your financial goals is attainable! There are some things to consider before securing your mortgage: Is there a potential of you buying an investment property or a vacation home? Are you considering scaling up or downsizing? Do you think you might move or […]

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24 Aug

BUYING A NEW CAR OR YOUR FIRST HOME

General

Posted by: Trina Tallon

Buying a new car or your first home, what makes the most sense? We all need a roof over our head and some means of transportation to get us to and from work. Sometimes it can be a tough choice when there is only so much money. “Do we buy the new car or our […]

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23 Aug

HOW TO RENEW YOUR MORTGAGE IN 5 EASY STEPS

General

Posted by: Trina Tallon

If you have a mortgage, chances are unless you win a lottery (cha-ching $$$) you’ll be doing a mortgage renewal when your current term has finished. While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking […]

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22 Aug

EVERYTHING YOU NEED TO KNOW ABOUT REVERSE MORTGAGES

General

Posted by: Trina Tallon

Wouldn’t it be wonderful to be able to have money to do more of the things you love? To be able to have the freedom to pursue things you truly enjoy, especially in your Golden Years? Enter in a CHIP Reverse Mortgage! A Reverse mortgage is a simple and sensible way to unlock the value […]

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22 Aug

AVOCADO TOAST & BUDGETING

General

Posted by: Trina Tallon

There was an article reprinted in the National Post recently about an Australian millionaire’s opinion on millennials not being able to afford a home because they’re wasting money on avocado toast, at $22 per plate. The article was quickly mocked but it was an interesting article on two fronts: 1) the irresistible urge for avocado […]

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20 Aug

TOP 5 COSTLY FINANCIAL MISTAKES HOMEOWNERS MAKE WITH THEIR MORTGAGE

General

Posted by: Trina Tallon

1. Not consolidating high interest debt into low interest mortgage. 2. Paying “fees” to get the lower rate 3. Not looking at their long term forecast 4. Taking a 5 year rate when 3-4 years can be cheaper 5. Having their mortgage with a lender that has high penalties and restrictive clauses. Not consolidating high […]

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17 Aug

WHAT DOES THE FUTURE HOLD FOR MORTGAGES?

General

Posted by: Trina Tallon

There have been a dizzying number of changes to the mortgage rules over the last six or seven years. The red hot markets in Toronto and Vancouver coupled with increased household debt and concerns over the risk to the Canadian tax payer through CMHC have caused the federal government to step in repeatedly. Here are […]

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16 Aug

SECRETS FOR BUILDING YOUR CREDIT

General

Posted by: Trina Tallon

Over the years, I have come across all sorts of people who have had no idea what their credit score is. Some of them have declared to me that they have great credit only to find that they had poor credit scores or a number of late payments. I have also had people tell me […]

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14 Aug

OBTAIN A MORTGAGE PRE-APPROVAL

General

Posted by: Trina Tallon

If you work with me, a licensed mortgage agent, to obtain a pre-approval, you can be confident you have access to mortgage financing and you will know how much you can spend before you head out shopping for a property. It’s important to note, however, that there is a significant difference between being pre-approved and […]

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14 Aug

IS IT REALLY ALL ABOUT RATE?

General

Posted by: Trina Tallon

Is It Really All About Rate? You might conclude that it is. You may think that securing the lowest rate is key to your real estate investment success. However, rate is but one of the four main components of any commercial mortgage offer. Amount, term and amortization period are also critical factors. It’s all related […]

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11 Aug

KNOW YOUR NUMBERS

General

Posted by: Trina Tallon

Most people know their weight. Their height. Their age. Their birth date. Their address. Their SIN. Even their income. Could you imagine if you always had to say to someone, “Can I get you that information when I get home? It’s written down in my planner… ” Knowing your everyday numbers is important. It allows […]

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10 Aug

HOME EQUITY LINE OF CREDIT IN CANADA VS. REVERSE MORTGAGES

General

Posted by: Trina Tallon

In our business, we are constantly approached with questions about how reverse mortgages work and how they compare to Home Equity Lines of Credit (HELOCs). HELOCs are the most closely comparable products in Canada and many believe them to be superior to reverse mortgages. But many Canadians look at only two things and assume HELOCs […]

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8 Aug

FINANCING SUCCESS: FINDING FUNDING WHEN THE BANK TURNS YOU DOWN

General

Posted by: Trina Tallon

For businesses large and small, a loan may be needed to overcome financial distress, purchase real estate, or acquire equipment to make their jobs easier. Business loans come in all sizes and for use in every aspect of business. Depending upon the size, age, and niche of your business, you can find available funding for […]

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5 Aug

CONVENTIONAL MORTGAGES HAVE BECOME…

General

Posted by: Trina Tallon

What have they become? Well in one word complicated. I just ran some numbers for a client and it is based on a $400,000 purchase with 20% or $80,000 down payment. These three scenarios have been reproduced in our Filogix system and the numbers are as per their calculators. Scenario one is get a better […]

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3 Aug

FIVE THINGS TO THINK ABOUT WHEN YOU BUY A RURAL PROPERTY

General

Posted by: Trina Tallon

After several years as a home owner, my friend was set to buy the home of his dreams. He always wanted to own an acreage outside of town. He had visions of having a few animals, a small tractor and lots of space. As a person with experience buying homes he felt that he was […]

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3 Aug

UNDERSTANDING HOW BRIDGE FINANCING WORKS

General

Posted by: Trina Tallon

Sometimes in life, things don’t always go as planned. This could not be truer than in the world of Real Estate. For instance, let’s say that you have just sold your home and purchased a new home. The thought was to use the proceeds of the sale of your house as the down payment for […]

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1 Aug

FIVE POINTS TO CONSIDER BEFORE YOU LIST YOUR HOME

General

Posted by: Trina Tallon

There are several things to consider before you take the plunge and put your home up for sale. This might sound obvious, but the first step is to call your mortgage broker, not your lender directly or your realtor. You don’t have to look long for an unfortunate story of someone who didn’t understand their […]

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30 Jul

HOW CREDIT AFFECTS YOUR LOAN APPROVAL

General

Posted by: Trina Tallon

When you apply for a loan, lenders assess your credit risk based on a number of factors. Your credit score, as well as the information on your credit report, are key ingredients in determining whether you’ll be able to get financing and the rate you’ll pay. To get approved for a loan and to pay […]

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27 Jul

TOP 8 QUESTIONS ABOUT REVERSE MORTGAGES

General

Posted by: Trina Tallon

Having completed dozens of reverse mortgage deals, there are some questions that I find I get over and over again. So today I thought I’d write a piece on the 8 most common reverse mortgage questions that people in Canada have regarding reverse mortgages. 1- If I have an existing mortgage on the property, can […]

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26 Jul

REVERSE MORTGAGES – MAYBE NOT AS EVIL AS YOU THOUGHT

General

Posted by: Trina Tallon

The best part of writing about mortgages is that I get the chance to educate people about a topic which I find endlessly interesting. Reverse mortgages are certainly a topic which deserves some consideration. Everyone seems to be quite polarized over this issue so it seems it is past time we took a closer look. […]

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26 Jul

OUTSIDE THE BOX

General

Posted by: Trina Tallon

From the pages of the summer edition of Dominion Lending Centres’ Our House Magazine. For most Canadians, a home comes in just a few different varieties. It’s either a single-family wood frame house, townhome, condo or high-rise. In the quest to find less expensive housing, alternatives to the conventional home were bound to get serious […]

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25 Jul

5 REASONS THE BANK MAY TURN YOU DOWN FOR A MORTGAGE

General

Posted by: Trina Tallon

Mortgage rules have become stricter over the past few years. Assuming you have a down payment, good credit and a good job, what could prevent you from obtaining financing for a home purchase? Below are five less obvious reasons a bank may turn you down: It’s not you, it’s the building Hate to be the […]

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23 Jul

BUYING VS RENTING

General

Posted by: Trina Tallon

At some point in their lives, most Canadians have probably asked themselves whether it is better to buy or rent a home. Purchasing a home is one of the biggest decisions most people ever make so the impacts of the decision can be HUGE. Ultimately, the decision is a personal choice, but it helps to […]

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20 Jul

SINGLE LADIES BUYING HOMES

General

Posted by: Trina Tallon

It’s becoming increasingly apparent that a greater number of women are now taking the reigns when it comes to home purchases. There’s a growing trend among single women – and, more precisely, professional single women – who are becoming independent homeowners. While many of them may be putting off marriage, they’re not waiting around for […]

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19 Jul

TIME TO BE HEARD CANADA

General

Posted by: Trina Tallon

I met with a client recently who wanted to get a pre-approval before he sold his home. His neighbour is a very grouchy man who causes my client and his family a lot of stress. He just wanted to sell his home and move into a new one away from this situation. I had to […]

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18 Jul

DIVORCE AND WHAT CAN HAPPEN WITH THE MORTGAGE

General

Posted by: Trina Tallon

When tough times put stress on families sometimes the end result is divorce. While no one ever wants to see this happen sometimes it is inevitable. Recently, CMHC changed the rules about how much a house can be refinanced for, they have set the limit at 80% of the property value so that refinances would […]

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17 Jul

ACCEPTABLE DOWN PAYMENT SOURCES

General

Posted by: Trina Tallon

The level of documentation required for the average mortgage these days can be very frustrating. It can seem endless, very nitpicky and annoying because we are able to purchase a vehicle with just a paystub. There are a few reasons for the increased documentation requirements. The first is that the banks are mandated by the Anti-terrorism […]

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17 Jul

HOW TO SHOP FOR A MORTGAGE

General

Posted by: Trina Tallon

For many people, a home will be the largest purchase of their life. It stands to reason then, that when you are shopping around for your mortgage you will want to take certain steps to ensure you are getting the sharpest rate and best product. We have a few pointers to make you a savvy […]

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13 Jul

TOP 3 MISCONCEPTIONS ABOUT REVERSE MORTGAGES IN CANADA

General

Posted by: Trina Tallon

I recently read an article by Jamie Hopkins in Forbes magazine, entitled “Americans Don’t Even Know What Their Most Important Retirement Asset Is.” The article highlighted three common misconceptions about reverse mortgages and unsurprisingly, they are prevalent in Canada as well as in the U.S. Top 3 misconceptions about Reverse Mortgages: 1. The bank owns […]

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11 Jul

PRIME PROPERTY

General

Posted by: Trina Tallon

The following is from an interview with HGTV’s Bryan Baeumler for the Summer issue of Our House Magazine. Baeumler has called the state of the prime minister’s residence in Ottawa a national embarrassment, but successive occupants have been wary of a backlash should they launch an expensive rebuild. Baeumler thinks it can be done for […]

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10 Jul

RATE INCREASES AND YOUR ARM VS VRM

General

Posted by: Trina Tallon

Some of you are going to ask what is a ARM and VRM? These two acronyms are mortgage speak for adjustable rate mortgage and variable rate mortgage. These two mortgage products are both based on the prime rate of interest, in most cases this is 2.70% at the bank. TD chose to be higher by […]

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9 Jul

GETTING HELP FROM MOM AND DAD

General

Posted by: Trina Tallon

Parents are always worried about something with their children, and where they are going to live and how they are going to afford it is no exception. The bank of mom and dad is a common source of down payment for their children, and the strategy continues to grow with the significant rise in prices […]

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6 Jul

BUT I’M ONLY A CO-SIGNOR!

General

Posted by: Trina Tallon

You have a family member that doesn’t qualify for a mortgage on their own and needs a co-signor. Since you’re a nice person, and of course would like to see your son/daughter/parent/sibling in a better position, you agree to co-sign for the mortgage. If I had a dollar for anytime I’ve heard the phrase “but […]

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5 Jul

5 WAYS TO BOOST YOUR FINANCIAL FITNESS

General

Posted by: Trina Tallon

Thinking about buying your first home? The race to home ownership is more like a marathon than a sprint: diligent planning, pacing and strategy are the keys to success. Are you ready to approach the starting line? Here are five ways to shape up and boost your financial fitness so you’re set for success. 1. […]

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28 Jun

UNDERSTANDING THE BENEFITS OF GETTING PRE-APPROVED FOR A MORTGAGE

General

Posted by: Trina Tallon

Pre-approvals are certainly beneficial. However, they can also be very disappointing if you are not prepared to know what they actually mean. They DON’T mean… They don’t mean that you have a mortgage. Until there is a Purchase Agreement (a written up contract to purchase a property) actually submitted to a bank and a commitment […]

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28 Jun

THE POWER OF EDUCATION

General

Posted by: Trina Tallon

Knowledge is power! With education comes limitless possibilities. Are our kids learning the essentials in life? Are they being empowered to make life-changing decisions when they enter into the real world of economics? The education that most kids in senior secondary school receive these days focuses on biology, math, physics, chemistry, English, physical education, social […]

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26 Jun

YOUR FINANCIAL FUTURE AS A POST SECONDARY STUDENT

General

Posted by: Trina Tallon

So you’ve graduated from high school and off to university or college. Before you start, take the time to set down some goals and a budget for your financial future as a post secondary student. Your parents have probably been telling you to put aside some money from your part time job into savings. However, […]

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25 Jun

TO THE CHILDREN OF AGING PARENTS

General

Posted by: Trina Tallon

Are you an adult with an aging parent(s) and are you concerned about your parents’ ability to remain financially independent? Today, Canadian adults have many responsibilities, including the concern for their children’s well-being, as well as their parents’ quality of life and their debt. As life expectancy rises for the senior demographic, there is a […]

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23 Jun

WELCOME TO CANADA-BUYING A HOME IN CANADA IS A BIG STEP

General

Posted by: Trina Tallon

Oh Canada; Our home and Native Land. The land of opportunity. You’ve arrived in a new country with hopes and dreams. If you’re an immigrant like me, one of these dreams is to own a home, and what better way to put down roots. The first thing you want to do is open a bank […]

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22 Jun

GET IN FRONT OF A BAD SITUATION

General

Posted by: Trina Tallon

Financial difficulty can happen. Marital breakdown, economic downturn / job loss, health issues are all realty. If I can give one piece of advice it’s this – in the face of financial difficulty the worst thing that a person can do is to go dark on their creditors. In my experience, being 100% upfront and […]

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21 Jun

THINGS MORTGAGE PROFESSIONALS WISHED THE SELF EMPLOYED KNEW

General

Posted by: Trina Tallon

This is the third part of a series by Pam Pikkert of things the average mortgage professional wished people knew so that they would not be held back by inadvertent missteps. The next installment in the things we wished people knew series is targeted at the self-employed. This intrepid group of risk takers are entrepreneurial […]

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19 Jun

BI-WEEKLY PAYMENT WORKAROUND

General

Posted by: Trina Tallon

Most of us know that changing your mortgage payment from monthly, or semi monthly, to an accelerated bi-weekly payment instantly reduces your standard 25 year amortization by 2.58 years with today’s rates. (If you didn’t know that, you’re likely not working with the mortgage professionals at Dominion Lending Centres). Sometimes, however, an accelerated bi-weekly payment […]

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16 Jun

CLOSING BONUSES AREN’T REAL BONUSES

General

Posted by: Trina Tallon

You’ve seen the real estate shows that dramatize the buying of a home and the star TV Realtor says “hey, let’s offer this price and have them pay you a $5,000 closing cost bonus”. Or, the real estate listing that offers a “decorating bonus of $3,500”. In both examples, the vendor (seller) is offering additional […]

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15 Jun

MORTGAGE-GEEK HISTORY

General

Posted by: Trina Tallon

The average person if stopped on the street and asked; Are today’s low interest rates driving up house prices? Would likely say ‘yes’. They would be wrong. And we can let their lack of understanding pass, after all we can agree that math mostly sucks. However to ask a Realtor, banker, or your Mortgage Broker […]

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14 Jun

HOW TO INTERVIEW A MORTGAGE PROFESSIONAL

General

Posted by: Trina Tallon

This is the second part of a series over the next few weeks of things the average mortgage professional wished people knew so that they would not be held back by inadvertent missteps. There is so much information about everything these days and quite frankly it is overwhelming to say the least. You want to […]

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12 Jun

GO LONG OR SHORT WITH YOUR RATE

General

Posted by: Trina Tallon

With all the news about interest rates rising do you go long or short with your rate when you set up your mortgage? After discussing your current life situation and answering some key questions with your Dominion Lending Centres mortgage broker you can make some decisions and set your mortgage rate and term to best […]

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9 Jun

THINGS MORTGAGE PROFESSIONALS WISHED YOUNG ADULTS KNEW

General

Posted by: Trina Tallon

So we are going to do a series over the next few weeks of things the average mortgage professional wished people knew so that they would not be held back by inadvertent missteps. This week we will look at young adults just starting out. Let’s outline five things you really need to be aware of […]

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6 Jun

HOW DOES THE GROWTH OF OUR AGING POPULATION AFFECT CANADIANS?

General

Posted by: Trina Tallon

According to the latest Statistics Canada’s 2016 census data released last month, Canadian seniors now outnumber children for the first time, with 5.9 million Canadian seniors compared to 5.8 million Canadians 14 years of age or younger. The number of Canadian seniors is expected to continue to grow because of the gains in life expectancy. […]

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5 Jun

“MR. MORTGAGE BROKER, PLEASE GIVE ME THE BEST RATE!”

General

Posted by: Trina Tallon

In the past, it was easy to give our clients the best mortgage rate available. Unfortunately, new government regulations have created a fragmentation of interest rates that make “giving you our best rate,” more complex. It’s important to distinguish between what is “insurable” and “uninsurable.” An “insurable” mortgage is approved at 25 years amortization and […]

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4 Jun

3 STEPS TO KEEP YOUR CREDIT IN CHECK

General

Posted by: Trina Tallon

If you have have overextended yourself with credit card debt, or have consolidated all of your consumer debt into your mortgage, or are at the point where you just want to cancel your credit cards, we have the 3 steps for you to follow to get your credit back in check. DO NOT CANCEL ALL […]

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2 Jun

WHAT IS MORTGAGE DEFAULT INSURANCE?

General

Posted by: Trina Tallon

One cost that can be overlooked by home buyers is mortgage default insurance. So, what exactly is mortgage default insurance and why do you need it? If you’re buying an owner-occupied home with less than 20% down payment, you are required to purchase mortgage default insurance in order to arrange your financing.  When buying a […]

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2 Jun

FIND YOUR PERFECT HOME TYPE

General

Posted by: Trina Tallon

Single-family detached homes are the most popular choice of Canadian homeowners, but aspiring first-time homebuyers should consider all their options before starting their house hunt. Don’t overlook the perfect option for your family – you may be surprised by what’s out there, at or below your budget. According to Statistics Canada, over half (55 per […]

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31 May

PURCHASE PLUS IMPROVEMENTS – YOU JUST FOUND YOUR DREAM HOME… SORT OF.

General

Posted by: Trina Tallon

In a competitive real estate market or a market that is suffering from a lack of available listings, the Purchase Plus Improvements mortgage could be your saving grace. Regardless of whether you’ve just started your search for a new home or if you’ve been hunting for months, this is something that you should be thinking […]

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30 May

WHAT IS REFINANCING AND HOW IT WILL CHANGE YOUR CREDIT?

General

Posted by: Trina Tallon

The need to refinance your mortgage can be for many reasons. Whichever the reason you are refinancing, there are a few things to consider. One of the top questions we are asked as a Mortgage Broker is “will refinancing hurt my credit?” The answer to this question brings cause for a closer look at the […]

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29 May

THE PERSONALITY OF YOUR MORTGAGE

General

Posted by: Trina Tallon

Everyone knows that Mortgages come with a rate attached to them. But few know that each Mortgage Product has a PERSONALITY too! The Personality of a mortgage product is a key component in selecting the right mortgage for you and your unique needs. So sit back, take some notes, and take your mortgage on a […]

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26 May

HOW MORTGAGE RATES WORK

General

Posted by: Trina Tallon

Ever wonder how your mortgage rate is determined? What factors make it jump from percentage to percentage? We are getting down to the nitty gritty today and giving you the facts on what impacts mortgage rates. What affects a Mortgage Rate? There are 10 factors that affect a mortgage rate: 1. Location Depending on which […]

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25 May

THIS VS THAT 8: RENEW OR SWITCH LENDERS

General

Posted by: Trina Tallon

Renew (the mortgage industry meaning): to remain with the current lender by simply signing the renewal letter that comes in the (e)mail. Switch (again, the mortgage industry meaning): to move from the existing lender to a different lender without leveraging any additional funds/equity; the outstanding balance remains the same. Is renewing your mortgage with the […]

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24 May

SELF EMPLOYED? 8 TIPS TO HELP YOU QUALIFY FOR A MORTGAGE

General

Posted by: Trina Tallon

Since 2012, it’s become the wild west of mortgage options out there for those folks who are living the Canadian dream of being Self Employed (also known as BFS, Business for Self).  In 2012, the Office of the Superintendent of Financial Institutions introduced Guideline B-20, which required federally regulated banks to tighten the rules for […]

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23 May

MORTGAGE FACTS TO KNOW BEFORE YOU BUY THIS SPRING

General

Posted by: Trina Tallon

Buying a home can be a really exciting time, so the last thing we want is for you to be hit by any surprises. Let’s take a look at five things to keep in mind before you write an offer. Get your mortgage in place before you write an offer. Meeting or speaking to an […]

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19 May

IS BEING MORTGAGE FREE MY PLAN FOR RETIREMENT?

General

Posted by: Trina Tallon

Most people believe that being mortgage free is their plan for retirement. That means paying off your mortgage as fast as possible becomes the priority and having other forms of investments are considered only after your property is paid off. It is important to decide what option will give you the balanced diversification and protect […]

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18 May

FINANCING SOLUTIONS – BRIDGE LOAN

General

Posted by: Trina Tallon

The fast pace of buying and selling real estate is daunting. Throw in trying to manage closing dates, possession dates and access to the proceeds for the purchase and you have a recipe for disaster. I recently received an email from a potential client asking these very questions: “I was wondering how the process usually […]

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17 May

WHAT’S YOUR NUMBER? YOUR MAXIMUM MORTGAGE NUMBER

General

Posted by: Trina Tallon

What is the maximum mortgage amount one now qualifies for with the rules that came into effect last October 17th, 2016? Short answer: LESS. A minimum of 20% less, in fact. Before October 17th, 2016 the lenders calculated the maximum mortgage amount based on the contract rate of 2.49%, but now it is based on […]

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16 May

NEW LISTINGS IN TORONTO SURGE 36% AS SALES DECLINE

General

Posted by: Trina Tallon

Since last month’s release of CREA housing data, the Ontario government has introduced a similar 15% tax on foreign purchases in the Greater Golden Horseshoe (GGH), which is Canada’s largest urbanized area centred on the City of Toronto, where house prices have risen very sharply over the past decade and spiked in 2016 (see map […]

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15 May

SCISSORS! THE ULTIMATE TOOL TO FINANCIAL FREEDOM!

General

Posted by: Trina Tallon

Latest statistics indicate that Canadians are currently carrying over $450 BILLION in consumer debt! Mortgage Brokers are often called in to help refinance someone’s home in order to repay credit card debts. With current low mortgage rates, it certainly is advantageous to pay off high interest unsecured debts in order to lower monthly carrying costs. Credit as […]

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12 May

3 STEPS TO KEEP YOUR CREDIT IN CHECK

General

Posted by: Trina Tallon

If you have have overextended yourself with credit card debt, or have consolidated all of your consumer debt into your mortgage, or are at the point where you just want to cancel your credit cards, we have the 3 steps for you to follow to get your credit back in check. DO NOT CANCEL ALL […]

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10 May

CO-SIGNOR OR GUARANTOR FOR A MORTGAGE?

General

Posted by: Trina Tallon

If a buyer can’t obtain a mortgage due to poor credit, employment history, lack of down payment or income — most lenders will consider lending if there is someone to act as co-signor or guarantor for a mortgage. The two options provide different requirements. Co-signer or guarantor for a mortgage, which is best? People often […]

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5 May

EMOTIONAL HOMEBUYERS CAN LOSE OUT ON THE BEST DEALS

General

Posted by: Trina Tallon

Buying a home is financial decision, but also an emotional experience. Before we’ve explored every room, we often start imagining our new lives there. Where our furniture will go. The parties we’ll host in the open-concept living-dining space. The mornings we’ll spend at the breakfast bar overlooking the garden or skyline… When a home speaks […]

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4 May

HEY LANDLORDS! YOU NEED TO READ THIS!

General

Posted by: Trina Tallon

If you have not yet found yourself skimming the news online today, you may not have heard yet about the Provincial Government’s announcement regarding the Ontario Housing and Rental Markets. The Provincial Liberal Government, laid out for the Province their plan to address issues in key aspects of the Real Estate and Rental Property Markets […]

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3 May

REVERSE MORTGAGES – NO, WE DON’T WANT YOUR HOME!

General

Posted by: Trina Tallon

Reverse Mortgages have had their share of misconceptions. In fact, we are often approached with false assumptions and unfounded facts about the product that steer the public to think of the product in a negative light. This article will cover one of the most common myths and the real facts behind this myth that has […]

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2 May

GETTING A MORTGAGE AFTER CONSUMER PROPOSAL OR BANKRUPTCY

General

Posted by: Trina Tallon

Life can definitely throw some challenging financial situations your way. As a mortgage professional, I can provide solutions and strategies during or after these challenging times in order to get you back on track. We have access to banks, trust companies and mortgage companies that specialize in this transitional period to help you move forward […]

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1 May

SPOUSAL BUYOUT MORTGAGE?

General

Posted by: Trina Tallon

If you happen to be going through, or considering a divorce or separation, you might not be aware that there are mortgage products designed to allow you to refinance your property in order to buyout your ex-spouse. For most couples, their property is their largest asset and where the majority of their equity has been […]

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28 Apr

CONSTRUCTION MORTGAGE PART 1 – SERVICED VS UNSERVICED LOTS

General

Posted by: Trina Tallon

On several occasions we have had people ask us at Dominion Lending Centres about construction mortgages. Every lender has their own guidelines and rules when it comes to construction mortgages. That’s because there are many details involved in the process of construction, let alone the mortgage that actually funds it! Below is part 1 of […]

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27 Apr

5 COMMON MISTAKES TO AVOID WHEN SHOPPING FOR A MORTGAGE!

General

Posted by: Trina Tallon

Avoid these 5 common mistakes, and you will have no problem getting your mortgage faster, more efficiently, and with a clear understanding of the process: 1. Thinking banks are the first and best place to go for a mortgage Mortgage brokers can often beat the bank rates by using different lending institutions. The bank is […]

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26 Apr

SO YOU WANT TO PORT YOUR MORTGAGE?

General

Posted by: Trina Tallon

Recently a video appeared on LinkedIn and a few other places singing the praises of porting your mortgage and making it seem like a walk in the park. If you have ever done one, then you would know that it is anything but that scenario. Porting is not much different than qualifying for a new […]

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24 Apr

DETERMINING THE BEST MORTGAGE…FOR YOU!

General

Posted by: Trina Tallon

So you have saved, and saved and you are finally ready to start house hunting…but before you do, there are a few things that you should be looking into BEFORE you start buying. Namely, your mortgage options. Did you know that there are various mortgage products? Or that each mortgage product has it own personality? They […]

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21 Apr

DOWN PAYMENT VERIFICATION – 5 KEY POINTS

General

Posted by: Trina Tallon

One of the essential aspects of every mortgage application is the discussion pertaining to your down payment. Home purchases in Canada require a minimum down payment of your own funds to be put towards the deal. Your stake in the purchase. It is important that during the discussions with your Mortgage Broker that all the […]

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19 Apr

HOW COMPOUND INTEREST CAN WORK FOR YOU

General

Posted by: Trina Tallon

I remember the first time I learned about how compound interest can work for you. I was introduced by a friend to someone in the financial services industry and he explained a simple technique to easily calculate how compound interest can work for you – the Rule of 72. I was so excited and started […]

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19 Apr

THE ROLE OF A MORTGAGE BROKER

General

Posted by: Trina Tallon

Buying a home is a big step – a big, very exciting, potentially stressful step! How can you take the hassle out of the equation and keep your buying experience super positive? Easy… Surround yourself with a team of experienced professionals! Many experienced realtors insist on starting your financing first, that’s where I your Mortgage […]

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18 Apr

INDEPENDENT LEGAL ADVICE – DO YOU KNOW WHO CAN GIVE IT TO YOU?

General

Posted by: Trina Tallon

First off, I’m sure some are saying what is Independent Legal Advice? ILA is just as it sounds – the need to seek independent legal advice. At Dominion Lending Centres, we always suggest that clients get ILA. Many times especially, in private deals and builder mortgages, you will see that there is only one lawyer […]

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17 Apr

THE TWO TYPES OF MORTGAGE PENALTY CALCULATIONS

General

Posted by: Trina Tallon

We have all heard the horror stories about huge mortgage penalties. Like the time your friend wanted to refinance her home so that she could open a small business only to find out that it was going to cost her a $13,000 penalty to break her mortgage. This should not come as a surprise. It […]

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12 Apr

WHY YOU SHOULD SPEAK TO YOUR MORTGAGE BROKER BEFORE YOU SELL YOUR HOME

General

Posted by: Trina Tallon

While many people will speak to a mortgage broker before buying a home, few people call a mortgage broker before selling a home. Calling could save you thousands of dollars and many sleepless nights. Why? Brokers understand mortgages and ask the right questions. How long do you have remaining in your present mortgage? Do you […]

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8 Mar

Ultimate Checklist for Selling Your Home.

General

Posted by: Trina Tallon

Ultimate Checklist for Selling Your Home. Selling your home can be an extremely stressful experience. Between thinking about moving logistics and financials, it’s easy to miss the small details in between the process. With that in mind, we’ve built this checklist for selling your home to help you keep track of the things that will […]

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8 May

THE TOP 7 MISCONCEPTIONS ABOUT REVERSE MORTGAGES

General

Posted by: Trina Tallon

The Top 7 Misconceptions About Reverse Mortgages How much do you really know about reverse mortgages? Maybe you know that reverse mortgages can help Canadians 55+ access the equity in their home, tax-free. Maybe you know that tens of thousands of Canadians are using a reverse mortgage as part of their financial plan. But did […]

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30 Mar

WHY ARE MORTGAGE RATES RISING?

General

Posted by: Trina Tallon

Why Are Mortgage Rates Rising? Over the past month, the Bank of Canada has lowered its overnight rate by a whopping 1.5 percentage points to a mere 0.25%. Many people expected mortgage rates to fall equivalently. The banks have reduced prime rates by the full 150 basis points (bps). But, since the second Bank of […]

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20 Jan

PAYMENT FREQUENCY

General

Posted by: Trina Tallon

One of the decisions you will need to make before your new mortgage is set up, is what kind of payment frequency you would like to have. For many, sticking to a monthly payment is the default, however, different frequencies may end up saving you less interest over time. Monthly Payments Monthly payments are exactly […]

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13 Dec

HOW TO VERIFY YOUR DOWN PAYMENT WHEN BUYING A HOME

General

Posted by: Trina Tallon

Saving for a down payment is one of the biggest challenges facing people wanting to buy their first home. To fulfill the conditions of your mortgage approval, it’s all about what you can prove (hard to believe – but some people have lied in the past – horrors!). Documentation of down payment is required by […]

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5 Dec

5 MISTAKES FIRST TIME HOME BUYERS MAKE

General

Posted by: Trina Tallon

Buying a home might just be the biggest purchase of your life—it’s important to do your homework before jumping in! We have outlined the 5 mistakes First Time Home Buyers commonly make, and how you can avoid them and look like a Home Buying Champ. 1. Shopping Outside Your Budget It’s always an excellent idea […]

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29 Nov

PAYMENT FREQUENCY

General

Posted by: Trina Tallon

One of the decisions you will need to make before your new mortgage is set up, is what kind of payment frequency you would like to have. For many, sticking to a monthly payment is the default, however, different frequencies may end up saving you less interest over time. Monthly Payments Monthly payments are exactly […]

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20 Nov

PRINCIPAL & INTEREST

General

Posted by: Trina Tallon

Principal and interest are the two components that make up a mortgage payment. Principal is the portion of your payment that goes towards paying down the outstanding balance of your mortgage. Interest is the other portion of your payment which goes directly into the pockets of your lender and does not contribute to paying down […]

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5 Nov

MORTGAGES FOR EXPENSIVE HOMES – NOT AS EASY AS IT SOUNDS

General

Posted by: Trina Tallon

Large home purchases that require a mortgage present unique challenges in the Canadian Mortgage market. Sliding scales, director approval, multiple reviews, it all adds up to difficultly getting larger mortgages approved, unless you’re working with an experienced mortgage broker. In 2012 the government of Canada removed the mortgage insurers ability to approve mortgages of $1 […]

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4 Nov

HOW TO GET A 5% DOWN PAYMENT FOR A $500,000 PURCHASE

General

Posted by: Trina Tallon

We have seen a return of the buyers’ market and many people are asking, how long will this last? While some renters without a down payment might be asking, how can o put a plan in place to own? With the cost of living so high, and student debts coming out of school, many consumers […]

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