Experts Questions and Answers

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Mar 17 2010

Yes it is possible to use your line of credit for down payment.  However depending on the amount of down payment and your income, we will need to review your mortgage approval with you owning both homes. [ read more ]

Mar 5 2010

Frances, I have looked at 5 options for you. It does not appear that you could choose a mortgage term with our current rates, that would end up costing you less then your blended 4.84% mortgage. I looked at options using 3.29% for 3 years, and 3.69% for 5 years. If anyone tells you otherwise, I... [ read more ]

Mar 1 2010

I have advised and helped other clients in Barrie, who work in the North American film sector, with obtaining a preferred mortgage offer. I would be happy to get you an approval based on your self employed income. If you could aim for a 20% down payment, we could likely get you an excellent... [ read more ]

Feb 16 2010

Sorry this has taken me so long - I was away on vacation last week!  You may have already proceeded, but yes, it is typical to make an offer conditional upon solicitor's approval - I can usually review and comment on an offer within 1 business day but it's nice to have 2 just in case. ... [ read more ]

Dec 20 2009

Hi! It is a good idea to have your lawyer review your offer. There is usually not an additional cost to this, if you are using the lawyer for the transaction, unless he/she is required to get involved with negotiations or major changes to the Agreement. Usually, this is not the case, as the agent... [ read more ]

Nov 26 2009

Reason #1 Your long-term plan and risk tolerance should determine which mortgage product is right for you. This product may or may not have the lowest rate. For instance, there are cases where lenders will offer lower rates for insured mortgages. With insured mortgages, however, you're charged an... [ read more ]

Nov 20 2009

Reason #1 Your long-term plan and risk tolerance should determine which mortgage product is right for you. This product may or may not have the lowest rate. For instance, there are cases where lenders will offer lower rates for insured mortgages. With insured mortgages, however, you're charged an... [ read more ]

Sep 30 2009

If there is ‘one’ thing that causes problems that can delay the closing of your house it’s verification of the Down Payment. Here’s why: To meet the Requirements of CMHC or GE, On or before the issuance of a lending commitment you will be asked to provide... [ read more ]

Sep 30 2009

If you are applying to be preapproved for a mortgage, you should start to gather: A letter of employment: Have your employer give you a letter on company letterhead outlining your name, position, gross annual income, and number of years employed with the company. If you are self-employed,... [ read more ]

Sep 30 2009

Each purchaser may borrow up to $25,000 from their RRSP under the Home Buyers’ Plan. (The funds must have been in the RRSP for at least 90 days prior to withdrawal to be eligible under the program) Provided you buy or build a qualifying home and meet all of the conditions for making a... [ read more ]

Sep 30 2009

Mortgage Broker's are compensated from the lender, (not you, the borrower). Mortgage Brokers are only paid when they have successfully completed helping their clients. They are therefore motivated to help you. When creative, specialized, or difficult mortgages are... [ read more ]

Sep 29 2009

What is CMHC Mortgage Insurance?

Posted by Cory to Cory Kline, AMP Views (3740)

Mortgage insurance helps protect lenders and mortgage investors from severe financial losses in case a loan is not repaid for any reason. This insurance benefits lenders and investors, but it helps homebuyers, too. Because lenders are protected by mortgage insurance, they are willing to offer... [ read more ]

Sep 21 2009

Reason #1 Your long-term plan and risk tolerance should determine which mortgage product is right for you. This product may or may not have the lowest rate. For instance, there are cases where lenders will offer lower rates for insured mortgages. With insured mortgages, however, you're charged... [ read more ]

Sep 11 2009

Many lenders have identified that people who are self employed have troubles trying to verify how much money they actually earn. With as little as 1 year of self employment, some lenders have special programs that allow you to purchase a home with limited verification of your income, provided you... [ read more ]

Sep 11 2009

Is it OK to take a 35 year mortgage?

Posted by Cory to Cory Kline, AMP Views (3617)

A 35 year mortgage can help you manage your payments, and get you into a home that suits your needs. However it is a very important that you ensure your mortgage comes with flexible pre payment options that will allow you to pay off the mortgage quickly without penalty. When choosing a lender for... [ read more ]


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