When you purchase a home and require mortgage financing, lenders will want to confirm the source of the down payment for a variety of reasons. This is to ensure that there is no hidden loans or monthly obligations that would effect your monthly carrying costs, abide by the anti money laundering act and to also assess your suitability to carry the debt. Here are some things to keep in mind when it comes to down payment sources. Gifted funds must be from an immediate family member (MOTHER,FATHER, SISTER, BROTHER, SIBLING, GRANDPARENT) Minimize transfers between bank accounts Out of country assets must be in Canada…

What are the risks of Condition-Free Offers? Great question. In today's market, buyers are often in multiple offer situations and want to submit a clean offer that has no conditions. This is never advisable, but we do understand that this is a very competitive market. If you have been pre-qualified by a licensed mortgage broker, you may been vetted by one or more lenders, however, the property has NOT been vetted. Below are some issues that could affect a lender’s willingness to lend on a particular property. Please note that this list is not exhaustive. There could be other issues impacting a lender’s decision. • Water damage, leaks…

Fixed Rate Mortgages Fixed rate mortgages offer a stable payment that does not change throughout the term.  With some lenders you have the ability to port and increase via blended rate or refinance with blended rate to avoid a penalty Statistically, most people don’t make it through a 5 year term for a variety of reasons such as: 1.- They move 2.- Need to refinance to access equity for debt consolidation 3.- To buy another property Bond Yields Unlike Prime which is dictated by Bank of Canada, fixed rates vary based mainly on bond yields. Bonds are typically safer investments than stocks. When the economy is less stable and stocks…

What are the risks of Condition-Free Offers?

Great question. In today's market, buyers are often in multiple offer situations and want to submit a clean offer that has no conditions. This is never advisable, but we do understand that this is a very competitive market.

If you have been pre-qualified by a licensed mortgage broker, you may be vetted by one or more lenders, however, the property has NOT been vetted. Below are some issues that could affect a lender’s willingness to lend on a particular property. Please note that this list is not exhaustive. There could be other issues impacting a lender’s decision.

Original Article Source Credits: financialpost, https://financialpost.com

Article Written By: Kevin Carmichael  

Original Article Posted on: Dec 18, 2020   

Link to Original Article: https://financialpost.com/news/economy/bank-of-canada-governor-wants-to-avoid-housing-policy-mistakes-of-the-past

Original Article Source Credits:   CBC News , https://www.cbc.ca/

Article Written By:  NA

Original Article Posted on:  Oct 15, 2020

Link to Original Article:  https://www.cbc.ca/news/canada/edmonton/edmonton-calgary-highest-rate-mortgage-deferrals-programs-end-1.5763626

Original Article Source Credits:   Toronto storeys , https://torontostoreys.com/

Article Written By:   Ainsley Smith

Original Article Posted on:  October 9, 2020

Link to Original Article:  https://torontostoreys.com/canadian-mortgages-risk-defaulting-rbc/

Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  October 23, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/10/latest-in-mortgage-news-dominion-lending-centre-unveils-new-deals/

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