Mortgage Insurance

Mortgage Insurance

If you put less than 20% down on any home in Canada, you are required to have mortgage insurance. This does not need to paid out of pocket and may be added to your mortgage balance. There are three companies that offer mortgage insurance in Canada: CMHC, Genworth and...
How does a Mortgage Broker get paid?

How does a Mortgage Broker get paid?

Our services are free! Well, sort-of… to you anyway! We are paid by the lenders for bringing them your business. We don’t earn extra compensation by charging a higher interest rate. That is how the banks get paid.  There are certain circumstances when a broker...
Appraisal

Appraisal

Every mortgage needs some consideration of value. Your downpayment and the type of property you are buying will determine if and when an appraisal is needed. Virtually all refinances will require an appraisal.  If you put down less than 20%, a mortgage insurer will...
Job Letter

Job Letter

All lenders will require a job letter from your employment in order to approve your income and get you qualified. The lenders will require the letter to be dated within 30 days of your application. Self employed are the only borrowers that will not require a letter. A...
Downpayment

Downpayment

Congratulations! One of the biggest hurdles in purchasing your new home is saving the down payment.  It’s important to know that at no point will the lender ever have your downpayment funds. We are required to verify a 90 day history of where the funds will come from...