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New to Canada Program
New to Canada Program Offered by Sagen If you're a new immigrant, it's likely you don't have a credit rating in Canada, and you may not yet qualify for permanent residency, which means you'll be ineligible to secure a mortgage through a traditional lender. This is...
What You Need to Know About the Mortgage Stress Test
On October 17, 2017, the Office of the Superintendent of Financial Institutions announced new mortgage rules, which were officially put into effect on January 1, 2018. The new regulation requires lenders to conduct a mortgage stress test, a stringent assessment of...
What Are Closing Costs?
What Are Closing Costs? Closing costs are one-time expenses associated with the purchase of a home. If you're settled on purchasing a home, you have to account for these extra outlays in your budget. A common mistake for homebuyers is to underestimate the amount...
What is a Reverse Mortgage and Who is Eligible?
As our senior citizen population expands amidst widespread financial challenges, you might be wondering, how will this significant population financially sustain themselves, post retirement? One practical option for those seeking a source of income at this stage of...
Mortgage & Divorce/Separation
We love happily-ever-afters as much as the next person… but the unfortunate reality is that divorce happens, and it happens often. Did you know that until your divorce is finalized, you need the approval of your spouse in order to sell your current home or purchase a...
How to Buy a New Home Before Selling Your Old One
Buying a new home involves a lot of time, effort, and planning, especially amid family and work obligations. Everything from locating your ideal home, to obtaining the right mortgage, to hiring a moving company to transport your belongings. Now compound that by having...
What is Bridge Financing?
What is Bridge Financing? For most people, the first home they purchase will not be the one they will live in forever. At some point in time, they may decide to upgrade or downsize or move to a new city. The usual process is to first sell the old home and use a...
6 Ways to Pay off Your Mortgage Quicker
6 Ways to Pay off Your Mortgage Quicker Your mortgage is likely to be the largest debt obligation you'll have to pay down. It's not uncommon these days for homeowners to take on mortgages that will require payments for very long periods of time, even up to 25 years....
Co-Signer vs Guarantor: What’s the Difference?
Edmonton Mortgages - Co-signer vs. Guarantor With the cost of homes increasing in certain markets and the stress test in place, it's becoming more and more common for the average individual to struggle when it comes to qualifying for a mortgage. Unable to obtain...
Borrowed Down Payment Program Offered by Genworth Canada
Saving for a down payment can be challenging. It can take many years to accumulate the funds needed, and for those who are not blessed with deep pockets, it can be downright impossible. Sometimes, the only way to obtain the funds for a down payment is through...
