Get pre-approved for your mortgage loan, rather than just pre-qualified. With pre-approval, the Mortgage Broker pulls a credit report, verifies a borrower’s income and takes other preliminary underwriting steps to come up with a maximum allowable loan amount, which usually doesn’t change. The Mortgage Broker and the Lender also commit, in writing, to making that [...]

Fixed-rate 6 month, 1, 2 & 3 year (open, closed and closed-convertible) 4, 5, 7 & 10 year closed. Variable-rate 3, 4 and 5 year (open, closed, closed-convertible and capped) Split-term Combination of all possible terms (6 month through 10 years) Number of portions depends upon lender…3 is most common; 5 is maximum currently available [...]

In February of 1992, the Canadian Federal Government introduced the “Home Buyers’ Plan” (HBP), which allows RRSP plan holders who are also first time home buyers to use up to $20,000 of their RRSP to apply to the purchase of their home. The plan, extended twice, is in effect as of July 1997 until further [...]