Mortgage

You probably know by know the Purchase Plus Improvements Program allows qualified purchasers to borrow up to 20% of the post-renovation value of a home, even with as little as 5% down. However, some planning still needs to be done before you venture into this...

We’ve said it many times: owning a house is almost everyone’s dream. We feel accomplished, it gives us a sense of responsibility, we feel like we have our own space. So, it’s only normal that we make a list to plan the house of our...

Many of our blog posts have addressed closing costs when it comes to the home buying process. We’ve also mentioned the Purchase Plus Improvement program and how homeowners can benefit from it. However, there is another group of costs homeowners sometimes underestimate: home improvements. According...

So here we stand, at the beginning of the century's third decade, and for us at The Costa Group, things have never looked more optimistic. The shift in the latter part of 2019 to be independently owned means we are now in a better position...

In the world of real estate, it is very common to hear the term prime rate. Many people are confused by this term. Prime rate refers to the lowest commercial interest rate charged by a bank at a particular time and it is used as...

We can never stress this point enough: get pre-approved for a mortgage before you begin looking for a home.  This pre-approval will help you know how much you can afford. So, does a pre-approved mortgage mean you are guaranteed a final mortgage approval? Not necessarily....

When you ask for a mortgage, you are really telling the lender you will make every payment on time and in full at each billing period, whether it is a monthly, semi-monthly, accelerated bi-weekly or weekly payment. If you don’t make these payments, there are...

A Notice of Assessment, also known as NOA, is a statement from the Canada Revenue Agency notifying the taxpayer of the amount of tax they owe, if any, the amount of tax already paid, if any, tax credits received and contributions to a Registered Retirement...

Many people do not seem to understand or even know what a prepayment penalty is, whether because it was not well explained or it was not even brought up.  If you are not well informed about this aspect, it can be very costly to you...

How are prepayment privileges calculated? A mortgage prepayment privilege gives you the choice to increase your monthly mortgage payments  before it is due and without a penalty.  The extra amount is applied to the principal. If you are under this type of privilege, you can...