Owner Occupied and Rental Properties

With the many mortgage rule changes implemented over the last few years, financing has evolved resulting in lenders underwriting owner occupied and rental properties differently. The reason boils down to risk assessment. Lenders take the view that properties that are declared to be primary residence or second home, carry the least amount of risk in … Read more…

Well Water

Thinking of purchasing a property serviced by well water? You can save yourself potential stress if you include a “subject to a satisfactory water potability test” along with your other subjects, when you write the offer to purchase. When you are excited about your home purchase, it can be easy to rely on the Seller’s … Read more…

Mortgage Pre-Approval

Without a doubt, a mortgage pre-approval is an important first step to take before you actively start looking at real estate. But what exactly does a mortgage pre-approval mean in today’s lending environment? Why should you still write your offer with subject to financing? It is important to note that if you are planning on … Read more…

Income Verification & Qualifying

There are a few key components that play a role in mortgage approvals: income, verification documents, level of down payment, and credit score. One of the most important items in the initial assessment of someone’s application, is the level of income that is available for each person that will be on the mortgage. There are … Read more…

Manulife Bank

Established in 1993, Manulife Bank was the first federally regulated, Schedule 1 chartered bank, opened by an insurance company in Canada. Manulife Bank has over $22 billion in assets and serves clients across Canada in all provinces and territories. Virtual Bank with no branches. Internet, telephone, and mobile banking. 2nd largest ABM network in Canada … Read more…

Reporting of Foreign Bank and Financial Accounts

Are you a Canadian or American that has bank accounts, assets and/or property out of country? If yes, then you should know that the US Report of Foreign Bank and Financial Accounts (FBAR), or the Canadian equivalent, T1135 Foreign Income Verification Statement, are asset reporting forms that must be filed in addition to your tax returns. In Canada, … Read more…

Price Reductions at Subject Removal

The issue of price reductions after you have negotiated your initial offer to purchase,  is an important one to be aware of before you remove subjects and give your deposit. The negotiation of a price for a property can sometimes go on after the initial contract is written. The cause for the renegotiation may be due … Read more…

Purchase Plus Improvements

Looking to purchase a home that needs a bit of work? A purchase plus improvements mortgage is a great way to complete smaller renovations up to $40,000. How the program works: The costs of your improvements are factored in at the time of home purchase. You must use your own funds first to complete the work, … Read more…

Marathon Mortgage Corporation

Marathon Mortgage Corporation Marathon Mortgage Corporation is a new mortgage & investor service provider that is committed to providing competitive mortgage rates and exceptional service in the Canadian mortgage market. Marathon Mortgage Corporation specializes in discounted 3 & 5 year fixed conventional rates, the 5 year high ratio fixed rate, and 5 year closed variable … Read more…