As a Mortgage Broker with CENTUMÂ Mortgage Choice, we care about our clients and we want to do what is best for them. It bothered me to watch this investigative report but it also compelled me to let folks know that not all insurance providers that offer life and/or disability insurance on your mortgage treat their … Read More
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Not All Mortgage Penalties Are Equal
This is a story about Joe and Sue. Two different people with similar mortgages, but very different prepayment penalties. Joe and Sue each buy a house at the exact same time for the exact same price and get a mortgage for the exact same amount. The only difference is Joe uses a Big Bank, and … Read More
Stated Income Mortgage Q & A: Business for Self with Non-Traditional Income Verification
What is a Stated Income mortgage? It is a specialty mortgage that goes by a few different names, Stated income, Alt A, or Low Doc, but it is essentially a program for people that are Business for Self that can’t prove their income by traditional means. It is often used by business owners that have lowered … Read More
Understanding Why Mortgage Rates Are Dropping
The Bank of Canada announced a surprise quarter-percentage-point cut to its key interest rate Wednesday – a move it calls “insurance†against the potentially destructive effects of the oil price collapse. The reduction in the bank’s overnight rate to 0.75 per cent from 1 per cent – its first move since September, 2010 – comes as … Read More
Interest Rate Hike: 4 Ways Canadians Should Prepare
The Bank of Canada is expected at some point in the year to hike interest rates, and even a small and gradual hike would affect millions of Canadians with car loans, mortgages and lines of credit. “Definitely not going to take much of a hike to make a difference and impact your payments,” says Toronto-based financial planner Jason Heath. “As soon as there’s a quarter-point increase in interest rates, I … Read More
Your Home Buying Team
Purchasing a home is likely to be the largest investment you will ever make, and that means that it is very important you have a team of professionals working with you throughout the entire process. Here are the key players you will need. More and more clients are discovering the benefits of utilizing the services … Read More
What Affects Your Credit?
Lately I have run into a lot of people who have had some “innocent†issues with their credit. Things that they really had no idea was going to affect them negatively when it comes to buying a house. I thought maybe a little refresher on what will affect your credit would be in order. 1) … Read More
Purchase Plus Improvments Mortgage
Found a home that is almost perfect you, if only the kitchen was updated or the bathroom had new fixtures? Now you can update the house in your price range to make it the home of your dreams with the purchase plus improvements program. By allowing you to add the cost of your renovations to … Read More
Top Five Home Renovations That Increase Property Value
Looking to increase your homes property value? Here are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment 5-6x what they cost. #5 Flooring Flooring is one of the most important aspects of your house. You will see an … Read More
Recent CMHC Changes
CMHC has recently made some changes to their rates and products and Naomi Hamm is here to explain how that affects you, the consumer.