24 Aug

THE 10 DON’TS OF MORTGAGE CLOSING

General

Posted by: Darick Battaglia

Okay, so here we are… we have worked together to secure financing for your mortgage. You are getting a great rate, favourable terms that meet your mortgage goals, the lender is satisfied with all the supporting documents, we are broker complete, and the only thing left to do is wait for the day the lawyers […]

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21 Aug

BEWARE OF EARLY DISCHARGE PENALTIES!

General

Posted by: Darick Battaglia

Have you ever needed to get out of your mortgage before the maturity date? It can be a confusing and surprising experience. Don’t forget that your mortgage is a legal contract, therefore, like most contracts it is expected that it would cost you something to break it. The lending institution will have two options to […]

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20 Aug

THE DEVIL IS IN FIVE OF THE DETAILS

General

Posted by: Darick Battaglia

I have something shocking to tell you. Mortgage brokers are human. Gasp!! But wait, so are lawyers, lenders, legal assistants and everyone else who is involved with your mortgage transaction. Why do I choose to draw attention to this and ruin your day you ask? It is so you will have a checklist of the […]

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19 Aug

AN INTERESTING MOVE REGARDING RENTAL PROPERTY FINANCING

General

Posted by: Darick Battaglia

For those looking to purchase rental properties, the minimum down payment has historically been at 20% for some time, and so it remains. In years gone by, this down payment money had to be proven to have originated from the buyers own resources, it could not be gifted. In the case of an owner occupied […]

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17 Aug

PURCHASE PLUS IMPROVEMENTS

General

Posted by: Darick Battaglia

With 80% loan-to-value being the maximum you are now able to refinance your property, property for values increasing at a slower rate, and 25 years being the maximum amortization on high ratio deals, it’s not as easy as it once was to simply refinance and pull some money out of a home when it’s time […]

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14 Aug

WHO DOES YOUR BANKER WORK FOR?

General

Posted by: Darick Battaglia

It may seem an odd question with a very obvious answer but you would be surprised how few people consider this question when approaching their bank for mortgage advice. When you deal with a bank employee or a mobile mortgage representative (also a bank employee), you need to know that their primary responsibility is to […]

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13 Aug

HAVE YOU CONSIDERED PURCHASING A PROPERTY WITH A SECONDARY SUITE?

General

Posted by: Darick Battaglia

The Canadian Mortgage and Housing Corporation (CMHC) recently announced that in order to facilitate affordable housing choices for Canadians, it would be making some policy revisions on how they consider income derived from secondary suites. Considering the last 4 years have been nothing but tightening of rules, making it harder for Canadians to secure mortgage financing, this news is […]

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12 Aug

HOW TITLE FRAUD WORKS AND HOW TO PROTECT AGAINST IT

General

Posted by: Darick Battaglia

Last time, we discussed mortgage fraud using “straw buyer” schemes and the red flags that come up when they happen. This time we are taking a look at an even more insidious type of fraud, where the red flags are hard or even impossible to spot until it’s too late. Title Fraud When you purchase a […]

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11 Aug

WHAT HAPPENS WITH MORTGAGE FRAUD AND WHY YOU’RE NOT SAFE

General

Posted by: Darick Battaglia

Nowadays, with the amount of information that is shared on the internet and social media, identity theft and Ponzi schemes are happening regularly. Homeowners are taking the necessary steps to protect one of their largest investments, which is their home. The last thing you want to worry about is yet another way to lose your […]

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