16 May

5 ways you can kill your mortgage approval

Mortgage Tips

Posted by: Lynn Nequest

5 ways you can kill your mortgage approvalSo, you found your dream home, negotiated a fair price which was accepted. You supplied all the needed documentation to your mortgage broker and you are waiting for the day that you go to the lawyer’s to sign the final paperwork and pick up the keys.

All of a sudden your broker or the lawyer calls to say that there’s a problem. How could this be? Everything has been signed and conditions have been removed. What many home buyers do not realize is that your financing approval is based on the information the lender was provided with at the time of the application. If there have been any changes to your financial situation, the lender is within their rights to cancel your mortgage approval. There are 5 things that can make home financing go sideways.

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10 May

Why We Chose a Mortgage Broker

General

Posted by: Lynn Nequest

Why We Chose a Mortgage BrokerFor Arthur Dubreuil, the recent purchase of his new house will sound like a similar story for many homebuyers. Looking to upsize to meet the needs of his growing family, the Toronto area resident looked east outside the city for a more affordable option. What he found was a perfect affordable 2,000 square-foot home on an acre of land in the community of Cobourg, Ont.

“The price point and what you get for the value moving out of the city… we couldn’t have something like that in the city,” Dubreuil said.

So when it was time to get financing, he turned to a trusted source, a Dominion Lending Centres mortgage professional he used in the past.

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8 May

Fake-ish News

Latest News

Posted by: Lynn Nequest

Fake-ish NewsFake(ish) News: ‘Mortgage Rates Went Up Last Week

Real News: On April 27th TD increased their ‘posted rate’.

What’s a posted rate?

It’s the list price, the MSRP — you know that price that nobody actually pays…’rack rates’.

Posted is not Prime, Prime is not Posted – there is no connection between Posted and Prime.

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7 May

What is a Refinance?

Mortgage Tips

Posted by: Lynn Nequest

What is a Refinance?Refinancing a home is one of those things where people understand what it is but have trouble explaining how it works. To put it simply, refinancing your home allows you to access the equity you have built up, by changing the mortgage amount.
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3 May

What does a “Rate Hike” actually mean?

General

Posted by: Lynn Nequest

What does a “Rate Hike” actually mean?TD Bank has increased it’s posted rates and RBC did the same on Monday. This increase, from 5.14% to 5.59% at TD, is the “biggest move in years.” The change came because of the bond yields increasing. We do expect every other lender to follow suit.

But, actual interest rates have not changed… so what exactly is going on?

The banks have specifically increased something called the “posted” rate.

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