Mortgage Tips

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Category: Mortgage 101 (9 posts)

Can You Qualify With Income Tax Arrears or Debt Collections?

Can You Qualify With Income Tax Arrears or Debt Collections?

June 22, 2022 | Posted by: Matt Broom-Hall

In this article, we talk about the importance of being current with your Income Tax, as it determines whether qualifying for a mortgage in Canada, especially a self-employed mortgage, will be easy or ...

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TFSA or RRSP For Down Payment Source?

TFSA or RRSP For Down Payment Source?

May 28, 2022 | Posted by: Matt Broom-Hall

This past week I had a great chat with some first time home buyers. They knew that their RRSPs would be eligible for the Government of Canada Home Buyer's Plan but weren't sure about their TFSAs. Thi ...

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Adding A Co-Applicant To Your Mortgage Application

Adding A Co-Applicant To Your Mortgage Application

March 3, 2022 | Posted by: Matt Broom-Hall

Thanks to tighter mortgage qualification rules and higher-priced real estate - it’s not always easy to qualify for a mortgage on your own merits. You may very well have a great job, a decent in ...

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WARNING! Rates are going to continue to go up.

WARNING! Rates are going to continue to go up.

February 27, 2022 | Posted by: Matt Broom-Hall

WARNING! Rates are going to continue to go up.That's a given. With Spring just around the corner, if you're planning on buying a home, NOW is the time to complete your pre-approval so that you can get ...

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Zero Down Mortgage

Zero Down Mortgage

February 25, 2022 | Posted by: Matt Broom-Hall

Zero down mortgages are a thing! They go by a couple of different names. You may have heard of flex down or borrowed down payment mortgages.How does it work?Essentially, instead of having the down pay ...

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For Every $350 In Monthly Debt You Eliminate = $50,000 More Home!

For Every $350 In Monthly Debt You Eliminate = $50,000 More Home!

February 8, 2022 | Posted by: Matt Broom-Hall

Lowering debt is one of the BEST ways to increase your buying power! Did you know for every $350 a month you can eliminate in monthly debt will get you $50,000 more home?!Before considering whether or ...

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Did You Know: In Addition To Your Down Payment, You'll Need To Have Closing Costs?

Did You Know: In Addition To Your Down Payment, You'll Need To Have Closing Costs?

February 1, 2022 | Posted by: Matt Broom-Hall

Did you know that when buying a home, your mortgage lender will require you to have 1% to 1.5% of the purchase price of your new home in your bank account in excess of your down payment funds?The foll ...

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Did You Know: When Bank Of Canada Increases Rates, It Reduces The Max Purchase Price You Qualify For?

Did You Know: When Bank Of Canada Increases Rates, It Reduces The Max Purchase Price You Qualify For?

January 24, 2022 | Posted by: Matt Broom-Hall

When the Bank of Canada increases its prime rate, banks and lenders move in lockstep in increasing their mortgage rates.  Most people only think that the impact is solely on the monthly mortga ...

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How Do Lenders Decide Whether To Approve or Decline A Mortgage Application?

How Do Lenders Decide Whether To Approve or Decline A Mortgage Application?

December 29, 2021 | Posted by: Matt Broom-Hall

So you’ve finally decided to buy your own home and go through the process of applying for a mortgage. Like any first-time home buyer, you probably have a ton of questions on what happens behin ...

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