Industry: Mortgage Brokers vs. Mortgage Agents
How do Mortgage Brokers differ from Mortgage Agents? Instead, let’s talk about the difference between a Mortgage Agent and a Mortgage Broker. Generally speaking, this difference is displayed in tenure. Meaning, if a Broker/Agent is in the industry longer they may have more knowledge. However, this does not mean a Mortgage Agent automatically graduates to […]
Important Things To Know About A Mortgage Bridge
We are not talking about the London Bridge or the Mackinac bridge in this post. We are talking about a Mortgage Bridge. This can happen in a few ways when you obtain financing. You buy a house, and your closing on the new purchase is BEFORE the old home sells. As most clients’ down payment […]
The Truth About Child Tax Benefit And Your Mortgage
Using your Child Tax Benefit can increase your purchasing power, but how do we go about this? We explore below. If you need to apply for CCB for your child click the link below for further details on the governments website. https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview/canada-child-benefit-apply.html The Canada child benefit (CCB) is administered by the Canada Revenue Agency (CRA). […]
What Everyone Ought To Know About Mortgage Fees
Not all files have fees. Make sure you know how much and why. This topic could expand into an all-encompassing look at the actual process and degree of tenacity and skill it takes a broker/agent to obtain approvals on certain mortgage loans but we’ll skim over a little here. We are basing this on Borrower […]
What Does The Word Mortgage Actually Mean?
If you Google “mortgage” you will get this: mort·gage/ ˈmôrɡij noun a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt.”I put down a hundred thousand […]
Mortgage Graduation Program
The Mortgage Graduation Program (MGP) is an innovative program to help first-time homebuyers in Ontario transition from renting to homeownership. It exists to make it easier for first-time homebuyers to afford their first home by overcoming the hurdle of coming up with a large enough down payment. How does the program work? The program provides […]
Secrets Of The Bare Trust Agreement
The Bare Trust Agreement is a document that is made when a borrower mortgages a property for another party that is family-related. This type of agreement allows the title to be transferred, in the future from the “family-related borrower”, back to the “intended borrower”. It also can avoid capital gains and land transfer taxes in […]
Self-Employed Income
We all know we need income for a mortgage. The type of income needed on a mortgage is always good to know. Most lenders take one form of self-employed income or another. It all depends on which lender has a certain appetite for your self-employment. There are 3 different types of Self Employment income when […]
What Does Extended Ratios Mean?
You may have heard about a decline or have received one yourself in regard to the affordability of your mortgage. The fact that you cannot afford this mortgage payment does not necessarily mean you are declined. All it means is you will have to seek out Alternative Lending options. These lending options extend this affordability, […]
Mortgage Retainer
A mortgage retainer is a legal agreement between a mortgage broker and a client which outlines the terms and conditions of the services provided. Like a lawyer, a broker may request a retainer from a client for a mortgage application to cover the work and potential changes that may arise throughout the approval process. The […]
