Found 4 blog entries tagged as lender.

How do you buy a home

What are the steps to buying a home? You’re starting to think about becoming a homeowner, or maybe you’ve even started to look at listings. Either way, you likely have lots of questions, from the general “how tos” to specific queries around financing, different home types and locations, to how to make an offer. To help simplify what can be a complicated process, we’ve outlined the steps to buying a house in Canada.

What Are the Steps to Buying a Home?

There’s a lot to do, but we’ve narrowed it down. Here’s our 10-step home buying process checklist to get you started!

1. Choose a real estate agent that’s right for you.

A home is a huge investment, so work with a realtor that’s knowledgeable, professional and…

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What is the Mortgage Stress Test in Canada

A common goal for many Canadians upon completing their education and gaining employment is purchasing their first home. Home ownership is, after all, the Canadian dream. While it’s general knowledge that saving money for a down payment is the first step to eventually purchasing a home, many are not aware of the mortgage stress test. So, what is the mortgage stress test in Canada, anyway?

To put it simply, the mortgage stress test is a mortgage qualifier tool used to determine if the borrower would still be able to continue making mortgage payments, should they lose their job, undergo some other type of financial strain, or if interest rates were to rise.

Before being approved for a mortgage on a home, the borrower must…

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best mortgage rate in Canada

When you purchase a home, a down payment is typically applied to the purchase price, and the balance is to be paid off over your term of the mortgage. The loan you receive from a lender in order to pay for the house is called a mortgage.

Simply put, a mortgage is a legal and binding agreement between a lender and a borrower for a specific amount of money that must be paid back within a predefined amount of time. The mortgage is a secured loan in that the house you are buying is collateral for the loan. This means that, should you not meet your mortgage repayment obligations, the lender has the right to take the property.

Purchasing a home and taking on a mortgage is a big commitment. In addition to the amount borrowed,…

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Whether you’re a first-time home buyer or a seasoned property owner, shopping around for a mortgage lender can feel daunting.

With multiple companies, interest rates, and options to look over, finding the best lender for your specific needs can appear overwhelming. However, mortgage brokers and specialists have the tools and knowledge at their fingertips to help borrowers make informed decisions about their home financing.

Image via Pexels

To tell us more about what to look for when choosing a mortgage lender, we recruited the advice of Carrie Cardinal from Realtyone Real Estate Services Inc. and Ryan Mollberg with M Realty, both of whom are Saskatchewan-based mortgage brokers and REALTORS®. 

Types of mortgage lenders and how a broker can help

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