Title insurance protects property buyers and lenders from financial losses caused by defects in the property’s title—such as unpaid taxes, liens, fraud, or ownership disputes—stemming from past issues. It comes in two types: owner’s title insurance , which protects the buyer’s ownership rights, and lender’s title insurance , which safeguards the lender’s interest up to the mortgage amount. Coverage includes legal costs and losses due to undiscovered title defects, requires a

With rising living costs, many Canadians are turning to their home equity for extra cashflow. Two common options are a HELOC  and a Reverse Mortgage . HELOC : Access up to 65% of your home’s value, borrow as needed, and make monthly interest payments. Rates fluctuate with the Bank of Canada’s prime rate. CHIP Reverse Mortgage  (for Canadians 55+): Access up to 55% of your home’s value as tax-free cash with no monthly payments. The loan is repaid only when you sell, move, or t

When a borrower defaults on their mortgage, lenders follow a structured process before foreclosure or power of sale. Demand Letter  – A...

Credit scores indicate your ability to pay bills They do not take into account income, wealth, employment status and/or many other...

Construction Mortgage in Canada – A Quick Guide A construction mortgage helps finance building a new home or major renovations. Unlike a...

Yes, you can change jobs before applying for a mortgage, but it can affect your approval. Lenders prefer stable, continuous income and...

Commercial mortgages in Canada are available through: Major banks Specialized lenders  (e.g., CMLS Capital) Mortgage brokers  (often...

The minimum credit score for an insured mortgage in Canada is 600 , as required by CMHC and other insurers. Key points: At least one...

Second mortgages offer homeowners financial flexibility for various needs, including: Debt Consolidation:  Pay off high-interest debts...

Renewing with Your Current Lender:  Typically straightforward, especially if payments are on time. Most lenders won’t require a new...

Eligible first-time homebuyers can receive a refund of up to $4,000 on the provincial land transfer tax. No land transfer tax is payable...

Generally, budget between 1.5% to 4% of the home's purchase price for closing costs. For example, on a $300,000 home, closing costs could...

Medical Professional Mortgage Programs in Canada: Key Highlights Eligibility: Designed for doctors and medical professionals, including those in residency or recently completed. Includes foreign-trained, licensed physicians who are Canadian citizens or permanent residents. Applies to purchases, refinances, or renewals of up to two-unit properties. Key Features: Projected Income:  Qualify based on future income rather than current earnings, ideal for residents, fellows, and ne

Open vs. Closed Mortgages: What to Know Open Mortgage: Flexibility:  Pay off, refinance, or make lump-sum payments anytime without penalties. Interest Rates:  Higher due to flexibility. Term Length:  Shorter terms, usually 6 months to 1 year (fixed) or up to 5 years (variable). Best For:  Those expecting a financial windfall, selling soon, or anticipating higher income. Closed Mortgage: Restrictions:  Limited prepayment options; penalties for early payoff or exceeding limits.

Bridge Mortgage Loans in Canada: Key Points Purpose:  Provides temporary funds to use your current home’s equity as a down payment on a new property before your existing home is sold. Term Length:  Typically 6-12 months, allowing time to sell your current home and repay the loan. Qualification:  Requires a firm sale agreement on your current home and approval for a new mortgage. Use Case:  Ideal for making firm offers in competitive markets before selling your existing home.

When it's time for your mortgage renewal, follow these steps: Start Early:  Begin about 120 days before your term ends to explore options and negotiate. Review Finances:  Assess your income, expenses, and goals to see if anything has changed. Shop Around:  Compare rates from multiple lenders to ensure you're getting the best deal. Evaluate Mortgage Features:  Consider changes like switching from a variable to a fixed rate or adjusting your amortization period. Negotiate:  Use

Recent and proposed updates to Canadian mortgage laws aim to make homeownership more accessible for first-time buyers. Key points: Proposed Changes Extended Amortization:  A proposed 30-year amortization for new homes (vs. 25 years) could take effect on August 1, 2024, to reduce monthly payments for first-time buyers. Existing Programs Home Buyers' Plan (HBP):  Withdraw up to $35,000 from your RRSP for a down payment, repayable within 15 years. First Home Savings Account (FHS

An insurable mortgage in Canada meets these criteria: Down payment of 20% or more (loan-to-value ratio of 80% or less). Purchase price under $1 million. Amortization period of 25 years or less. Owner-occupied residence. Meets CMHC requirements, like minimum credit score and debt service ratios. Key points: Lenders can choose to insure it, but insurance isn't mandatory. The lender pays the insurance premium, not the borrower. Interest rates are slightly higher than insured mor

An uninsured conventional mortgage in Canada requires a down payment of at least 20% of the home's purchase price, eliminating the need...

As a Mortgage Broker, I offer access to a diverse network of lenders, and my schedule is adaptable. This flexibility allows me to be...