Mortgage Broker

New Immigrants Face Hurdles as First-Time Home Buyers

Posted by Brad Speniel | May 23, 2015 at 8:29 am

ESTIMATED READING TIME: 2 minutes

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New Canadians are making their numbers felt in the housing market, as they get settled and make the transition from renter to owner, purchasing their first homes in this country.

Over 280,000 new immigrants arrived in Canada in 2010, the highest amount in 50 years according to the Department of Citizenship and Immigration. Immigrants are expected to play a large role in the housing market in the coming decades. Between now and 2031, the foreign-born population of Canada could increase approximately four times faster than the rest of the population.

For these new Canadians, first-time home ownership may prove harder than anticipated, as they face some unforeseen obstacles, but there are definite opportunities.

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Switching mortgage lenders for a lower rate

Posted by Brad Speniel | May 22, 2015 at 1:27 pm

ESTIMATED READING TIME: 2 minutes

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With today’s historically low rates, many Canadian homeowners are looking for advice as to whether they should move their mortgage for a better rate. You can switch to another lender at any time, although the renewal date is often when homeowners decide to transfer their mortgage.  Some typical questions you may have when switching mortgage lenders:

Will I pay a penalty if I transfer my mortgage?

There are no fees or payout penalties if you switch at mortgage renewal, otherwise there likely will be a penalty, although often paying the penalty to get a lower rate can save thousands.

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Find the Perfect Home with a Mortgage including Home Renovations

Posted by Brad Speniel | May 22, 2015 at 1:22 pm

ESTIMATED READING TIME: 1 minute

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Many homebuyers looking at older properties find themselves in a common predicament: they’ve found a property that suits them, but it needs some costly and immediate upgrades.

Many buyers add the costs of those immediate home renovations into their mortgage, instead of racking up credit card bills or selling investments to pay for the upgrades.  Known as a “purchase plus improvements” mortgage, this type of mortgage covers the sale price of the home, plus any renovations that would increase the value of the property, with as little as 5 per cent down.

If you’re buying a home but want to add a second story, finish a basement or redo a kitchen, it can make a lot of sense to add those costs to your mortgage.  That way you can spread your payments over the life of the mortgage and have a cost-effective way to get your dream home. You can also use your pre-payment privileges to pay the renovation off faster.  The process is actually quite simple:

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What Lenders are Looking For: How to Manage your Credit Score

Posted by Brad Speniel | May 22, 2015 at 12:12 pm

ESTIMATED READING TIME: 3 minutes

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So maybe you let a few bills slide when things were tight. Or maybe you haven’t seen a zero balance on your credit card in longer than you can remember. Or maybe that temporary line of credit somehow became permanent. It’s amazing how many things we do that weaken our credit score.

Your credit score – the higher the better – is your passport to financial opportunities.
Known as a FICO score – with a possible range of 300 to 900 – your number tells lenders what kind of a risk you are likely to be as a borrower.

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