The interest rate differential is calculation method lenders will use to break your mortgage early if needed. Simply put, depending on how far you are in the term of your product, they will equate the "Interest Rate Difference" using the [...]
Mortgage Pre-Payment Privileges allow you to pay down the principle of your mortgage penalty free! Every lender is different. Some lenders have "cheaper" rate options, but only allow 5-10% privilege annually. Standard pre-payment privileges range from 15-30% annually. This may [...]
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. Even then, the penalty when you break the mortgage early if you sell [...]
What Makes Up Your Credit Score? The algorithm for calculating your Equifax / Transunion Credit Score can be rather mind boggling. However, it's actually quite simple what impacts your beacon, and why. Below are the 5 key components of [...]
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) [...]
If Purchase: Purchase and Sale Agreement MLS listing If Refinancing: Current Mortgage Statement Current Home Insurance Policy Current Property Tax Statement [filetrip id="2067"] [...]
If Employed: 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 [...]
You can and more then welcome too. 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". You will not find any Home equity, line of [...]
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 [...]
