Richards Mortgage Group Articles

Breaking down self-employment, the aftermath of the global recession, and what it all means at the mortgage table. Did you know that one in six (16%) of working Canadians are self-employed? If this is or will be you or someone you know, and you are thinking about buying a home, please take a moment to understands how the new self-employed income documentation rules affect mortgage qualifying.

(Last Updated 2019) A lot of people think it is their credit holding them back from getting a mortgage so they can buy their first home. Possibly, but credit is easy to fix. Truth of the matter is that saving for a down payment is the hard part. If you require more discipline as it relates to saving – perhaps you spend whatever's in your bank account and just squeak by to the next pay-cheque – then this article is for you! Here's a Down Payment Savings strategy to help you SAVE FOR DOWN PAYMENT, BUILD YOUR CREDIT SCORE, and GET THE GOVERNMENT TO HELP TOO. It's easy, it works, and it is set 'n' forget. The end result is you get to buy your own house, and you feel great!

So you are paying the rent and living with a roommate. You and your partner have almost saved up enough money for a 5% down payment on a house. Your mortgage broker / bank says you need to prove you have a further “1.0%-1.5% for closing costs" – what the heck??? On a $300K purchase, that could be a further $4500! Where does that money go?

Last Updated: May 2019 Personally, I think Canada is a great place to live with wonderful opportunities. At the same time, I can't help but worry some days about the current economic conditions in the world. Bank of Canada governor Mark Carney has been warning about the high level of consumer debt in Canada since early 2011, and in 2019 his replacement Stephen Poloz continues to sounding warnings. The Bank of Canada is not a bank, but rather in charge of overseeing Canada's financial system and health.

Last Updated: May 2019 Amortization - what the heck is that? A good way for a mortgage borrower - let’s call our borrower Barry - to understand the concept of “amortization” in the context of mortgage re-payment is to look forward to a time when the mortgage loan has been fully re-paid. Let's explore Amortization by looking at the following questions:

HOW TO CHOOSE A HOME INSPECTOR The practice of making an offer to purchase conditional upon a home inspection is becoming more prevalent, but many first time home buyers have no idea how to choose a qualified inspector.