Edmonton Blog

How Job Loss Affects Your Mortgage Application

June 7, 2023

Whether you’ve made an offer on a home already or are still in the process of looking, you already understand that buying a home is likely the largest investment you’ll ever make.  When it comes to your mortgage application, there are a few things that you should avoid doing while you’re waiting for approval – such as making large purchases (i.e. a new car), applying for new c...

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Unlocking Home Equity: The Benefits of a Reverse Mortgage vs a HELOC

June 2, 2023

Do you need help to meet your retirement income needs? With rising inflation, accessing sufficient cashflow for your desired lifestyle can be challenging. However, with over 70% of Canadians owning their homes, tapping into home equity can be the cashflow solution you need.  Tapping into Home Equity  If you want to remain in your current home, a home equity line of credit (HEL...

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Don’t Be House Poor 

May 30, 2023

Having the biggest and best home on the block sounds great – but not if it is at the expense of your life and monthly finances! Be smart about your budget and avoid buying a home at the very top of your pre-approval value, which might lead to cash flow issues and being “house poor” down the line.  Home Expenses  When it comes to your home, it is more than just your purch...

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How to Pay Off Your Mortgage Faster

May 25, 2023

When it comes to homeownership, many of us dream of the day we will be mortgage-free. While most mortgages operate on a 25-year amortization schedule, there are some ways you can pay off your mortgage quicker!  1. Review Your Payment Schedule: Taking a look at your payment schedule can be an easy way to start paying down your mortgage faster, such as moving to an accelerated bi-weekly...

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10 Questions to Ask Your Home Inspector

May 18, 2023

While home inspections might not be the most exciting part of your home-buying journey, they are extremely important and can save you money and a major headache in the long run.  In a competitive housing market, there can sometimes be pressure to make an offer right away without conditions. However, no matter how competitive a market may be, you should never skip out on things designe...

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In Search of Financial Wellness?

May 16, 2023

Financial wellness is fast becoming the latest buzzword as soaring inflation and interest rates pile the pressure on Canadians. There is a strong connection between mental health and financial health, and financial stress is taking a heavy toll. So, what exactly does it mean to be “financially well”?  Financial wellness is described as a state of well-being where an individual or ...

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Make Sure to Stress-Test Your Financial Advisor! 

May 15, 2023

Whether you use an investment firm or rely on the services available at your local bank, a lot of us have someone we commonly refer to as our “financial advisor”. It’s a generic term, but it usually equates to the person who “handles our investments”. However, the reality is that their level of professional training, experience, and the scope of services they offer varies greatly.&n...

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What You Should Know About Mortgage Amortization

May 10, 2023

Your mortgage amortization period is the number of years it will take you to pay off your mortgage. Depending on your choice of amortization period, it will affect how quickly you become mortgage-free as well as how much interest you pay over the lifetime of your mortgage (longer lifetime equals more interest, whereas a shorter lifetime equals less interest but also bigger payments).  ...

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Frequently (and not so frequently!) Asked Mortgage Questions 

May 5, 2023

New to mortgages? Have questions but not sure where to start? We have the answers!  1. What is the best interest rate I can qualify for?  Your credit score plays a big role in the interest rate you can qualify for. The riskier you appear as a borrower, the higher your rate will be. While it is important to understand rate is NOT the most important aspect of your mortgage, it d...

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Five ways to refresh your home this spring

May 2, 2023

Are you looking to upgrade your home? With warmer weather and extended sunlight hours, spring is the perfect time to give your home a bit of extra TLC. Here are five renovation projects you can do this spring that can increase your home’s appeal, inside and out:  1. Repave your driveway.  You may have noticed that your driveway is beginning to sink, or the snow, mud, salt an...

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5 Steps to Getting a Mortgage

April 25, 2023

While the mortgage process can be daunting, we have broken it down into 5 easy steps to help you get started! Plus, a DLC mortgage expert is happy to help guide you every step of the way so it is even easier to make your dreams of home ownership happen.  1. Options: Your mortgage professional has access to 90+ lenders with dozens of solutions to suit your mortgage needs. During our in...

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Mortgage Pre-Approval vs Pre-Qualification

April 18, 2023

When it comes to getting a mortgage, there are a few things you can do in advance to make the mortgage process easier!  Getting pre-qualified  The purpose of mortgage pre-qualification is to help you get a general idea of what you can afford when shopping for your new home.  Pre-qualification will take your own assessment of your financial status and allow you to come ...

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Self-Employed and Seeking a Mortgage

April 13, 2023

Approximately 20% of Canadians are self-employed, making this an important segment in the mortgage and financing space. When it comes to self-employed individuals seeking a mortgage, there are some key things to note as this process can differ from the standard mortgage.  Qualifying for a Mortgage  In order to obtain a mortgage as a self-employed individual, most lenders requi...

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Top 8 Questions About Reverse Mortgages

April 8, 2023

Written by Mich Sneddon, CPA, CA – Reverse Mortgage Pros  Having completed dozens of reverse mortgage deals, there are some questions that I find I get over and over again.  So today I thought I’d write a piece on the 8 most common reverse mortgage questions that people in Canada have regarding reverse mortgages.  1. if i have an existing mortgage on the property, ...

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What is the First Time Homebuyer Incentive? 

April 4, 2023

The first-time homebuyer incentive program is a shared-equity mortgage with the Canadian government that helps qualified first-time buyers reduce their monthly mortgage payments to better afford a home!  The Incentive: This program allows you to obtain an incentive from the government to assist with your down payment, thereby lowering your overall mortgage amount and, in turn, your mo...

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Make Your Mortgage Work for You.

April 1, 2023

When it comes to mortgages, it can be easy to get overwhelmed by the sheer number of options! Fortunately, we are here to help! Below are some of the mortgage details that you should understand to ensure that you are getting the best mortgage for YOU:  Interest Rate Type  Interest rate is one of the major components to your mortgage and it is important to decide whether you wa...

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What is an Uninsurable Mortgage?

March 21, 2023

When it comes to mortgages, insurance is necessary to protect the lender on these types of loans, which deal in large sums of money. There are three different tiers relating to insurance, which all have different minimum down payment amounts and varying premium insurance fees.  1. Insured mortgages typically have a less than 20% down payment and are insured with mortgage default insur...

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Why You Should Have a Power of Attorney.

March 18, 2023

You work a lifetime building your nest egg, so the thought of losing financial control can be difficult at any point in life. However, having a trusted document like a power of attorney (POA) can bring you and your loved ones peace of mind. Contrary to what some believe, the reality is that your POA does not own your money or property, and they cannot change your will, make a will, or change ...

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Selling Your Home in the Spring 

March 16, 2023

Are you looking to sell your home? We have a few tips to help you make the most of the spring season!  1. Hire an Experienced Realtor: Before preparing your home for the Spring market, you will want to hire an experienced realtor! A good realtor will serve as your guide through the entire sales process, helping you get your home ready for listing, showing potential buyers and finalizi...

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How to Stage Your Home

March 2, 2023

Are you finding that your current home is no longer meeting your needs and are looking to upsize, downsize or simply relocate? We have some tips for you on staging your home so you can get the best results (and the best offer!):  1. Utilize Mirrors: Mirrors can really help to open up a space to make it seem much larger and brighter, which are two aspects that really appeal to most buyers....

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Do you need title insurance for a new-build home?

February 28, 2023

The housing supply shortage is one of the top issues in Canada’s real estate market. To address it, cities like Calgary are seeing a massive boom in new-build housing.  New construction offers many advantages, like more energy-efficient heating and cooling systems. Their titles can also feel less risky to transfer. After all, if the land was previously vacant, there’s no chance of...

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Need an Appraisal? Tips for Success

February 24, 2023

If you are looking to buy a home or want a current value of your property, you will need an appraisal.  Before banks or lending institutions can consider loaning money for a property, they need to know the current market value of that property. The job of an appraiser is to check the general condition of your home and determine a comparable market value based on other homes in your ar...

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Mortgages and Corporations

February 21, 2023

If you are a self-employed client who owns your own business, you may have chosen to set that business up as a corporation. This means the business operates as essentially its own person. They have income through business revenue and expenses from marketing costs, materials, office space, etc.  When it comes to getting a mortgage, there are a few benefits to putting that mortgage unde...

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How to provide a tax-free gift to your children with the CHIP Reverse Mortgage

February 19, 2023

The current economic landscape can be challenging for young Canadians to navigate as they face great uncertainty with heightened interest rates and inflation. It can be frustrating as they are just starting to build their career, considering buying a home or starting a family. If you are a parent, you may be thinking about how you can help your child during this period. The CHIP Reverse Mortg...

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Title insurance and home insurance–protect what matters most

February 17, 2023

When something goes wrong with your home and you suffer a loss, you need to be able to rely on your insurance coverage. Knowing which of your insurance policies to turn to isn’t always easy. Title insurance and home insurance both offer important protection, but many get them confused. So, what’s the difference between home insurance and title insurance?  what is home insurance?&n...

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Fall in Love with Your Home… All Over Again

February 15, 2023

Most of us like where we live, but we might not love it. Have you fallen out of love with your home? No sweat! We have tips to help you fall in love with your home, all over again!  Cleanse and Purge  Depending on how long you have lived in your home, you have probably gathered up a number of items that you no longer need, want, or use. One of the first steps to falling in lov...

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Change of Address Checklist

February 13, 2023

So, you’re moving! Before you hunker down in your new home, there are a few things you will want to take care of regarding your new address.  Personal Contacts  First and foremost, if you haven’t yet, make sure to tell all your personal contacts about your address change, including:  ● Relatives  ● Friends  ● Employer  ● Schools, col...

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How can homeowners protect themselves against title fraud?

February 10, 2023

With news stories surrounding title fraud breaking weekly, more homeowners are asking what they can do to protect their homes before they become the next headline. Daniela DeTommaso, President of FCT, addressed the issue in a recent interview on CBC’s Metro Morning with Ismaila Alfa.  “We’re seeing a level of sophistication in these frauds we’ve never seen before,” Daniela e...

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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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Mortgage Approval Edmonton

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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Mortgage Advisor Edmonton

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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Mortgage Advisor Edmonton

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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Second mortgages Edmonton

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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No Down Payment Mortgage For Home

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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First-Time Home Buyer Edmonton

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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“Dealing with the Collin Bruce team was such a positive experience. They were so knowledgeable and helpful through every step of the process. They listened and answered all my questions and were very quick to respond back to me. This is my second time using them and I absolutely plan to use them again in the future!”

Ashiana (Spruce Grove)