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Category: Mortgage Approval Process

  • The T1 General Explained

    Types of Income, Assets and Other Pertinent Info On the T1 General T1 General – This information jacket will give you a fairly detailed picture of how a client’s income is being taken and taxed. Page 1 – Vital Information Page 2 – Indian Status, Foreign Property Page 3 – Income Breakdown T4, T4A, T4OAS,…

  • The Truth About Child Tax Benefits And Your Mortgage

    Using your Child Tax Benefit can increase your purchasing power, but how do we go about this? We explore below. If you need to apply for CCB for your child click here. The Canada child benefit (CCB) is administered by the Canada Revenue Agency (CRA). It is a tax-free monthly payment made to eligible families to help…

  • Borrower Types Explained In Few Minutes.

    We could go into the 6 c’s of lending here and go into exhausting detail about how every client is different because they are. Instead we are going to sum up types of borrowers by matching them to the type of lending Mortgage Suite achieves approvals with. It’s not the borrower that’s called this type,…

  • The 3 Most Important Factors That Determine Your Mortgage Approval

    Everyone wants the best rate.  It’s incredible to think that the best rate comes with a price.  That price is insurance. But nevertheless you get a deep rate discount when you get an insured mortgage and you have these 3 important factors.   Income: You have proof of employment income and usually they like to see…

  • Mortgage Service: Reality Vs. Expectation

    Why a Team doing mortgages provides the best Mortgage Service  We have all been there. Your preferred “lender” isn’t getting back to you. A mortgage professional is ghosting your texts. Everyone gets busy right? Isn’t that the empathetic way to look at things? Not really!! Not when you are one week out from closing your…

  • Refinancing Your Mortgage. A Guide.

    Lets take the complexity out of the word EQUITY. Many times people need access to their equity. This is called a refinance. You are changing the title to the home. A refinance is a change in the amount owed. You are paying off your existing mortgage and obtaining a new higher amount. Firstly, with this…

  • Income And Your Mortgage. What’s Required.

    Always wondered what income was required when you apply for your mortgage approval? Whether its a refinance or a purchase it always seems to be a task gathering all those documents that the banks/lenders require. Sometimes, it seems that there is always one more hoop to jump through, or one more document to retrieve in…

  • Getting a virtual mortgage approval “the new normal”

    Getting a virtual mortgage approval “the new normal”

    Recent events such as COVID, increased mortgage application rules and have changed the mortgage landscape forever. With the new digital home buying experience seen in the real estate market. From virtual tours of homes to virtually signing offers to purchase it’s a new and quicker market.  It is now time for mortgages to go virtual.…

  • 5 reasons Why you should pay off your back Taxes with your Equity 

    To pay CRA arrears or not to pay CRA arrears, that is always the question We all know the answer – YES!! Pay them right away. But what happens when you didn’t save up enough? or just anticipate the amount that you actually owe current. This is what I want to discuss. When you own…

  • How does someone get the best mortgage rate?

    It takes some good everything these days to get the best Mortgage rate The best rate on a mortgage these days come down to more than credit. If you want the best rate there are some additional factors we have to consider. Credit is great but there needs to be a 2 year history, or…