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Posted by: Jenni MacDonald
The Cornwall and Area real estate market has been hot for over 10 months now and by the looks of the current trend, it will just get hotter for the spring market. Prices are increasing at an unprecedented rate. If you are getting ready to purchase your first home, there are some basic steps that […]
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The holidays are a very joyful time of year. However, it can also become an expensive time of year. If you’re looking for extra funds to get you back on track, or to even help financially during these challenging COVID times. Maybe a home refinance is right for you. HOW MUCH CAN I GET? Whether […]
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The Equifax Credit Score uses a numerical range of 280 to 900, where higher scores indicate lower credit risk. Banks will want clients to be at a score of 700 or higher!! While no one knows the exact formula (except the inventor, Fair Isaac Corporation), Beacon scores are roughly based on: Here are a few […]
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Many people go through challenges in life that affect their finances. Whether it’s divorce, job loss, health issues, or a worldwide pandemic, it can be difficult to get your finances sorted out and back on track. Too often, people wait YEARS to confront their debts and are then overwhelmed and not sure where to go […]
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As you may have heard, the Bank of Canada recently changed the stress test rules as of June 1, 2021. With these changes, now both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage. The new qualifying rate on uninsured mortgages – where the down payment […]
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YOUR CREDIT SCORE IS YOUR POWER WHEN APPLYING FOR A MORTGAGE With all the recent mortgage changes, your credit score is more important than ever. Most Lenders rely on the “Equifax” score. Equifax calculates a credit “risk” score out of a maximum score of 900. A score of 700 or higher is considered an excellent […]
Read MorePosted by: Jenni MacDonald
The Cornwall and Area real estate market has been hot for over 10 months now and by the looks of the current trend, it will just get hotter for the spring market. Prices are increasing at an unprecedented rate. Whether you are getting ready to purchase your first home or considering selling your current house […]
Read MorePosted by: Jenni MacDonald
If you are purchasing a personal home or a duplex that you are going to live in, you will need a down payment of at least 5% of the purchase price. Triplex and fourplex properties (in which you will live), requires at least 10% of the purchase price for the down payment. A property with […]
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Refinancing/Switching/Transferring Your Mortgage With housing prices increasing and mortgage rates dropping to record lows, right now may be the best time to change your mortgage. HOW MUCH CAN I GET WITH A REFINANCE? Current mortgage rules allow a maximum amount of up to 80% of the appraised value to be available for a refinance. […]
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On June 4, 2020, CMHC announced that they were tightening the underwriting policies for insured mortgages. This means that if you have less than 20% down payment on the purchase of a new home, the rules will make it harder to qualify and you will qualify for less financing than before July 1, 2020. The […]
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