More Questions: Mortgage Excellence Inc.

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Can I qualify for a mortgage if I have been declared bankrupt or have gone through a consumer proposal?

A qualified yes. It depends on the circumstances and your actions since then.
Most lenders will consider you if your bankruptcy or consumer proposal has been discharged more than 6 years and you have had clean, re-es...More

Can I use my RRSPs for a down payment?

The Home Buyer's Plan (HBP) is a Federal Government program that allows you to withdraw up to $20,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home.
You do ...More

How much can I afford to pay for a home?

How much you can afford depends on your current income and debt payments*. Your income is your gross reported income before tax – the amount shown on your T4 Slips or on line 150 of your income tax return or Notice of A...More

How will child support and alimony affect my mortgage qualification?

If you are paying child support and/or alimony to another person, generally the amount paid out is deducted from your total income before determining the mortgage amount that you would qualify for.
If you are receivin...More

What are closing costs?

Closing costs are the non-mortgage costs of buying a home.
These costs include:Legal fees
Fees vary by province, by lawyer, and by type and complexty of transaction. Some charge all-inclusive fees, others itemize s...More

What is a Conventional Mortgage?

A conventional mortgage is one in which the down payment amount is equal to, or more than, 20% of the purchase price (or where the mortgage loan is less than 80% of the purchase price). Such a mortgage normally does not ...More

What is a High-Ratio Mortgage?

A mortgage that is greater than 80%* of the purchase price or appraisal, whichever is less, is known as a High-Ratio mortgage. A High-Ratio Mortgage requires mortgage loan insurance, provided by CMHC, Genworth or AIG. More

What is a Home Inspection? Should I have it done?

A home inspection is a visual examination of a house, by a qualified professional, to determine its overall physical condition.
A qualified home inspector will check all the major components of the house such as the ...More

What is a pre-approved mortgage? What is the benefit of getting pre-approved?

A pre-approved mortgage is a lender's rate guarantee for a specified time period (usually 60 to 120 days) on a set loan amount.
A pre-approval is based on the information provided by the borrower and is subject to cer...More

What is Mortgage Loan Insurance?

Mortgage Loan Insurance (mortgage default insurance) protects the mortgage lender should you, the borrower, default on your mortgage payments.
Mortgage loan insurance is required if your down payment is less than 25...More

What is the difference between a fixed rate mortgage and a variable rate mortgage?

In a fixed rate mortgage, the interest rate charged on the mortgage balance is set at the beginning of the loan term, usually 5 years (can range from 6 months to 25 years). At the end of the term, the borrower negotiates...More

What is the documentation required to obtain a mortgage?

Try to obtain as many of the following documents as possible. The income information is required for both purchase and refinance. The other information is required for purchase.Income ConfirmationEmployeeLetter of Employ...More

What is the minimum down payment that you need to make when purchasing a home on a mortgage?

In most cases, the minimum down payment is 5% of the market/lending value of the house (or purchase price, if lower). Some buyers may qualify to purchase a home with no down payment. In some circumstances, a lender may ...More

Is my mortgage tax deductible?

Canadian mortgages are not generally tax deductible. But, the Smith Manoeuvre can leverage your mortgage and help you retire sooner. Find out how, and if this is for you, by going to www.retirefastermortgage.ca...More