Answers to the most Commonly Asked Reverse Mortgage Questions This guide will answer the most commonly asked questions about reverse mortgages, in particular, the CHIP Reverse Mortgage offered by HomeEquity Bank. If there is a question I haven’t answered below or you want a free estimate on how much you could qualify for, please feel […]

What is the Minimum Down Payment for a House? The absolute minimum down payment required when buying a house in Ontario and the rest of Canada is 5%. But that comes with some limitations. 5% Minimum Down Payment: Limitation #1 First of all, the 5% minimum down payment only applies for home purchases up to […]

Does Refinancing your Mortgage Benefit you? “Should I refinance my mortgage?” is a very common question. But the better question is, “Does refinancing your mortgage benefit you?” If you can answer this question, you can answer the original question. Refinancing your mortgage either significantly benefits you (i.e. your debt payments decrease, you have more cash […]

What Size Mortgage do I Qualify for? Many people ask me, “How much mortgage can I afford?” or “What size mortgage do I qualify for?” They usually think they are the same question, however, what you can qualify for and what you can afford are actually two different things.  I’ll treat them as the same […]

What are GDS and TDS? Why are They Important? GDS and TDS are debt to income ratios. They are ratios that measure how much debt you have relative to how much income you earn. They are important because they can limit the size of the mortgage that you can qualify for. GDS stands for Gross […]

Should you go through a Mortgage Broker or a Bank for a Mortgage? Another good question! First of all, just to be clear on terms: if you’re looking for mortgage services, there is no difference between a mortgage broker and a mortgage agent (see my previous post). So what’s the difference between getting a mortgage through […]

What’s the Difference Between a Mortgage Broker and a Mortgage Agent? Good question! The answer is a bit different depending on whether you want a mortgage or you want a career in the mortgage industry. If you’re looking for someone to broker a mortgage for you, there is no difference between a mortgage broker and […]