Previously I discussed the mortgage pre-approval, which is the first step in the mortgage approval process. Here is a basic rundown of the rest of the process, from purchase offer acceptance to closing day.

You may have heard the terms Home Equity Line of Credit, HELOC, readvanceable mortgage, ‘Smith Manoeuvre’ used by sophisticated investors. It is a popular strategy with sophisticated investors, but how does it actually work?

You hear the terminology ‘pre-approval’ often, but do you know exactly what it entails? One of the biggest misconceptions is that a pre-approval commitment from a lender is a guarantee of financing…it is simply just

In a previous blog, I covered the basics on the GDS (gross debt service) and TDS (Total debt service) ratios.  Rental income is treated differently from your regular gross income earnings. How rental income is calculated

Debt ratios are fundamental to mortgage approval. The purpose of the ratio is to assess whether you, the borrow, can service your existing debt plus the new debt that you are applying for. The typical mortgage lender expects

Sept 4, 2012. If you’re seeking a home equity line of credit (HELOC) or readvanceable mortgage equalling 66%-80% of your home’s value, it would be wise to act soon. Rumour has it that some banks may start cutting back on their HELOC lending limits this month. This move relates to

June 21, 2012 The Federal Government announced  four new clampdowns on insured mortgages (more than 80% loan to value) that will quickly come into effect on Monday, July 9th, 2012.

I thought it is worthwhile to inject clarity into this topic because now, the overwhelming amount of lenders require ‘title insurance’ (usually it is stated on the mortgage commitment ‘up to date survey, good marketable title or, in lieu, lender title insurance is acceptable ‘). If you need to take away one piece of vital […]

March 2012 Phew! The recent 2012 Canada budget annoucement did not include any changes to mortgage rules. There was speculation that they might be talk of lowering the amortization from 30 to 25 year or increasing the minimum downpayment requirements up from 5% (for owner-occupied property, rental property minimum remains at 20%). Over the last […]