9 May

CORPORATIONS AND MORTGAGES

General

Posted by: Patti MacLennan

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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7 May

GET TO KNOW TITLE INSURANCE

General

Posted by: Patti MacLennan

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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10 Apr

INCOME QUALIFIED

General

Posted by: Patti MacLennan

  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 […]

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5 Apr

7 STEPS TO BUYING A HOME

General

Posted by: Patti MacLennan

2019 7 STEPS TO BUYING A HOME 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 […]

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22 Mar

MARCH IS FRAUD PREVENTION MONTH

General

Posted by: Patti MacLennan

You may have seen advertisements warning you to be aware of phishing schemes and other scams. In the past week, I have received fraudulent emails claiming to be Shaw Cable, RBC and even the FBI. These are easy to spot because of mistakes in the letterhead, spelling mistakes and formal language that would fit in […]

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21 Mar

WHEN DEATH STRIKES SUDDENLY

General

Posted by: Patti MacLennan

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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18 Mar

WHY REVERSE MORTGAGES ARE BUCKING THE DOWNWARD TREND

General

Posted by: Patti MacLennan

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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14 Mar

WHAT IS AN UNINSURABLE MORTGAGE?

General

Posted by: Patti MacLennan

13 MAR 2019 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 […]

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5 Mar

VARIABLE RATE? TO LOCK IN OR NOT?

General

Posted by: Patti MacLennan

This post applies if you are taking a new mortgage, whether it’s for a purchase, refinance, or renewal. The variable remains the main contender. But what about all the economists saying if you are currently in a variable rate mortgage then you should rush to ‘lock in’? You mean the economists that are employed by […]

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