To access the monthly homeowners budget worksheet, please click the below link. Monthly budget Thank you, Ben Bourgeois ben@mortgagebyben.com (780)974-5400

When purchasing a home most lenders require that the client have a 5% downpayment saved but some, including a few major banks, allow for the minimum 5% to come from borrowed funds such as an unsecured line of credit. To qualify for a program like this you need to have strong credit (650+), no late […]

Last week the Bank of Canada changed its mortgage qualifying rate from 4.64% to 4.84%. This rate will continue to be used by all lenders for all conventional (20% or more down) and high ratio (less than 20% down) mortgages on a 25-year term or less. What does this mean for someone looking to purchase […]

When taking a look at refinancing your home there are many factors to consider. Whether you’re refinancing to access funds for pleasure, an investment opportunity, debt consolidation or to help out someone you care about, I would take a look at the most common questions people have below. – How much money will I save […]

When choosing a mortgage there are many things to consider with rate being at the forefront. The question is will the cheapest rate translate to savings in the future? The answer is maybe but chances are probably not. The majority of people sign a 5-year mortgage term but the average person only stays in that […]

– Build a Budget. The 4 factors that determine what you can afford from mortgage professional standpoint are credit, down payment, income, and debt. When trying to figure out what you can afford its best to speak to a mortgage professional in order to get an exact figure. It is also a good idea to […]

Speaking with a Mortgage professional and asking their opinion on whether or not you should go with fixed interest rate or a variable interest is one of the most common questions in the mortgage industry. Do you go with the cheaper 5-year variable rate, do you go with the shorter term cheaper fixed rate or […]

  Get to know your credit history. You can request a copy of your credit bureau from Equifax or Transunion anytime. It is recommended to check your credit bureau annually. Pay your bills on time each month. At least make the minimum payment. If you skip a payment it will affect your credit bureau negatively. […]

Do you find yourself looking at realtor.ca dreaming about home ownership one day? Do you play with the mortgage calculator to try and figure out what can afford? Please allow me to walk you through the banks qualifying process. Let’s assume you have good credit, are gainfully employed and filed your taxes for the past two years. […]