Most mortgages will indicate that they are portable. So it should be easy to move it to a new home, right? Not always. More and more people are discovering that porting their mortgage isn’t as easy as it sounds. What is porting a mortgage: Porting a mortgage means moving your mortgage from one property to another. … Continued
This topic has come often lately. We have seen many clients need to list their rental properties due to income loss during Covid. On the flip side, we have clients buying homes to live in that are currently rented. Sellers Take Note: If you are selling your home (with a suite or rental property) you … Continued
1. Your Own Money What banks consider the best source of downpayment is your own savings: for this, banks/insurers require a three month history of any account being used for a downpayment. They look at the three months to confirm there hasn’t been any large or unusual deposits. If there is a large deposit they … Continued
Owner-Occupied Homes Minimums: The federal government, through the mortgage insurers, sets the minimum for downpayments. For a house that is owner-occupied (Ie. the person buying it will live in it) the rules are as follows: 5% down for the first $500,000.00. For example, a $400,000.00 home would require $20,000.00 downpayment. 10% down for any additional … Continued
Appraisals are often required by banks when clients are refinancing or purchasing. The general reasoning for this is that the banks want to verify the value of the property as well as its condition. Since social distancing measures have come into place appraisers for the most part cannot enter into properties anymore. Most appraisal companies … Continued
We have been getting many calls and emails over the past few asking about mortgage deferrals. We have put together a list below of various banks, credit unions, and mortgage lenders along with their contact details. A few quick points about mortgage deferrals and the process: Remember this is a deferral – you still have … Continued
One of the most confusing things about obtaining a mortgage are understanding closing costs. Among these closing costs is the Property Transfer Tax. The Property Transfer Tax is a land registration tax that is paid by the buyer when a property title is registered at the Land Title and Survey Authority. The buyer of the … Continued
Credit Score – What is it and why it matters One of the key items in getting approved mortgage is your credit profile. Note profile and not score. While the score is important there are some credit factors that may make it difficult for a borrower to obtain a mortgage. Generally banks are … Continued