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Let’s say you are on the bubble for qualifying for a particular mortgage amount. Aside from credit score and other paperwork, etc. what are the key factors that can make a difference to being approved or declined?

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Conventional mortgage wisdom has taught us for years that putting down 20% for a down payment will save you tremendously. The reason is, in Canada, you are required to pay default mortgage insurance for down payments less than 20%. The standard premiums are based on the Loan-to-Value (LTV), which is simply the Loan Amount / Property Value.

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What happens to someone that desperately needs money and tries to borrow it? Either they can’t get it because their application / credit is lacking or they will be forced to pay more for it. For example, take someone who has lost their job temporarily and has fell behind on important bill payments, such as the mortgage.

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Find out:

What is the difference between my Term and my Amortization?
Can the bank re-assess the value of my home at renewal?
I’m coming up for renewal, what rate am I offered? Am I given the posted rates?
What happens if I neglect to respond to the renewal offer?
Can I increase or decrease my balance at maturity/renewal?

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Mortgage arrears in Canada are exceptionally low, both today and historically. We Canadians place a great deal of importance on ensuring we make our mortgage payment as top priority. The consequences of being behind are simply not worth the excessive fees associated with missing a payment or, more importantly, dealing with the Bank kicking you out of your home. Watch about the first 30 minutes of the Hollywood movie “99 Homes” and you’ll really witness the stark harshness of the eviction process.

Did you know there are some strategies you can employ with your mortgage to keep yourself up to date on your payments?

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What do you think about when you hear the word “mortgage”? I think most people visualize a youngish person or a couple borrowing money to buy a home. A mortgage loan has an interest rate, amortization, terms and conditions, and a payment amount. Over time, as they pay down the mortgage it gets smaller and smaller until one day they have a mortgage burning party. Let’s call this traditional way a “forward mortgage”. The prevailing mentality of homeowners is to pay down this mortgage before retirement, otherwise, I’m going to have to keep working to make the payments. After all, there are only so many Wal-Mart greeter positions around.

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Wouldn’t it be nice if you could get a fatter income tax return? In the U.S. they are allowed to write off their interest from their principal residence. What about in Canada? Can I write off the interest on my mortgage?

Learn more...

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Let’s face it, saving up for a down payment on a home is difficult, especially for first time home buyers! Housing prices have increased which makes the down payment requirement even more challenging. However, there are some solutions for the right niche - Flex Down payment.

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Purchasing a home is not easy these days. You’ve worked hard and saved enough for a down payment, land transfer tax, closing costs, and moving expenses. How can you afford to make any renovations, even is small?

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In Canada, we do not have 25 or 30 year mortgages terms. We have amortization periods that are for 25 to 30 years. They are made up of individual terms rolling over or renewing at the end of each term. Assuming a 25-year amortization and no early prepayments are made, you might have a 5-year mortgage term (most common in Canada) renew five times.

 

So, you have a mortgage already and are approaching your maturity date of your term… what do you do?

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