Resources2022-07-06T15:48:39-04:00

Helpful resources to get you started

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Break down what documents you’ll need to get started on your mortgage application.

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Latest Mortgage News

Mortgage Glossary

Does reading about mortgages make your head spin? Take a look through some commonly used terms – we’ve gotten rid of the finance speak and made them simple to understand.

APPRAISAL
The process of determining the market value of a property.

ASSETS
What you own or can call upon. Often used in determining net worth or in securing financing.

BLENDED PAYMENTS
Equal payments consisting of both an interest and a principal component. Typically, while the payment amount does not change, the principal portion increases, while the interest portion decreases.

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Do you have a question?

Chances are, if you have a question someone else has too. Here are a few of our top inquiries & answers.

Very few home buyers have the cash available to buy a home outright. Most of us will turn to a financial institution for a mortgage the first step in a potentially long-standing relationship. But even with a mortgage, you will need to raise the money for a down payment.

A minimum down payment of 5% is required to purchase a home, subject to certain maximum price restrictions. In addition to the down payment, you must also be able to show that you can cover the applicable closing costs (i.e. legal fees and disbursements, appraisal fees and a survey certificate, where applicable).

To determine ‘affordability’ you will first need to know your taxable income along with the amount of any debt outstanding and the monthly payments. Assuming it is your principal residence you are purchasing, calculate 32% of your income for use toward a mortgage payment, property taxes and heating costs. If applicable, half of the estimated monthly condominium maintenance fees will also be included in this calculation. Second, calculate 40% of your taxable income and deduct all of your monthly debt payments, including car loans, credit cards, lines of credit payments. The lesser of the first or second calculation will be used to help determine how much of your income may be used towards housing related payments, including your mortgage payment. These calculations are based on lenders’ usual guidelines. In addition to considering what the ratios say you can afford, make sure you calculate how much you think you can afford. If the payment amount you are comfortable with is less than 32% of your income you may want to settle for the lower amount rather than stretch yourself financially. Make sure you don’t leave yourself house poor. Structure your payments so that you can still afford simple luxuries.

A home inspection is a visual examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roofs, ceilings, walls, floors, foundations, crawl spaces, attics, retaining walls, etc.) and systems (electrical, heating, plumbing, drainage, exterior weather proofing, etc.).

The interest rate on a fixed-rate mortgage is set for a pre-determined term – usually between 6 months to 25 years. This offers the security of knowing what you will be paying for the term selected.
A mortgage in which payments are fixed for a period of one to two years although interest rates may fluctuate from month to month depending on market conditions. If interest rates go down, more of the payment goes towards reducing the principal; if rates go up, a larger portion of the monthly payment goes towards covering the interest. Open variable rate mortgages allow prepayment of any amount (with certain minimums) on any payment date.
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Chip Reverse Mortgages

The financial solution designed to help homeowners 55 years+ retire securely.

Private Mortgage

Having a tough time getting the financing due to poor credit? We can likely help you out.

Refinancing

Unlock some of your home equity for debt consolidation, escaping high rates or other important needs.

Mortgage Calculators

Review your options before buying your next home or investment property.

Luxury Mortgages

Looking for a luxury home in the Niagara Region or Southern Ontario? We’re equipped to help.

First Time Buyers

Ready to find your first home? Our team is assembled and ready to walk you through the mortgage process – and your front door.

New To Canada

Mortgage financing for permanent or non-permanent citizens looking to own a home in Canada.

Self Employed

Mortgage solutions for self-employed individuals who lower their taxable income via write-offs and deductions.

Renovations

Financing options that help you complete your home renovation dreams while adding value to your home.

Hear From Happy Homeowners.

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