Dalwinder Singh - I Have a Mortgage for That

MORTGAGES FOR EXPENSIVE HOMES – NOT AS EASY AS IT SOUNDS

Large home purchases that require a mortgage present unique challenges in the Canadian Mortgage market. Sliding scales, director approval, multiple reviews, it all adds up to difficultly getting larger mortgages approved, unless you’re working with an experienced mortgage broker. In 2012 the government of Canada removed the mortgage insurers ability to approve mortgages of $1 …

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WHAT THE ELECTION RESULTS MEAN FOR YOUR MORTGAGE

Mortgage Tips / By Dalwinder Singh

With all the news we have seen on the election, I thought I would sum it up from a mortgage industry perspective. What the liberal win means for your mortgage: 1. We will see the continuation of the First Time Home Buyers’ Incentive. Check out the link for more information here: 2. Property Transfer Tax modifications …

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MORTGAGE RENEWALS WITH THE SAME LENDER ARE ON THE RISE, BUT SHOULD YOU JUST SIGN ON THE DOTTED LINE?

Home owner / By Dalwinder Singh

If you’re in a mortgage that’s coming up for renewal in the coming months and you’re considering just staying with your current lender, you wouldn’t be alone. According to the Canadian Mortgage and Housing Corporation’s (CMHC) Residential Mortgage Industry Report released in the summer, in 2018, the number of mortgage renewals with the same lender …

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MORTGAGES 101 – WHAT YOU NEED TO KNOW ABOUT MORTGAGES

Uncategorised / By Dalwinder Singh

Mortgage [ˈmôrɡij] NOUN With a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a claim on the house should the home buyer default on paying the mortgage. In the case of a foreclosure, the bank may evict the home’s occupants and sell the house, using the income …

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5 MISTAKES FIRST TIME HOME BUYERS SHOULD AVOID

First Time Home Buyer / By Dalwinder Singh

Buying a home might just be the biggest purchase of your life—it’s important to do your homework before jumping in! I have outlined the 5 mistakes first time homebuyers commonly make, and how you can avoid them and look like a Home Buying Champ. 1. Shopping Outside Your Budget It’s always an excellent idea to …

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FIXED RATES OUTWEIGHING VARIABLE

Uncategorised / By Dalwinder Singh

We are currently in a very unique situation when it comes to 5-year fixed and 5-year variable interest rates. For the first time in almost a decade, the lowest 5-year fixed interest rate is more than 0.30% lower than the lowest available variable interest rate for new mortgages. For some, their current variable rate is …

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FIRST TIME HOME BUYERS INCENTIVE PROGRAM

First Time Home Buyer, Mortgage Tips, New to Canada / By Dalwinder Singh

The new First Time Home Buyer Incentive program from CMHC (Canadian Mortgage and Housing Corporation) was officially released on September 2. This program was met with mixed reactions across the mortgage industry, but we wanted to take a minute to give you the facts regarding the program. Below are the key points you need to …

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4 WAYS TO MAKE THE MORTGAGE PROCESS SMOOTHER

First Time Home Buyer, Mortgage Tips / By Dalwinder Singh

Mortgages are complicated—I get it! But there are steps that you as a home buyer can take to make the process a much smoother one (plus let you walk away with the sharpest rate!) 1. Use a Broker This should be the first step you take when getting a mortgage! Enlisting a trusted broker to …

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NEED AN APPRAISAL – 7½ TIPS FOR SUCCESS

Uncategorised / By Dalwinder Singh

Do you need to get a current value of your property? Then you are going to need an appraisal. Banks and other lending institutions want to know the “current” market value of your home before they consider loaning money on the property. An appraiser checks the general condition of your home and compares your home …

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STRESS TEST RATE & RECENT DECREASE

Uncategorised / By Dalwinder Singh

Currently, all borrowers in Canada need to qualify for a new mortgage at the current Bank of Canada Benchmark Qualifying Rate or at their approved mortgage interest rate plus 2.0%, whichever is higher. For more than a year, this Bank of Canada Benchmark Qualifying Rate has been 5.34%. Now, for the first time in 3-years, …

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