Mortgage Information
Equity Financing
For the self-employed with an excellent credit history More...
How does my amortization affect the amount of interest I pay?
The amortization period has a dramatic effect on the amount of interest paid over the length of the mortgage. Consider the example of a $150,000 mortgage with an interest rate of 6.20%: More...
How much home can I afford?
After you submit the application along with the financial information, the broker calculates whether you can afford the mortgage payment for the property based on your ability. Although the following are not all of the costs, your ability to repay is based on the following:
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What are the sources for mortgage financing?
A wide range of financial institutions are involved in the mortgage industry in Canada, including: More...
What documentation is required if I make my down-payment from my own resources?
You must supply verification satisfactory to Canadian Mortgage & Housing Corporation (CMHC) guidelines or GE Capital and the lender of accumulated savings from non-borrowed funds. This may be in the form of a copy of your bank book confirming a balance equivalent to your own payment, including the amount of deposit to confirm the savings of said amount for a period of not less than 3 months. More...
What documentation is required if I make my down-payment from the sale of an existing property?
You are required to provide a copy of the unconditional Purchase Sale Agreement on your existing property. This needs to be accompanied by a copy of the statement of Mortgage Balance on any mortgages presently held against the property. More...
What documentation is required to be pre-approved for a mortgage?
Have your employer give you a letter on company letterhead outlining your name, position, gross annual income, and number of years employed with the company: More...
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