The primary service that a broker can offer is competition and competition means a better rate for you. Picture this scenario: you walk into your own bank looking for a mortgage. The loans officer offers you their posted rate. You know this rate is higher than you have seen it in other advertising so you…
Getting a personal loan to combine high interest credit card debt and reduce it to one payment seems to be a thing of the past. Most lenders want better collateral as insurance that you will repay the loan. The biggest and best form of collateral is the equity in your home. So while most lenders…
Being self-employed certainly has its perks; it also has its disadvantages. Buying a home or refinancing your mortgage is proof of this. Most major banks require a slew of paperwork which is not easy to produce. Providing proof of income when you are self-employed can be difficult and in some cases impossible. Using a…
Knowing how to save your home from a foreclosure or power of sale is not something that most people are not familiar with. Most people don’t even understand how the find themselves in the position, let alone how to protect it. The foreclosure or power of sale process in Canada is usually started as the…
How Can a Mortgage Broker get me approved when my Bank has Declined Me? I get this question a lot and it is a very good one. Having access to a wide variety of lenders gives a brokerage firm a distinct advantage over a single bank. Most major banks have very strict lending criteria. While…
There are a few ways you can pay out a Revenue Canada lien that has been placed against your home. You can sell your home and use the proceeds from the sale, use your savings or liquidate an investment such as an RRSP. If desperation sets in you can even approach family to borrow the…
A line of credit makes a lot of sense even if you don’t plan on using it right away. I recently got a call from a very close previous colleague of mine that I worked with in a very different industry. I was surprised to hear that he had been let go after about 8…