When beginning your search for a new home, one of the very first steps you should take is to contact your local mortgage broker to determine the maximum amount of mortgage you may qualify for. This is the process of mortgage pre-approval. Mortgage pre-approval serves to give you insight into your buying power and allows you to set a budget, and shop for homes within that budget.

When thinking about making a home purchase, whether it’s your first time, or you’ve made a purchase before; it’s always good to have a professional on your side. Choosing the right mortgage professional can save you time and money, and can also take some of the stress out of the home buying and financing process. Just like shopping around for that right home to purchase, you should also consider shopping around for a mortgage professional that is right for you. Karen Canning, and the team of mortgage brokers at The Mortgage Group have some tips to help you choose the right mortgage professional.

Are you looking to purchase an additional property to generate rental income, or convert a portion of your existing home? What are your options when it comes to financing a second home as a dedicated rental, or even an owner occupied rental?

The many benefits of homeownership do not come without their costs. Purchasing a home is likely to be one of the largest transactions you ever make, and the more knowledge you have about the costs associated with a home purchase, the better your position will be when it comes time to search for your dream home. When speaking with clients, a question that is asked frequently is whether Mortgage Default Insurance is required on their purchase. To help those who are currently in the market for a home, or might be searching for a home in the future, below are some guidelines to consider when factoring Mortgage Default Insurance into your purchase.

The new stress test makes it more difficult for some homeowners to gain access to the extra equity due to home values increasing.

Title insurance is a legal form of assurance as to the state of a property’s title. It protects lenders and purchasers against loss or damage suffered due to fraud, survey errors, encroachment issues, existing undisclosed liens, as well as any other issues that prevent you from having clear ownership of your property.

In previous generations Canadians have focused on paying off their mortgage as quickly as possible, accelerating their payments and shortening their amortization. A lot of our parents, who were instructed by their parent’s generation subscribed to this philosophy.

For mortgage qualification, many lenders now accept Child Tax Credit as income. Most lenders require that the child be no older than 16 years of age.