14 Nov

5 GREAT REASONS TO PROVIDE A 20% DOWN PAYMENT WHEN BUYING A HOME

General

Posted by: Patti MacLennan

There are many challenges that come into play when you’re in the market to buy a home. Buyers say the number one obstacle to home ownership is saving enough for a down payment, the amount that the buyer provides toward the purchase of their home. Exactly how much do you need to put down? Assuming […]

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9 Nov

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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8 Nov

WHY CAN’T YOU PORT YOUR MORTGAGE?

General

Posted by: Patti MacLennan

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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7 Nov

NO NEED TO PANIC AFTER RATE INCREASE

General

Posted by: Patti MacLennan

  You may have already seen the more technical BANK OF CANADA RATE ANNOUNCEMENT on October 24th, or you may not have. The Coles Notes (the simplest version) are as such: Global economy remains strong, the USMCA will reduce trading uncertainty Canadian economy is balanced for the foreseeable 2 years Household spending will increase, but backed by […]

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3 Nov

GROWING MARIJUANA AND SELLING YOUR HOME

General

Posted by: Patti MacLennan

There is quite a bit of information being passed around about growing marijuana in your home that could or will  prevent the sale of your property down the road. CMHC is Canada’s federally owned mortgage insurer. As of October 25, 2018, their stance on homes that were former grow operations has not changed and reads as […]

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2 Nov

DOCUMENTS YOU NEED FOR YOUR MORTGAGE PRE-APPROVAL

General

Posted by: Patti MacLennan

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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27 Oct

7 TIPS FOR BUYING YOUR FIRST HOME

General

Posted by: Patti MacLennan

As a licensed Mortgage Broker, I am often asked “what do I need to know when buying my first home?” Everyone has their own aims and objects when buying their first home. As a Mortgage Broker, I specialize in making sure your financing is in order to facilitate your dreams of owning a home. Buying […]

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25 Oct

ARE YOU BEHIND ON YOUR CRA TAXES?

General

Posted by: Patti MacLennan

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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19 Oct

BANK OR MORTGAGE BROKER?

General

Posted by: Patti MacLennan

Mortgages are like vehicles. A bank is similar to the brand, Ford or Toyota for example. How long you have a mortgage before it’s time to renew is like the model, a Fusion or Camry. The rate is similar to the car’s paint color, and the mortgage benefits such as prepayment privileges and portability are […]

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