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Mortgage Broker vs Bank - The Benefits of a Broker

Working with a mortgage broker has benefits compared to working directly with a bank - and a better rate is only one of them. If you’re reading this, you’re probably looking for a mortgage and trying to figure out why you would work with a broker over working directly with a bank. That’s a fair question - wouldn’t a broker charge for their time? In actuality, a broker is usually only paid a finder’s fee - and potentially a volume bonus - by the bank that funds your mortgage.

How to Build Your Credit Rating

Your credit score has a huge effect on what financial services you have access to, and building it can be hard. But there are ways it can be done. Credit: that three-number figure attached to you that decides whether you qualify for, well, credit. Whether you’re applying for a mortgage, a car loan, or in-store financing, your credit rating is one of the biggest factors in whether or not you’ll be approved. Credit rating is really just a number that indicates how responsible y

How Much Debt is Too Much for a Mortgage

How you as a consumer can evaluate your financial situation Most adults in Canada have some amount of debt. In fact, as of 2017 the average Canadian owes over $8500 in consumer debt, which includes all debt that is not part of a mortgage. So, assuming you - like 54% of Canadians in the referenced poll - hold some amount of debt, you might be wondering just how much is too much for a mortgage. The short answer: it depends. We always recommend working with a member of the Essen

The New First Time Home Buyer Incentive - What it is, How it Works

Canada Mortgage and Housing Corporation to contribute up to 10% toward new build down payments, and changes to the Home Buyer’s Plan If you’ve been watching the financial news, you might have seen some considerable buzz about a new policy in the proposed 2019 federal budget: the First Time Home Buyer Incentive. In essence, this policy would make buying your first home significantly more accessible to Canadian consumers. If you have a household income below $120,000 per year,

What Do I Need to Apply for a Mortgage?

Each mortgage is different, and each lender has different requirements - but there are a few things that are always needed. If you want to apply for a mortgage - and that can be for a multitude of reasons - one of the questions you’ll probably ask yourself is ‘what do I need to do this?’ And if you’ve never applied for a mortgage before, this can be a confusing and frustrating process. There is an easy answer: find a mortgage broker to work with, like a member of the Essentia