Mom and Dad to the Rescue

Mom and Dad to the Rescue

With housing affordability declining across Canada, one trend is on the rise: parents are increasingly helping their adult children when it comes to housing. That assistance is coming in the form of cash gifts/loans for today’s growing down payments, and also from...
10 Money Mistakes Millionaires Don’t Make

10 Money Mistakes Millionaires Don’t Make

So you want to be a millionaire. Sigh, don’t we all.  It might feel like a lofty goal but it turns out the underlying principles millionaires follow when it comes to their money are pretty basic. Some of them are downright boring. But they obviously work, so let’s...
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...
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