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Learn how Quebec lenders assess homes sold without legal warranty, including inspection, appraisal and down-payment requirements before making an offer.

How much rental income a Montreal lender counts depends on the property, your occupancy, and the lender or insurer. For an owner-occupied duplex, some insure…

Buying a home in a flood zone can still make sense, but only if you understand what you are taking on. The key is not simply whether the property sits inside…

Mortgage Broker vs. Bank: Which Is Better in Canada? A mortgage broker is generally better when you want to compare several lenders, find financing for a more complicated situation, or save time negotiating. A bank may be suitable when you already have a strong relationship with it and it offers competitive terms. The right choice […]

25 Questions to Ask a Mortgage Broker Before Choosing a Mortgage A mortgage broker can compare lenders and help you find a mortgage that fits your finances, but the lowest advertised rate is not always the best deal. Before you commit, ask about the broker’s experience, lender access, compensation, mortgage restrictions, penalties, and the approval […]

Who Pays the Mortgage Broker in Canada? For most standard residential mortgages in Canada, the lender pays the mortgage broker after the mortgage closes. The borrower normally does not receive a separate brokerage bill. The main exceptions are private mortgages, some alternative or complex files, second mortgages and commercial financing. In those cases, the borrower […]

Pros and Cons of Refinancing a Mortgage in Canada Refinancing a mortgage can help Canadian homeowners lower their borrowing costs, reduce monthly payments, consolidate expensive debt, access home equity or change their mortgage terms. The main disadvantages are prepayment penalties, closing costs, stricter qualification and the possibility of paying more interest over time. The decision […]

Can You Mortgage Land? How Land Financing Works in Canada Yes, you can mortgage vacant land in Canada. However, lenders usually finance it through a vacant-land loan, lot loan or construction mortgage rather than a conventional residential mortgage. The financing available depends on the type of land, its location, access to services, your intended use […]

Letter of Employment for a Mortgage: Requirements, Template and Sample A letter of employment for a mortgage is a document from your employer confirming your job, income and employment status. A Canadian mortgage lender may request one to verify that the income in your application is current, stable and supported by your employment records. The […]

Zero-Down Mortgage Canada: Can You Buy a Home Without a Down Payment? A traditional mortgage in Canada normally cannot finance 100% of a home’s purchase price. Buyers must still provide the minimum down payment required by Canadian mortgage rules. However, a buyer may be able to purchase a home without using their own cash savings […]

What Do You Need for a Mortgage Pre-approval in Canada? A mortgage pre-approval gives you an estimate of how much a lender may be willing to lend, the mortgage payments you could expect, and sometimes an interest-rate hold while you look for a home. To get pre-approved, you will usually need identification, proof of income […]

Many people dream of acquiring real estate without spending a single dollar of their own money. “Miracle” training programs and real estate investment gurus are more than happy to perpetuate this myth. Yet the reality is more nuanced: there is no magic formula that allows you to completely bypass the requirement for equity. Financial institutions […]