Renting Vs Buying. What is right for me?
Renting VS Buying. The Great Debate. Renting vs Buying. Can we equate apples and oranges? I love the viewpoints on this topic. And have always found it so interesting [...]
What is an Interest Rate Differential? (IRD Calculation)
The interest rate differential is calculation method lenders will use to break your mortgage early if needed. Â Simply put, depending on how far you are in the term of your product, Â they will equate the "Interest Rate Difference" using the [...]
What are Mortgage Pre-Payment Privileges?
Mortgage Pre-Payment Privileges allow you to pay down the principle of your mortgage penalty free! Â Every lender is different. Â Some lenders have "cheaper" rate options, but only allow 5-10% privilege annually. Â Standard pre-payment privileges range from 15-30% annually. Â This may [...]
What is a Bona Fide Sales Clause?
A bona-fide sale clause is a contract restriction that forces you to stay with lender until the term is up, unless you sell the property non-arms length. Â Even then, the penalty when you break the mortgage early if you sell [...]
What Makes Up Your Credit Score?
What Makes Up Your Credit Score? The algorithm for calculating your Equifax / Transunion Credit Score can be rather mind boggling. Â However, it's actually quite simple what impacts your beacon, and why. Â Below are the 5 key components of [...]
Down Payment Confirmation
Purchase with Down Payment: 90 day history of bank accounts showing down payment OR Sale of an existing property — a copy of the sale agreement OR 90 day History of RRSP account (first time home buyers plans) [...]
Info on the Purchase | Refinance
If Purchase: Purchase and Sale Agreement MLS listing If Refinancing: Current Mortgage Statement Current Home Insurance Policy Current Property Tax Statement [filetrip id="2067"] [...]
Employment Details
If Employed: Â Most Recent Pay Stub Letter of Employment Most Recent Notice of Assessment If Self-Employed: Most Recent T1 General 2 years most recent Notice of Assessments [...]
Why don’t I just borrow money for my renovation from a seperate source?
You can and more then welcome too. Â However the benefit of the Purchase Plus Improvements mortgage is you get an incredibly low mortgage rate PLUS a low renovation loan "All in One". Â You will not find any Home equity, Â line of [...]
Why is the purchase plus improvements mortgage rate lower then typical?
Good Question. Because of our buying power as a licensed Mortgage Broker through the super broker network Verico Finex Lending. We are offered very low interest rates. But on top of that, in order to earn your business for your next [...]