Finance


Mortgage 101: Rate isn’t everything!

Mortgage 101: Rate isn’t everything!

The interest rate you receive on your mortgage is very important, but it sure isn’t everything. Here’s everything else you should be considering when choosing the right mortgage for you! Prepayment options It’s everyone’s dream to pay off their home. Ensure the mortgage you are getting provides you with best options available. Non-Bank Mortgage companies often have better prepayment privileges than the big banks. Early payout penalties The big banks use a complicated and convoluted formula to calculate your early payout penalty. A mortgage broker can find you an alternative lender with a much more transparent, and typically much...

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Mortgage 101: Mortgage Broker vs. Big Bank

Mortgage 101: Mortgage Broker vs. Big Bank

So you’re looking to buy a home. Before you begin shopping, you want to know how much you can qualify for. Do you call your current bank or venture to find a mortgage broker? Do you know the difference between a broker and a banker? Here’s a breakdown of the key differences so you can make the best decision for yourself! Whether you’re a first time homebuyer or experienced homeowner, it’s important to have an expert in your corner.

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Mortgage 101: Why you should start saving for your mortgage now.

Mortgage 101: Why you should start saving for your mortgage now.

Last month, the Government of Canada announced new legislation that has tightened mortgage requirements, impacting how much YOU may be able to borrow. Under the new policy, all insured mortgage borrowers must be tested against their ability to pay their mortgage if actual rates were as high as the big bank’s five-year posted mortgage rates (currently 4.64%). If you are planning to make a down payment of less than 20%, you must insure your mortgage. Under the old policy, a borrower with an annual income of $75,000 and 5% down payment could potentially qualify for a $370,000 home. Under...

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Build Credit

How can I build credit as a student or recent grad?

We know that a good credit score is important for things like buying a house or car. What you might not realize, however, is that a poor score can limit your chances of moving into that great apartment, landing your dream job, scoring a good deal on car insurance, or even switching to a new cell provider. The good news is that building credit isn’t difficult… All it takes is time and discipline.  Here are ten ways to start building or improving your credit today: If you have a line of credit, congrats! You’re already building credit. If you’re...

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Build Credit

Credit 101: Why is it important to build credit as a student?

As a student, you’ve got a lot on your mind… Between balancing a heavy course load, having a semblance of a social life and working a part time job, the last thing you’re worried about is building your credit. You’ve just got so much else on your mind. What you might not realize though, is that your credit impacts much more than big adult issues like buying a house or a car. As a student, having poor or no credit might impact your ability to switch cell providers or transfer utilities into your own name. Beyond that, building and...

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Build Credit

Credit 101: What is a credit score and why does it matter right now?

A credit score is essentially a number that represents your creditworthiness to lenders. Lenders, such as banks, mortgage & loan companies and credit card companies, use your credit score to evaluate the potential risk posed by lending you money and to determine whether or not you qualify for a loan, at what interest rate, and for what amount. Your credit score is determined by these five weighted factors: Payment history (35%): A history of on-time payments will improve your credit score. Keep in mind that simple accounts including your cellphone bill can negatively impact your score if payments are made late...

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