7 Oct

The Mortgage Financing Process

General

Posted by: Sarah Boudreau

The number one question for any potential homebuyer or someone new to the mortgage process is “what does this process entail?”. The following is a simple outline to give you an idea of the process and help you understand what to expect as you embark on your home buying journey! STEP 1 – BE PREPARED […]

Read More
11 Feb

5 Reasons to use a Realtor

General

Posted by: Sarah Boudreau

Management of the Paperwork and the Fine Print: As the saying goes, “The devil is in the details”. Real Estate transactions are document heavy. They involve contracts, disclosures, waivers and more initials and signatures than you care to imagine. Let a Realtor tackle the paperwork for you. They are familiar with the documentation and terms […]

Read More
18 Aug

Purchasing a Second Home with as Little as 5% Down

General

Posted by: Sarah Boudreau

It is that time of year again- many of us are thinking about purchasing a second home, for one reason or another. You may be dreaming about owning a lake front cottage or a condominium in one of your favorite local holiday spots. Others have children heading off to University in the fall – and those tuition […]

Read More
21 May

Divorce: Your Home and Mortgage

General

Posted by: Sarah Boudreau

Divorce can be a very difficult time, and the changes to the mortgage rules over the last few years have made it even more difficult. Most often, we see that one spouse will want to remain in the home and will need to buy the other out of the remaining equity. In an amicable and/or […]

Read More
5 Apr

The Cost of a Mortgage Payment Deferral

General

Posted by: Sarah Boudreau

What is the Cost of a 6-month mortgage payment deferral? We will assume the deferral occurs in the first 6 months of the new mortgage, which is unlikely to happen but provides the most expensive case scenario. We will use the method used by most Credit Unions, and by TD Bank and others, whereby the bank […]

Read More
5 Apr

Clarification of the Mortgage Deferral Program- UPDATE

General

Posted by: Sarah Boudreau

The Federal Government announced on March 18, 2020 that it would provide increased flexibility to lenders to defer mortgage payments. Then the big-6 banks announced they would be allowing up to 6 months of mortgage payment deferrals to assist those impacted by COVID-19.  The Monoline lenders followed suit.  Since then they have all been doing as […]

Read More
27 Mar

Clarification of the Mortgage Deferral Program and Alternative Options

General

Posted by: Sarah Boudreau

It was only days ago that the Federal Government announced that it would provide increased flexibility to lenders to defer mortgage payments during the COVID-19 crisis. Shortly thereafter, the big 6 banks announced they would be allowing up to 6 months of mortgage payment deferrals to assist those impacted by COVID-19. The monoline lenders followed […]

Read More
15 Mar

Fixed Rates versus Variable Rates

General

Posted by: Sarah Boudreau

The Bank of Canada announced a 50bps cut to the overnight rate on Friday at an unscheduled meeting. The overnight rate, or policy rate, can have an impact on the Prime lending rate at the banks, as we saw 2 weeks ago at the BOC’s regularly scheduled meeting. The banks have not responded to this […]

Read More