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The Blog

I always keep my blog up to date so you can stay informed.
Monthly Newsletter April 2020

As I write this month’s newsletter I hope you and your families are healthy and making the best of the current environment. No blog or announcement would be complete without a sincere THANK YOU and appreciation for all health professionals and first responders who are...

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Mortgage Deferrals and COVID 19
Mortgage Deferrals and COVID 19

One week into “quasi” lockdown and it certainly has been an interesting one. It is hard to know where to start so I will start with a THANK YOU and a sincere appreciation for all health care professionals and first responders. We are all thankful for all that you do....

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Should I Get A Mortgage Pre-Approval?
Should I Get A Mortgage Pre-Approval?

Should I get a Mortgage Pre Approval? Going through the pre-approval process is important. However, the actual term ‘pre-approval’ is often misunderstood. It’s not magic, and it’s certainly not binding. Let’s be clear, a pre-approval isn’t for the lender; it’s for...

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New Construction Assignment
New Construction Assignment

One of the benefits of working with an independent mortgage professional is having lots of great financing options! Rather than dealing with a single lender who has one set of products, brokers work with multiple lenders who offer a wide selection of mortgage...

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Using Your RRSP To Help Buy A Home
Using Your RRSP To Help Buy A Home

Did you know that you can use your RRSP to help buy a home? In fact, you can, it’s called the RRSP Home Buyer’s Plan (or HBP for short). Here are a few things you need to know! It needs to be your first home (with some exceptions). Technically, you must not have owned...

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New Stress Test On Insured Mortgages
New Stress Test On Insured Mortgages

Minister Morneau Announces New Benchmark Rate for Qualifying For Insured Mortgages The new qualifying rate will be the mortgage contract rate or a newly created benchmark very close to it plus 200 basis points, in either case. The News Release from the Department of...

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Deposit vs Downpayment
Deposit vs Downpayment

As part of the mortgage and real estate processes, there’s a lot of confusion around the differences between the deposit and the downpayment. It's important to understand what sets them apart so you don’t get confused when it’s time to secure financing on a property...

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2020 Property Tax Assessments
2020 Property Tax Assessments

You should be receiving your 2020 property tax assessments in the mail this week.  Your property assessment reflects the estimated value of your property on July 1, 2019, along with your property characteristics and condition on Dec 31, 2019.  How does the city know...

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Costs Associated with Buying a Property
Costs Associated with Buying a Property

So you want to buy a property, that’s great! Make sure you have your wallet ready to bring to the table. In addition to the downpayment, there are many other costs associated with purchasing a home; typically, these are called closing costs. Your closing costs...

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Planning Ahead, A Guide to Mortgage Documentation
Planning Ahead, A Guide to Mortgage Documentation

It doesn’t matter if you are looking to purchase your first home, your next home, or your twentieth home; typically the mortgage documentation required to secure financing will be the same. The earlier on in the process you can collect these documents, and provide...

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Cory Vance | Mortgage Professional

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