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Category: Mortgage 101 (10 posts)
Mortgage Broker vs Banker: Which One is Right for You?
March 13, 2023 | Posted by: Matt Broom-Hall
Mortgage Broker vs Banker: Which One is Right for You? When it comes to getting your mortgage, the lender you choose can make a big difference in how much you end up paying. It can be difficult to de ...
read moreCan You Qualify With Income Tax Arrears or Debt Collections?
June 22, 2022 | Posted by: Matt Broom-Hall
In this article, we talk about the importance of being current with your Income Tax, as it determines whether qualifying for a mortgage in Canada, especially a self-employed mortgage, will be easy or ...
read moreTFSA or RRSP For Down Payment Source?
May 28, 2022 | Posted by: Matt Broom-Hall
This past week I had a great chat with some first time home buyers. They knew that their RRSPs would be eligible for the Government of Canada Home Buyer's Plan but weren't sure about their TFSAs. Thi ...
read moreAdding A Co-Applicant To Your Mortgage Application
March 3, 2022 | Posted by: Matt Broom-Hall
Thanks to tighter mortgage qualification rules and higher-priced real estate - it’s not always easy to qualify for a mortgage on your own merits. You may very well have a great job, a decent in ...
read moreWARNING! Rates are going to continue to go up.
February 27, 2022 | Posted by: Matt Broom-Hall
WARNING! Rates are going to continue to go up.That's a given. With Spring just around the corner, if you're planning on buying a home, NOW is the time to complete your pre-approval so that you can get ...
read moreZero Down Mortgage
February 25, 2022 | Posted by: Matt Broom-Hall
Zero down mortgages are a thing! They go by a couple of different names. You may have heard of flex down or borrowed down payment mortgages.How does it work?Essentially, instead of having the down pay ...
read moreFor Every $350 In Monthly Debt You Eliminate = $50,000 More Home!
February 8, 2022 | Posted by: Matt Broom-Hall
Lowering debt is one of the BEST ways to increase your buying power! Did you know for every $350 a month you can eliminate in monthly debt will get you $50,000 more home?!Before considering whether or ...
read moreDid You Know: In Addition To Your Down Payment, You'll Need To Have Closing Costs?
February 1, 2022 | Posted by: Matt Broom-Hall
Did you know that when buying a home, your mortgage lender will require you to have 1% to 1.5% of the purchase price of your new home in your bank account in excess of your down payment funds?The foll ...
read moreDid You Know: When Bank Of Canada Increases Rates, It Reduces The Max Purchase Price You Qualify For?
January 24, 2022 | Posted by: Matt Broom-Hall
When the Bank of Canada increases its prime rate, banks and lenders move in lockstep in increasing their mortgage rates. Most people only think that the impact is solely on the monthly mortga ...
read moreHow Do Lenders Decide Whether To Approve or Decline A Mortgage Application?
December 19, 2021 | Posted by: Matt Broom-Hall
So you’ve finally decided to buy your own home and go through the process of applying for a mortgage. Like any first-time home buyer, you probably have a ton of questions on what happens behin ...
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