Know Your Equity

Equity can be taken out of your home to do many things, depending on your needs. Similar to a bank account that increases as the mortgage is gradually paid off and as the property value rises. Home Equity is the appraised value of your home minus the remaining mortgage balance. Example: Appraised value of home … Continue reading Know Your Equity

Down Payment Possibilities

The mortgage options you qualify for depend on multiple factors. One of the most important being the down payment. The required minimum down payment in Canada is 5%. When purchasing a home exceeding $500,000 the down payment is then 10% for the amount exceeding. So, for a $750,000 home: 500,000 x 0.05 = 25,000 250,000 … Continue reading Down Payment Possibilities

It Pays to Shop Around

A mortgage is going to be the one of the largest financial commitments in your lifetime, so it’s important to find someone who has your best interests at heart. My goal is to highlight the differences among mortgage professions, so everyone is more aware of the services available to them. An agent and broker are … Continue reading It Pays to Shop Around