Why Banks Decline Acreages, Cabins and Unique Properties
Short answer Because conventional lenders assess marketability, not just value. Acreages, seasonal cabins, tourist-designated units, log homes, and properties without year-round access all raise questions a standard appraisal cannot settle, so many A-lenders decline them on policy rather than on your finances. The property is the problem, not you This is the distinguishing feature of […]
Can You Get a Mortgage With CRA Tax Arrears?
Short answer Often yes. The Canada Revenue Agency can register a lien against your property for unpaid tax, and most A-lenders will not advance funds while tax arrears are outstanding. A private lender assessing your equity can frequently refinance to clear the arrears, which then reopens conventional options. Why tax arrears block conventional financing Two […]
Can a Private Mortgage Stop a Power of Sale in Ontario?
Short answer Sometimes, if you act early and have equity. Refinancing can clear the arrears and the lender’s enforcement costs and bring the mortgage current. Your options narrow sharply as a sale approaches, so the week you receive a Notice of Sale is worth far more than the week before closing. This is general information, […]
Second Mortgages Explained: When They Beat a Refinance
Short answer A second mortgage is a loan registered behind your existing first mortgage on the same property. It does not replace the first, so you keep your existing rate. It costs more than the first because the lender is second in line if the property is sold under enforcement. What “second” actually means It […]
Can You Get a Private Mortgage When You’re Self-Employed?
Short answer Yes. Private lenders assess the property and your equity rather than your notice of assessment, so business-for-self borrowers who write down income can often qualify where a bank declines. It is short-term, higher-cost borrowing, and it only makes sense if you have a realistic route back to an A-lender. Why banks decline self-employed […]
Salary or Dividends: Which Helps You Qualify for a Bigger Mortgage?
If you own your incorporated business, how you pay yourself directly changes how much mortgage you qualify for. Lenders read the income on your personal tax returns, so a decision made between your accountant and yourself one to two years before you apply for a mortgage can push your approval higher. This is the mortgage […]
Your Mortgage Is Renewing at a Higher Rate: Here Are Your Options
If your renewal payment is jumping and you fear you cannot afford it, you have more options than signing the letter. Signing the renewal offer is not your only choice. You can extend your amortization, switch lenders penalty-free, refinance to consolidate other debt, or blend-and-extend with your current lender. This post walks through each option […]
Cash Damming: An Innovative Strategy to Maximize Wealth
In today’s ever-evolving financial landscape, mortgage brokers in Canada are constantly seeking innovative strategies to help their clients optimize their financial situations. One such strategy gaining popularity is cash damming. As a mortgage broker myself, the founder of Pekoe Mortgages, I understand the importance of staying ahead of the game and exploring new avenues for […]
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.
4 Tips for Paying off Holiday Credit Card Debt
4 Tips for Paying off Credit Card Debt this Holiday Season The Holiday Season is a great time for gift giving. But also an easy way to rack up debt. We’ve all felt some pressure during the holidays to spend, and it can be easy to overspend without really noticing the bills piling up. […]