Edmonton Blog

Recession Proofing Your Finances

February 2, 2023

The latest news has been focused on rising interest rates, surging inflation, and economic uncertainty with suggestions that the Canadian economy could be tripped into recession.  With all this information circulating, now is a good time to discuss ways to adapt your finances and protect your future. Fortunately, there are a few key things you can do to get started today!  1. ...

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4 Key Things to Know about a Second Mortgage.

February 2, 2023

A second mortgage is a mortgage that is taken out against a property that already has a home loan (mortgage) on it. Generally people take out second mortgages to satisfy short-term cash or liquidity requirements, have an investment opportunity or to pay off higher-interest debts (such as credit cards and student loans) that a second mortgage might offer.  If you are considering a seco...

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What to Know About Title Insurance

January 18, 2023

There are many insurance products when it comes to your home, but not all are created equal. One such insurance policy that potential homeowners may encounter is known as “title insurance”.  This particular insurance is designed to protect residential or commercial property owners and their lenders against losses relating to the property’s title or ownership. In fact, it is so i...

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Is a Reverse Mortgage Right for You?

January 14, 2023

A reverse mortgage is a versatile and flexible financial solution for Canadians in their retirement years. Homeowners 55+ are unlocking their home equity for tax-free funds that don’t have to be repaid until they decide to sell their homes.  Consider these four reasons Canadians 55+ turn to the CHIP Reverse Mortgage by HomeEquity Bank:  1. Alleviate the stress of debt. ...

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10 Money Saving Tips

January 11, 2023

When it comes to saving money, there are a lot of little things you can do that add up to make a big difference! Here are 10 of our favourite money-saving tips:  1. Automatic savings are one of the most effective ways to save because you can’t spend what you can’t access! Instruct your employer to transfer a certain amount from your paycheck each pay period into an RRSP or savings acc...

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Post-Holiday Debt? Consolidate Today!

January 9, 2023

The holidays are a season of giving and often times, households can often find themselves carrying some extra debt as we enter the New Year.  If you happen to be someone currently struggling with some post-holiday debt, that’s okay! Whether you’ve accumulated multiple points of debt from credit cards or are dealing with other loans (such as car loans, personal loans, etc.), you are li...

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New Year Resolutions for Your Home

January 4, 2023

Your finances aren’t the only thing that has room for new resolutions in 2023! Consider these great ideas to make your home feel brand new come January:  Purge Your Space  While most people think about purging when Spring comes around, the end of the year really is no better time. While cleaning your home is common around the holidays, purging takes that a step further. Make it ...

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5 House Hunting Mistakes to Avoid

December 21, 2022

Buying a home is one of the largest investments you will ever make! In order to make your home hunting experience the best it can be, there are a few key mistakes to avoid and be aware of before you start your journey:  1. Not Getting Pre-Approved: One of the most important aspects of buying a home is the mortgage application and approval process. No matter what type of home you are l...

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How the CHIP Reverse Mortgage helps you with your cash flow over the holiday season

December 17, 2022

The holiday season is certainly a time filled with joy, but it can be a very expensive time of year. Between gifts, travel, decorations, parties, and food, Canadians find themselves spending more during the season. According to a study by Ipsos, 46% of Canadians are stressed about the holiday season and think inflation will make it more difficult to buy gifts.  Despite inflationary co...

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Financial Mistakes to Avoid in Today’s Economy

December 12, 2022

2022 has been nothing but bad news financially for most Canadians. Our stock portfolios are worth a lot less, everything we buy costs more, and interest rates are making our mortgages and other loans a lot more expensive. More than ever it is time to tread carefully and avoid any financial mistakes, so we gathered up the top 5 missteps you definitely want to steer clear of for the rest of thi...

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Home Security Tips

December 5, 2022

Your home is your biggest asset and it is important to protect it. When it comes to the various areas in your home, some key points for security are your windows, doors and exterior of your home.  We have put together some top tips to help get you started and avoid any unwanted attention!  Securing Windows  ● Reinforce the windows on your first floor with window stop...

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What to Know Before You Sell Your Home

December 1, 2022

So, you are ready to sell your home! Whether you are up or down-sizing, selling your home can feel like a large undertaking – that’s where we come in. To help make this process as smooth as possible, we have put together a list of a few things to know before you sell:  Improve Your Curb Appeal  When it comes to selling your home, first impressions matter. If a potential bu...

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10 “Must Know” Credit Score Facts

November 25, 2022

If you are in the market for a home or a new car, you are probably very familiar with your credit score. Lenders are one of the primary users of credit scores and it can have a huge impact on whether you get approved for a loan and just how much interest it is going to cost you. What isn’t well known about credit scores is where they come from, what makes them go up (or down!), and who else...

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Facts About Using a Guarantor

November 22, 2022

In the mortgage world, a “guarantor” is someone who guarantees the mortgage on behalf of the mortgage holder in the case that the mortgage holder cannot pay back the loan.  Typically, a guarantor is used in a situation where the buyer has damaged or poor credit history or they lack sufficient income to qualify for the value of the loan. Adding a guarantor can help get these types ...

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When Higher Rates Can be Better

November 21, 2022

When it comes to getting a mortgage, there is a common misperception that a low rate is the most important factor. However, while your rate does matter for your mortgage, it is not the only component to consider.  If you’re looking to get a mortgage, these are some other important factors that you should look at beyond simply the interest rate:  Term: The length of time that...

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4 Financial Myths 

November 15, 2022

Enriched Academy was launched back in 2013 after a successful appearance on the TV show Dragons’ Den by co-founders Kevin Cochran and Jay Seabrook. Although they would have loved to appear on the hit TV show MythBusters as well, fact-checking financial advice just didn’t have the mass appeal of learning whether one could survive on a desert island with only a pallet of duct tape.  ...

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So, You Want To Be A Landlord?

November 11, 2022

Are you dreaming about owning a rental property and making some extra income each month? Before diving into becoming a landlord, there are some things you should know from the advantages and disadvantages to some tips when it comes to buying a rental property.  Advantages of Owning a Rental Property  If you’re looking to purchase a property for rental and become a landlord, ...

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5 ways you could use a CHIP Reverse Mortgage

November 8, 2022

Reverse mortgages are now becoming a more mainstream financial solution for Canadians 55+ ; they are being used by thousands of Canadians for a variety of reasons. Homeowners 55+ are unlocking their home equity for tax-free funds that don’t have to be re-paid until they decide to sell their home. Consider your own financial needs. Do any of these 5 common scenarios sound familiar?  ...

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5 Tips to Reduce Heating Costs. 

November 2, 2022

When it comes to the winter season, it can be easy to go overboard when it comes to heating – but there is a better way! With a little awareness – and the right preparation – heating your home this winter won’t have to cost you a fortune. To help you save, we have put together a few helpful tips to reduce heating costs:  1. Inspect Your Heat Sources – Regardless of whether y...

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What to Know about Porting Your Mortgage.

October 28, 2022

When it comes to getting a mortgage, one of the more overlooked elements is the option to be able to port the loan down the line.  Porting your mortgage is an option within your mortgage agreement, which enables you to move to another property without having to lose your existing interest rate, mortgage balance and term. Thereby allowing you to move or ‘port’ your mortgage over ...

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8 Sure-Fire Ways to Sink Your Household Budget.

October 26, 2022

Despite the effects of the current onslaught from inflation and ever-increasing prices, the basic concept of budgeting hasn’t changed. Dividing up your money into little piles for the various things you need (and want) doesn’t seem like such a difficult process, so why is a budget so hard to put into practice?  The simple answer is that no matter how small those little piles get...

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Retirement Worries Weighing you Down?

October 24, 2022

It’s natural to have uneasiness over the state of your retirement preparedness due to the inherent uncertainties involved:  ● How long will I live?  ● Will my health or my spouse’s health fail? and when?  ● How much will my current assets and investments grow in value? ● How will inflation impact the next 5, 10, or 20 years?  There is no shortag...

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Getting a Mortgage After Bankruptcy. 

October 20, 2022

If you have had to declare bankruptcy, you may be wondering what is next.  Bankruptcy is not a financial death sentence. In fact, there are a few things you can do after declaring bankruptcy to help reset your financial status and get a mortgage in the future.  While there is no wait requirement to apply for a mortgage after bankruptcy, it is important to allow your credit time to...

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Why is NOW a great time for a Reverse Mortgage?.

October 18, 2022

According to a recent study by Angus Reid, Seven-in-Ten Canadians say money is a source of stress. You may feel the pressure of the current economic circumstances, such as rising inflation, which makes it more challenging to maintain your standard of living. More Canadians are becoming stressed about their financial situation, from increasing expenses such as out-of-pocket health care and hom...

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10 Ways to Plug Money Leaks.

October 10, 2022

It can sometimes be hard to keep track of your finances. Fortunately, we have some tips to help you review your financial situation and plug unwanted money leaks!  1. Be Wary of Impulse Spending: While it can be easy to think that picking up a few extra items here and there won’t affect your overall budget, it does. When you make a purchase of $10 here or $8 dollars there, it all st...

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Advice for Single Homebuyers

October 7, 2022

Buying a home is an exciting experience for anyone, and even more of a milestone when you’re doing it solo, but it can be a little different when you’re purchasing on your own. While it can be easier to tailor your mortgage and home search to exactly your needs, it can be somewhat more stressful handling the purchase of a home on your own… fortunately, that’s where a Dominion Lending ...

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Selling Your Home in Winter

October 7, 2022

While you might think selling your home in winter is harder, with the right considerations it doesn’t have to be! When selling your home during warmer months, the focus is typically on curb appeal and gardening, as well as having bright colors and patterns to draw out different rooms.  While curb appeal should not be forgotten in winter months, the focus should be centered on creati...

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Where Will Rising Interest Rates Hurt Most?

September 15, 2022

Rising inflation combined with a strengthening post-pandemic economy gives both reason and opportunity for the Bank of Canada (BOC) to further raise interest through to the end of 2022 and beyond.  The 1% increase to the benchmark overnight rate in early July was a wake-up call that they were not bluffing and are prepared to act aggressively. Depending on how inflation trends, we coul...

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The Real Deal about Transfers and Switches

August 15, 2022

Most people who are thinking about a transfer or switch want to take advantage of a lower interest rate or to get a new mortgage product with terms that better suits their needs.  Up for Renewal?  If your mortgage is approaching renewal and you are considering a transfer or switch – great news! You won’t be charged a penalty. BUT you are still required to qualify at the cu...

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How to Start Saving Money

July 10, 2022

We often hear the mantra, “pay yourself first” when it comes to personal finance. This concept of automatically routing some of your salary every payday (before you can spend it!) into a retirement investment account isn’t hard to understand, but it’s hard to implement if you need every nickel just to survive until your next paycheque.  Discipline and dedication to the cause w...

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Understanding Insurance

June 25, 2022

Not all insurance products are created equal. One of the most common mistakes homeowners and potential homeowners make is that they hear the word “insurance” and just assume they have it! Well, you might have one kind of insurance, but you might be missing coverage elsewhere. It is important to understand all the different insurance products to ensure you have proper coverage.  To...

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Second Mortgages: What You Need to Know

June 7, 2022

One of the biggest benefits to purchasing your own home is the ability to build equity in your property. This equity can come in handy down the line for refinancing, renovations, or taking out additional loans – such as a second mortgage.  What is a second mortgage?  First things first, a second mortgage refers to an additional or secondary loan taken out on a property for w...

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What Do You Need To Buy a House?
Your Journey to Homeownership

May 11, 2022

If you ever thought about becoming a homeowner, you are not the only one. The road to becoming a homeowner is a process; however, it is becoming more and more accessible. So what are the things you need to buy a home? It isn’t as much as you think. You can follow these steps to make sure that you have all the documents you need, as well as being able to get a mortgage pre-approval. You can leav...

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Mortgage Advisor Edmonton

How Much of A Mortgage Can You Afford?

May 11, 2022

The mortgage approval process will involve a home buyer’s due diligence when it comes to calculating how much mortgage they can afford. Mortgage affordability will depend on many different factors that lenders use to determine if and how much they can lend to you. Buying a home with a mortgage is usually a costly investment, especially for first-time homebuyers. This could be the biggest pu...

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Prequalification and Pre-approval—what is the Difference?

January 27, 2022

Many people assume that pre-qualification and pre-approval are the same thing because these terms are often used interchangeably. While both processes are part of a mortgage application, the terms are actually quite different. What Is a Pre-qualification? Mortgage pre-qualification can be done online or over the phone as the process is quick and simple. This is often the first step of a mor...

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What Borrowers Should Know about Working with a Mortgage Broker?

November 26, 2021

Potential buyers will have to secure a mortgage to buy their dream home, and you can do this through a bank or through a mortgage broker. As a borrower, you have to understand your options to make informed decisions. Working with a mortgage broker is a great choice because licensed professionals can connect clients with mortgage products. They work with a number of different financial institution...

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A Pre-Approval Does not Guarantee a Mortgage Approval

November 26, 2021

Getting a mortgage approval will require you to follow a number of steps and a pre-approval is a must. However, while this step is extremely important, buyers have to understand that a pre- approval does not guarantee a mortgage approval, so you cannot assume that everything is finalized as your mortgage pre-approval will not automatically translate into a mortgage. The lender will still have to ...

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Choosing the Right Mortgage Payment Frequency

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 sub...

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How Much Impact Will A Credit Check Have On Your Score?

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 instituti...

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How do You Improve Your Chances of Being Approved for a Mortgage?

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 ...

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Tips for Speeding up the Sale of Your Home

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 help speed u...

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First-Time Home Buyer Tips

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 responsible ...

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Edmonton Home Search: Decisions To Make

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 mar...

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No Down Payment Mortgage Edmonton

Getting an Awesome Edmonton Home Loan

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 expert...

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Being a Careful Edmonton Home Buyer

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 appe...

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Advantage of Refinancing a Mortgage with the Same Lender

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 ...

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How Long Should it Take to Pay off a Mortgage?

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 unt...

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Short-Term Vs Long-Term Mortgage

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...

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Latest Trends in Real Estate Mortgage

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...

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Take Advantage of Low Interest Rates – Refinance Your Mortgage Today!

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...

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Is It A Good Idea To Use Your RRSP For A Downpayment On A House?

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...

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How Home Equity Can Be Used to Payoff CRA Debt

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 not a h...

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Home Equity: Everything You Need to Know

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...

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Pre-Qualify vs. Pre-Approve: What’s the Difference?

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...

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Don’t Fall For These Four Common Mortgage Myths

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...

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Mistakes to Avoid as a First Time Home Buyer

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...

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What’s the Difference Between a Broker vs a Banker?

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...

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Bankruptcy Does Affect A New Mortgage, But It’s Not A Lost Cause

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...

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Why Picking The Lowest Mortgage Rate Isn’t Always Better

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...

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Is a Second Mortgage is right for you?

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...

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How to Refinance a Mortgage

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...

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5 Secret Sources of Down Payment Money

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...

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Second Mortgages Edmonton

Renting vs Buying a Home

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...

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Mortgage Basics: Fixed vs Variable

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...

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Tips to negotiate your mortgage rates

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...

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Things to consider for a pre-mortgage approval

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 ...

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How does a reverse mortgage work?

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! ...

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Most Commonly asked RRSP Questions

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...

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How to get a better rate when you renew with your bank

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...

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How Edmonton based self-employed professionals are getting the best mortgage rates

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 ...

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First-time buyer’s guide to a typical Edmonton home inspection

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...

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Documents required to get the best mortgage rate

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...

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Different Ways to Get a Mortgage Loan

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 the ...

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Tips to Get a Mortgage With No Down Payment

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...

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Second Mortgages Edmonton

Do Mortgage Rates vary depending on the type of house or condo

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%. ...

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4 Valuable Mortgage Tips for First Time Home Buyers

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...

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Tips to Budget your Monthly Mortgage Payment

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...

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How to Get Best Mortgage Rates?

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 ...

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Getting A Mortgage While Self-Employed

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...

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First Time Home Buyer Edmonton

What Is The Home Buyers Plan?

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 i...

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What You Should Consider Before Buying A Condo In Edmonton

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...

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Tax Season Is Here – How Does Your Mortgage Fit In?

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...

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What will a Mortgage Broker do for you?

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, ...

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What to look for when buying your first home

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...

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Why is it better to pay large down payment?

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...

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How do Second or even Third Mortgages work?

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...

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Pros and Cons of Mortgage Refinancing

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...

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Refinance Mortgage Edmonton

Why a Borrowed Down Payment Will Be Right for You

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 ava...

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How Do You Refinance a Mortgage?

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...

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How Much Mortgage Can I Afford?

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...

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What is the Process of Verification to get Your Mortgage at Collin Bruce?

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...

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Testimonials

“Collin's team worked quickly and effectively to get us the best deal on our mortgage. After this experience, there's no reason that I would ever recommend someone just go to their bank to ask for a mortgage. Engage a professional like Collin to get the best deal. Thanks Collin!”

James (Spruce Grove)