First National

• First National currently has over $90 billion in mortgages under administration, making them the largest non-bank originator and underwriter of mortgages in Canada. • They offer both residential and commercial mortgage financing. • First National is synonymous with service! They are driven by innovation and technology to help the mortgage application process be more … Read more…

Minimum Downpayment

On December 11th, 2015, the Canadian federal government announced a change impacting minimum downpayment amounts for homes valued between $500,000 and $1,00,000. The change took effect on February 15th, 2016.  The minimum downpayment for new insured mortgages is now 5 per cent to 10 per cent for the portion of the house price above $500,000. … Read more…

Paperwork! Enough Already!!

When you are applying for a mortgage, how organized you are with your paperwork plays a part in how smoothly the process will go, and whether or not you secure the final approval. As usual, there are certain documents that are critical in the credit review process that are needed up front. However, now the … Read more…

Mortgage Renewal

So you completed the paperwork marathon when you bought a home and now your mortgage is up for renewal. What is the process now? When your mortgage is up for renewal, you have a few options available to you: Renew the existing balance with your current lender. Transfer your mortgage balance to a new lender … Read more…

CMLS Financial

CMLS Financial has been a part of the financial industry for over 40 years. CMLS manages just under $15 billion in assets under administration. Their roots began in commercial lending, and approximately 3 years ago, they created their residential lending division. If there could be a cool kid on the block for mortgage lending, these … Read more…

Scotiabank STEP Mortgage

My favourite product that Scotiabank offers is the STEP mortgage. STEP stands for Scotia Total Equity Plan. Here are some of the details of this great product: Your mortgage is approved with a Global Limit. You can borrow back up to your Global Limit at any time without reapplying. This gives you access to separate … Read more…

What is Title Insurance?

Thank you to FCT Insurance Company Ltd. for providing this information. What is Title Insurance? Title insurance protects you, the homeowner, against losses associated with title fraud, survey and title issues/defects,as well as challenges against your ownership (title to the property). Title insurance is unlike traditional insurance products — it does not just cover things that … Read more…

Lending Differences

Lending differences are based on the assessment of risk in a mortgage application. When you apply for financing, lenders will approach your application in one of two ways:  income qualifying or equity (also called stated income). In the income qualifying category or “A” lending, your personal application and the subject property meet the bank’s lending policies in every way. … Read more…

Refinance

Why refinance? The simple reason is that life happens! Sometimes life presents itself with unexpected opportunities or challenges. These life events can often impact us financially, and then we are faced with important decisions. If you own your home or other real estate, sometimes a refinance can help you with the decision-making process. A refinance … Read more…