BANK VS. CREDIT UNION – A WHO IS WHO IN BORROWING

General Iko Maurovski 26 Feb

Banks and Credit unions are often grouped together into one category under “financial institutions”. While they may have several similarities in terms of financial service offerings, in the world of mortgages the banks and credit unions have little in common. As mortgage professionals, we work with both of them and are well versed in the […]

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IMPROVING YOUR CREDIT SCORE

General Iko Maurovski 20 Feb

Your credit score is a big factor when you apply for a mortgage. It can dictate how good your interest rate will be and the type of mortgage you qualify for. Mortgage Professionals are experienced helping clients with a wide range of credit scores so we can find you a mortgage product even if your […]

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6 HOME PURCHASE CLOSING COSTS

General Iko Maurovski 15 Feb

When you purchase your new home, there are 6 additional costs to account for. They include: Home Fire and Flood Insurance Title Insurance Legal Fees Adjustments Land Transfer Tax GST Home and Fire Insurance. Mortgage lenders will require a certificate of fire insurance to be in place by the time you take possession of your […]

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WHAT IS A PROPERTY ASSESSMENT VS A HOME APPRAISAL?

General Iko Maurovski 7 Feb

It’s the time of year when many homeowners are getting their property assessments. The real estate market is the single biggest influence on market values. Market forces vary from year to year and from property to property. The market value on an assessment notice may differ from that shown on a bank mortgage appraisal or […]

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8 THINGS YOU CAN DO TO GET THE BEST RENEWAL

General Iko Maurovski 5 Feb

With 47 per cent of homeowners scheduled to renew their mortgages this year, 2018 is a year of change for lots of Canadians. Here are the top 8 things you can do to get the best renewal: 1. Pull out your mortgage renewal now, and start early. When you are proactive instead of reactive you […]

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ARE YOU IN A VARIABLE RATE MORTGAGE? ME TOO.

General Iko Maurovski 30 Jan

Are you in a Variable Rate Mortgage? Me too. If you’re in a fixed rate mortgage, this news does not impact you. Mind you ‘impact’ is too strong a word to use for the subtle shift that occurred Jan 17, 2018. Short Version The math is as follows: A payment increase of ~$13.10 per $100,000.00 […]

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MORTGAGES WITH THE 20 PER CENT

General Iko Maurovski 25 Jan

There have been a lot of discussions around the new mortgage rules and I have had a few clients ask about what these changes mean for them. Since stress testing on mortgages began last year, the biggest change this January will be for people who are putting more than a 20% down payment on their […]

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9 REASONS WHY PEOPLE BREAK THEIR MORTGAGES

General Iko Maurovski 22 Jan

Did you know that 60 per cent of people break their mortgage before their mortgage term matures? Most homeowners are blissfully unaware that when you break your mortgage with your lender, you will incur penalties and those penalties can be painfully expensive. Many homeowners are so focused on the rate that they are ignorant about […]

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COMING OFF THE BOTTOM

General Iko Maurovski 16 Jan

Are the good times really over for good? Recently, for the first time since 2012 we have seen the 5-year bond market climb back up over 2.0%. Based on amazing employment numbers and the likelihood that the Bank of Canada will raise rates on January 17, the bond market has continued a climb out of […]

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