Personal bankruptcy and consumer proposals are the top two insolvency options available in Canada. While both will resolve your debts, and provide legal protection from creditors, there are differences between them. Let’s start with definitions of bankruptcy and a consumer proposal: A bankruptcy is a legal proceeding filed under the Bankruptcy & Insolvency Act to surrender your assets in exchange […]

A vendor take-back (VTB) mortgage is a type of mortgage in which the seller offers to lend funds to the buyer to help facilitate the purchase of the property. A vendor take-back mortgage often represents a secondary lien on the property, as most buyers will have a primary source of funding other than the seller. […]

Starting Your Home Search The first step of the home buying process is getting a mortgage preapproval, even before starting your home search. This will help isolate your maximum purchase price, and avoid any surprises. Apply online! Here are some ways to begin looking for your new home: Work with a realtor – For most buyers, […]

The central bank qualifying rate (aka the Benchmark Rate) is separate from the actual mortgage rates offered by banks. When applying for a mortgage, a lender will ensure you can withstand rate increases and afford future mortgage payments by using the higher of either the Bank of Canada qualifying rate (5.19% at press time) or +2% […]

Borrowers who may not fit the rigid restrictions of traditional lending institutions may find that a home equity loan is the best way to secure financing for purchasing a property, refinancing, or consolidation of debts. Chances are the value of your home has increased since you bought it. A home equity loan can get you […]

Borrowers in Winnipeg (or the surrounding area) who may not fit the rigid restrictions of traditional lending institutions will find that a home equity mortgage loan is the best way to secure financing for purchasing a property, refinancing, or consolidation of debts. Chances are the value of your home has increased since you bought it. […]

There are two ways a lender registers a mortgage loan when your home is used as the security: as a mortgage charge, or as a collateral mortgage charge. Mortgage charges, which are registered at the Land Title or Land Registry Office (depending on the province), can be registered, transferred or discharged. Collateral mortgage charges are registered […]