Comparing big banks and monoline banks in Canada
As a mortgage brokerage, Pekoe Mortgages has had the opportunity to work with both big banks and monoline banks. In this post, we’ll explore the key differences between these two types of financial institutions and help you determine which one might be the best fit for your needs and goals.
Buying a home: The difference between deposit and downpayment
When it comes to buying a home in Canada, it’s important to understand the difference between a house deposit and down payment. While they may seem similar, they serve different purposes and have different implications for your home-buying journey. A house deposit is a small sum of money that you put down when you make an offer to purchase a home, while a down payment is a larger sum of money that you pay upfront when you take out a mortgage.
Buying a home in 2023: First Time Home Buyers
Buying a home for the first time can be a daunting experience, but with the right knowledge and preparation, it can also be an exciting and rewarding one. Our first-time home buyers guide for Canadians covers all the essential steps in the process, from determining your budget to closing on the purchase of your new home. Follow these tips and considerations to make the process as smooth and successful as possible.
Should you break your current Mortgage?
Breaking a mortgage in Canada typically involves paying a penalty and other fees. It’s a complex and costly decision that requires careful consideration. Get expert advice from a financial advisor or mortgage broker before proceeding.
How to Get Pre-Approved for a Mortgage in Canada
Getting pre-approved for a mortgage in Canada involves providing detailed documentation and undergoing a formal review of your financial information. If approved, you’ll receive a pre-approval letter which is a formal offer to lend you a specific amount at a specific interest rate. Pre-approval is not a guarantee of final mortgage approval but is a strong indication of your borrowing power and can be useful in the home buying process.
What are home closing costs and how much do I have to pay?
Buying a home in Canada can be an exciting and overwhelming process. Don’t let closing costs catch you off guard. Our team can help you understand and budget for these fees and expenses, so you can focus on finding your dream home. Contact us today to learn more.
Top 10 Tips for Getting the Best Mortgage Rate in Canada
Looking for the best mortgage rate in Canada? Follow these 10 tips to help you secure a competitive rate and save money on your home loan. From improving your credit score and making a larger down payment to choosing the right lender and considering government programs, these strategies can help you get the best deal possible. Start your journey to homeownership on the right foot by following these tips and securing a low mortgage rate.
Everything you wanted to know about Property Taxes
Property Taxes Might Be A New Concept for You if You’re a First Time Home Buyer Budgeting for a home goes beyond simply paying your mortgage. In addition you’ll have monthly expenses. Some of them will be variable like heat, hydro, and water. But others are fixed, like your internet and property taxes. If you’ve […]
With Today’s Announcement, The Bank of Canada starts to make some changes
Today’s Rate Announcement Earlier today, the Bank of Canada made their most recent rate announcement. And the news they shared contained some clues as to what might be on the horizon for mortgage interest rates. The big news wasn’t that the overnight lending rate was not going to be increased (yay for variable rate mortgages) […]
The Importance of a Financing Condition
So you’ve been pre-approved or pre-qualified by your mortgage broker and are now hot on the trails of your new home. There’s only one problem: you’re losing out on every offer you place. You might have been advised by family, friends, or a Realtor that a stronger deal will result in a winning bid. And […]