June 2, 2021
There are a lot of steps involved in setting up a mortgage, and the process can sometimes be overwhelming. Having the right information is a must because this will allow you to make informed decisions, and you will feel confident with your plan. In terms of the frequency of your mortgage payments, this is generally left as the last step, and this choice is often made before your file is s...
June 2, 2021
When applying for a mortgage, your credit score will be taken into consideration, and the lender will use this information to determine whether or not your mortgage will be approved. A credit check will be conducted, and there are two different types, including a hard check, which will affect your score and a soft check, which will not. A soft check will be conducted whenever a financial institut...
March 11, 2021
Buying a home is one of the largest investments you will make in your lifetime. Most of us will need a mortgage to help us become homeowners and while there is no guarantee that you will get approved for the mortgage that you want, there are steps and actions you can take beforehand to make yourself less risky to potential lenders. Keep reading to find out the best way to improve your chances ...
September 11, 2020
Selling your home is a big step and there is a lot to do to prepare for the process. If this is something you have decided to do, the following tips will help you sell your house fast: Use A Realtor Trying to sell your house on your own is a big mistake because you do not have the knowledge and experience that realtors have. They are experts in the field and their services will hel...
September 6, 2020
Buying your first home is very exciting and preparation is important because it will allow you to enjoy the experience. If you are planning on buying your first home, the following tips will ensure the process is smooth and stress-free: Pay Off Any Debts And Work On Your Savings Buying a home is a very big investment and owning the home comes with a number of costs. You will be res...
August 4, 2020
Whether you’re a first-time buyer or simply looking for your next house, navigating the ins and outs of the Edmonton real estate market can be overwhelming even for the most experienced person. Before you jump into the labyrinth and start your property search, you should prepare yourself and lay out some ground rules. By doing so, you can help mitigate the issues of the Edmonton real estate ma...
July 15, 2020
Most people need a loan to purchase a property and knowing what to look for will help you get a home loan that is right for you. The process of buying a home can be overwhelming because of all the steps, including where to look, who to turn to, which loan to take and familiarizing yourself with the conditions involved. Working with a mortgage broker will make a big difference because their exper...
July 15, 2020
Buying a home is a very big investment, and in order to make the right decision, you need to be careful with every aspect of the process. A house that checks off all of the aesthetic criteria on your list is great but this does not mean the house is perfect because there are issues that may not be obvious. A nice looking home is a requirement for many but doesn’t base your decision off the app...
May 4, 2020
There are several benefits to refinancing your mortgage, including obtaining a lower interest rate and cheaper monthly payments, which will provide you with additional cash flow to help pay off any debts and enjoy your life a little more. Refinancing is essentially creating an entirely new mortgage, which means there is no obligation to refinance with your existing lender. If you enjoyed ...
March 13, 2020
Paying off a mortgage in a short amount of time is extremely difficult without significant and stable income and very few expenses. Smaller, regular payments spread out over the amortization period, which is the total amount of time required to pay the mortgage, is usually an expensive route to take. That is because mortgage payments usually cover the interest and very little of the principal un...
February 26, 2020
Mortgages are available in different terms and contrary to what many people think, a term does not mean the total length of the mortgage or the amount of time it will take for someone to pay their mortgage in full, which is actually called a mortgage amortization. A term is an agreement in which the interest rate and other inclusive mortgage features are established over a set period and...
February 18, 2020
The real estate market changes often and if you’re thinking of buying a home or investing in property, it’s important to know and understand the latest trends regarding real estate and mortgages to determine whether the timing is right for you. Affordability is something you need to think about, which is why you’ll need to check on all the trends related to housing and real estate so that y...
January 31, 2020
With record low interest rates for mortgages, it’s no surprise that borrowers are happy and homeowners even more so because they can benefit quite a bit from such low rates. It’s worth looking into refinancing your mortgage because you never know when you’ll see such low rates again. If you purchased your home a few years ago, there’s a very good chance you can benefit by refinanc...
January 10, 2020
One of the biggest hurdles you have to overcome when planning to buy a home is coming up with the downpayment. With average house prices starting at $520,000, you will be looking at at least a 20% downpayment. The Home Buyer’s Plan (HBP) is a federal plan that was created to help first-time home-buyers get into the real estate market. Those who qualify are able to withdraw up to $25,000 from t...
November 29, 2019
Any debt can have serious legal consequences if it goes unpaid. The Canada Revenue Agency (CRA) charges compounded interest on a daily basis on your unpaid debt until you pay off the full balance. Turning a blind eye to your CRA debt does not make it go away. It’s better to do everything you can to pay up in full now than struggle with increasing debts later. Sometimes, the debts are no...
November 18, 2019
If you’re not entirely sure what home equity is, here is the simplest way of breaking it down: it is the amount of your home that you actually own. Your home equity will increase over time because as you continue to pay off your loan, you will own more and more of it. It will also build over time due to other factors, including the rise of the market value of the house a...
October 17, 2019
It’s important to understand that pre-qualification and pre-approval are not the same and knowing which option you should go with can make a big difference in a competitive real estate market. The right choice will help you get your dream home, while the wrong one will cause you to lose it to another buyer. If you are pre-qualified, it means that a lender has been informed of your income, as...
October 16, 2019
Whether it’s your first home or one of many, buying a home is a significant investment that requires a mortgage. As exciting as this milestone in your life is, you may be vulnerable to mortgage myths and misinformation. These falsehoods can make the home buying process more challenging, so it’s imperative to be aware of them. The Collin Bruce Mortgage team is here for you, which is why we...
September 20, 2019
Buying a home is the biggest investment you will make, so you want to make sure there are no mistakes in the process. If it’s your first time buying a home, it’s particularly easy to make a mistake if you don’t know what to look out for, which is why it’s extremely important to know the details in advance so that you can make the right decision. In order for this milestone to be smoot...
September 4, 2019
A mortgage is a mortgage but the difference lies in who you secure it from. Choosing the right lender can help you save thousands of dollars. For first-time homeowners, the idea of selecting the right lender can be confusing. Should you borrow from a broker or a banker? But the decision is critical to weigh your mortgage options best and determine your budget for your first home. Moreover, th...
August 26, 2019
Declaring bankruptcy may make you feel like you’ve lost all hope, but that isn’t true. Bankruptcy does happen, but there are steps you can take to minimize the effects of it to start anew. Thankfully, there is no waiting time one faces after being discharged from bankruptcy. This means that you can apply for a new mortgage at any time, but before you do, make sure you know what to do. That...
August 4, 2019
Finding a home is an exciting journey, but it also takes a bit of research. That includes, for most people, finding the right mortgage. However, the right mortgage doesn’t always mean the lowest rate out there. You may feel as if you’re saving money by opting for a lower mortgage, but that can potentially leave you with a less than desirable property. You could be limiting yourself from c...
June 27, 2019
The thought of taking out a second mortgage might sound daunting, but it doesn't have to be. You are taking on an extra monthly payment but, under the right conditions, a second mortgage could save you money. Here are some things you should know about second mortgages before you apply for one. Reasons for Taking Out a Second Mortgage Most Canadians take out second mortgages to help them consol...
June 20, 2019
Many homeowners consider the option of refinancing their mortgage for several different reasons. The main goal is to gain access to a lower interest rate which can result in big savings over the course of your mortgage. If you’ve done your research and feel that refinancing your mortgage makes sense, here is a great way in which you can go about it. The most popular approach is a home equity...
May 26, 2019
With the rising cost of living and housing at a high, it can be difficult to save up for a substantial amount for a down payment. The sooner you start saving though, the sooner you can stop renting and finally own a home. Many hopeful buyers do not realize that they are closer to homeownership than they think. Here are some overlooked sources of money you can put towards your down payment: Un...
May 22, 2019
When it comes to choosing whether or not you should buy or rent a home, there are many factors that will appeal to different people. Depending on where you are in life, what the near future holds and, most importantly, your financial situation, one choice might be the clear winner. To help you decide, here are the pros and cons of buying and renting a property. Renting You have a wider sens...
April 26, 2019
The way a mortgage is structured merely relates to how much you have to pay each month and over how many months. There are fixed rate mortgages, which is also referred to as adjustable rate mortgages, and variable rate mortgages or VRMs. The difference between these two types of rates is right in their names. One does not change during the mortgage term while the other can. A fixed rate mortga...
April 15, 2019
Ask any home buyer and they will tell you that one thing they want is the best mortgage at an excellent price. Negotiating a deal on your mortgage may seem undoable, especially if your mortgage broker leads you to believe that you stand no chance of getting a better deal since you already have been offered the best one. Here are a few tips on how to negotiate your mortgage rate. Honesty Whe...
March 19, 2019
As a first-time home buyer in Edmonton, getting approved for a mortgage could be one of the most stressful steps in your home buying process. This stress eases around the second time when you already know how to get your first mortgage approved. In case you weren’t already pre-approved, you will begin your process of mortgage approval after making an Offer to Purchase and after your offer has ...
March 1, 2019
A reverse mortgage is a loan that is secured against the value of your home. It is intended exclusively for homeowners who are 55 years and older. It enables them to convert up to 55% of their home's value into tax-free cash. You can use the funds from a reverse mortgage for anything you desire; to cover monthly expenses, pay off debt, renovate your home, or travel - the choice is yours! ...
February 15, 2019
Having the best mortgage advice is invaluable. Whether you are a first-time home buyer, looking for the second mortgage or refinancing an existing one, having the best mortgage broker in Edmonton is priceless. While your mortgage broker can give you a lot of information and insights, it is best to have some preliminary knowledge so that you can manage your finances efficiently. One of the things...
February 15, 2019
The most significant monthly payment for most Canadians is their mortgage. And, yet, so many complacently renew their mortgage instead of finding a better deal when their term is up. You should be shopping for a better rate at least half a year before your term is up for renewal. It is the longest period lenders will guarantee a rate. That way, if rates rise, you have your guaranteed rate, and if...
January 4, 2019
One of the most apparent advantages of being self-employed is that it gives you the freedom to write off many personal expenses and pay a lower income tax. This is the reason why many people across Canada are opting to show self-employment or contractual employment. In fact, nearly 20% of all income earners throughout Canada have some kind of self-employment, even if it is part-time to gain tax ...
January 2, 2019
If you are a first time home buyer in Edmonton, you may be wondering what to expect from a home inspection. Home inspections are basically a part of the standard contingency for buyers so that they can be assured that their future home is structurally sound before moving in. However, many buyers underestimate the importance of carrying out a home inspection and making sure it is done correctly bef...
September 29, 2018
Buying a house is both an exciting and stressful process. There are many steps to getting approved for a mortgage and even more paperwork that comes with it. Save yourself from worrying and follow this guideline so that you can feel assured that you have everything you need during the home buying process. Pre-approval This part is not technically part of the process; it is instead more of a mark...
September 2, 2018
The most substantial financial commitment you will likely make is a real estate loan. You will probably be tied into a contract for a few decades, which is why the option you choose is so important. The type of loan that is best will vary from person to person. Here are the different sources you can get a loan from how they stack up to each other: Mortgage Brokers Your choices will depend on t...
August 29, 2018
The difference between renting and buying a home for most people is saving for the down payment. Most monthly mortgage payments amount to similar costs as your monthly rent. Even modestly priced homes can seem unrealistic when you consider the traditional 20% down payment and various closing costs. If you are ready to take on the responsibility of owning a home but do not have enough for a down pa...
August 12, 2018
There is not one set mortgage rate that everyone gets when it comes time to buy a property. Depending on your own financial situation, the downpayment you are placing on the home, the location, and also what kind of property you are purchasing. It is relatively common knowledge that if you are buying a business or commercial property that the mortgage rate will be higher, often by around 25%-75%. ...
July 30, 2018
Buying a home for the first time is a huge financial step forward. It is an investment like none other and one that needs to be taken seriously. Housing markets across Canada are vastly different, and the Edmonton market is no exception. The Edmonton market features affordable homes, with steady growth, and lacks in nasty surprises that plague other more volatile markets. It is an excellent market...
June 28, 2018
Mortgage payments occupy a large chunk of all homeowners’ monthly expenses. People, who plan on residing in the same house for numerous years to come, employ various methods to pay their entire mortgages earlier than anticipated. Being liberated from mortgages earlier may help you save thousands of dollars in interest, completely own the house, and significantly reduce monthly expenses. Monthly...
June 28, 2018
When you are purchasing a home or renewing your mortgage, whether for the first time or not, then you want to get the best rate possible. A lower mortgage rate will help save you money that you can then use to pay down your mortgage faster or save up for a rainy day. How do you get a great mortgage rate though? There are a few tips and tricks to securing a great mortgage rate, but one of the most ...
May 14, 2018
It’s unfortunate, but self-employed Canadians have to work harder than most to secure a mortgage. Thankfully, it’s not impossible and can go very smoothly if done right. Read on to learn more. What you should know before seeking a mortgage Mortgage lenders are picky people and most of them consider self-employed people as higher risk. On the lender’s end, there’s more paperwork and a mor...
April 2, 2018
The Home Buyers Plan (HBP) allows first-time homebuyers to borrow from their RRSPs for a down payment. It allows first-time homebuyers to borrow $25,000 from their RRSP tax-free. The only catch is that this $25,000 must be paid back over 15 years following the withdrawal. Don’t think of the HBP as free money; it’s more like a loan to yourself. Why Bother With The Home Buyer's Plan? Your RRSP...
April 2, 2018
There are many reasons why you’d pick a condo over a duplex, townhome, or detached house, but there are also a few reasons why a condo might not be the right choice for you. When considering a condo purchase, you need to ask yourself, is a condo lifestyle something you want? The Advantages of Condo Ownership Condos are relatively low maintenance Condos still need to be maintained, but most o...
April 2, 2018
We have good news and bad news. The good news is that you don’t have to file anything for your mortgage on your income taxes. The bad news is that most of us do not get to claim mortgages/mortgage interest as a deduction. While our neighbours down south get to claim interest on their mortgages as tax deductions, the Canadian tax system does not allow it. There are exceptions, however, so con...
February 20, 2018
Mortgage brokers take the formidable task of finding the right mortgage to suit your unique needs financial situation and make it manageable. They can help you navigate the uncharted waters of the mortgage world, and will make sure you have the right tools and knowledge to make the decision that will best serve you. There are unique aspects to mortgage brokers that differ from going to big banks, ...
February 20, 2018
If you are reading this blog, chances are you are thinking about buying your first home. Let us be the first to congratulate you on your decision, we know how big of a milestone it is for people when they buy a home, let alone their first! That’s why we are here to help ease the stress that comes with looking for and ultimately buying your first home. The process of buying a home really is a bi...
February 20, 2018
When deciding to enter into the world of home ownership there is an incredible amount of factors that need to be taken into consideration. One of the most important, and the one that will affect you the most down the road, is how much of a down payment you should put on your home. While it is not always possible to make a larger down payment, taking that extra bit of time to save or going with a h...
January 4, 2018
In Canada, many people take out mortgages in order to help them out financially, and this includes first, second, and sometimes even third mortgages. We all know how a first mortgage works; you contact your bank, work out the details, and begin the process of paying the mortgage back. But what about a second mortgage? How does a second mortgage work and how does it differ from a first mortgage? An...
January 4, 2018
You find out that mortgage interest rates are pretty low, but you’ve committed to a fixed rate mortgage. With that in mind, the question of whether or not you should refinance your mortgage comes up. Refinancing a mortgage means that you get a new mortgage – you finance it again, with an altered payment plan. Here are the basics of how a mortgage works. When you make a payment, some percentag...
January 4, 2018
If you are having trouble trying to save for a down payment, not to worry, it’s been announced that home buyers now have a greater choice in what they can use for a down payment. Now down payment sources can include lender incentives and borrowed funds. What this essentially means is that you can buy a house with no money down. A borrowed down payment is also called “Flex Down” and is avail...
November 23, 2017
A mortgage pre-approval shows you what value of home you can afford, and the mortgage payments associated with it at various purchasing prices. It will guarantee a mortgage rate for a period of time, which will protect you against any potential rate increases. Reasons to Refinance Your Mortgage Take advantage of low interest rates Don’t let the penalties of breaking your contract dete...
November 21, 2017
When you find yourself browsing real estate listings for a new home, the first thing you must do is figure out exactly how much you can afford. Mortgage affordability is based off of several things such as: The total annual household income of the applicants purchasing the home The personal monthly expenses of those applicants (such as car payments, credit expenses etc.) The expenses as...
November 21, 2017
A verification of mortgage is a documentation of your mortgage payment history. The verification of mortgage is often required when applying for a loan, and is used to verify your balance and monthly payments, as well as to check for any late payments on the account. This verification is one of the documents that you need to prove that you are capable in paying back the money that is loaned and pr...
