26 Feb

LOOKING FOR A MORTGAGE…YOU BETTER KNOW YOUR CREDIT SCORE

General

Posted by: Patti MacLennan

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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24 Feb

5 REASONS WHY YOU DON’T QUALIFY FOR A MORTGAGE

General

Posted by: Patti MacLennan

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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23 Feb

MINIMUM DOWN PAYMENTS

General

Posted by: Patti MacLennan

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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21 Feb

TAX REBATES FOR HOMEOWNERS

General

Posted by: Patti MacLennan

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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20 Feb

GROWING CANNABIS AT HOME? LET’S WEED THROUGH THOSE MORTGAGE ISSUES!.

General

Posted by: Patti MacLennan

As many of you already know, Canada just became the second country in the world to legalize marijuana for medical and recreational purposes. Of course, this historic moment in Canadian history has cannabis activists jumping for joy while others are not s-toked on the idea. With legalization comes the realities of growing your own pot […]

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16 Feb

3 REASONS WHY YOUR REALTOR WOULD LIKE YOU TO HAVE A GARAGE

General

Posted by: Patti MacLennan

Your realtor will be happy to list your property and sell it for you. However, if you have a garage, they will be much happier. Why? Here’s the reasons why realtors prefer to sell homes with garages: 1 – Homes with a garage, attached or detached sell faster and for more money, usually $20-30,000 more. […]

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15 Feb

HIGH RATIO AND CONVENTIONAL MORTGAGES

General

Posted by: Patti MacLennan

There are two different types of mortgages when it comes to their balance in relation to the value of your home- high ratio or conventional. When you applying for a mortgage, lenders use a ratio called loan to value. Your loan to value is exactly what it sounds like, the size of your mortgage in […]

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13 Feb

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

General

Posted by: Patti MacLennan

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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12 Feb

HOW TO GET A FREE COPY OF YOUR CREDIT BUREAU

General

Posted by: Patti MacLennan

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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