What is the FHSA? The FHSA is a registered plan designed to help first-time homebuyers save towards their first home, tax-free. Contributions to FHSA are tax deductible (Like an RRSP) and qualifying withdrawals are tax-free (like a TFSA). What are the benefits of the FHSA? The FHSA has two major advantages similar to both a …
What Is The First Time Homebuyer Savings Account? (FHSA) Read More »
If it’s your first time meeting with a mortgage broker, you want to come prepared to ensure you get the most out of that time. Here are some great questions to ask during your first meeting with a mortgage broker. 1. How Much Can I Afford? Usually, people pick their homes before they organize their …
Many homeowners dread mortgage renewal time, especially when interest rates are rising as they are today.It means you’ll likely be resetting your mortgage at a higher rate, with higher monthly payments. But as always, you have options. Should you renew early to avoid even higher rates? Or perhaps refinance to lower your monthly payments? We’ll answer these …
A common mistake some mortgage shoppers make is focusing entirely on getting the lowest rate. Don’t get me wrong, a low rate is important, of course, and that’s my goal too. But there are also other considerations to keep top of mind when looking at a mortgage product: its features. Think of shopping for a mortgage …
The Importance of Choosing the Right Mortgage Features Read More »
One of the first big decisions you face as a prospective homebuyer is how you plan to obtain a mortgage. Should you work with a bank, go direct-to-lender or choose a mortgage broker? As a mortgage professional, you can probably assume the option I would recommend! Haha. But below I would like to explain the reasons …
A mortgage preapproval is where you talk to a mortgage broker or mortgage professional and complete a mortgage application, including providing preliminary paperwork to support the details in your application. It is very important to understand exactly what needs to happen to be fully preapproved versus only prequalified. I say this because many banks and …
What Is A Mortgage Preapproval And Why Do You Need One? Read More »
What is mortgage insurance? This is a bit of a long read but if you are currently in the market for a mortgage, you should be familiar with the term “mortgage default insurance.” If you aren’t familiar with this term, please read on because I’m about to outline some of the basics about mortgage default insurance …
The Basics of Mortgage Default Insurance: When/Why You Need It Read More »
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