What Is A Monoline Lender

What Is A Monoline Lender

We are often asked about monoline lenders – who are they, what benefits do they offer, and how do you get access to a monoline lender anyway? Good questions. “Mono” means “one”. So it’s a “one-line” lender that doesn’t do anything else except mortgage lending....
Breaking News: Bank of Canada drops key rate another 50 basis points

Breaking News: Bank of Canada drops key rate another 50 basis points

BREAKING NEWS: The Bank of Canada drops the key rate another 50 basis points (0.5%)! This is unprecedented territory for interest rates. In at least 10 years, the BoC has never lowered it’s rate twice in the same month and definitely never for a total of 1%. For home...
Closing Cost

Closing Cost

It’s important to remember that when you go to purchase an owner occupied home that the minimum down payment is 5%. However the mortgage lender likes to see that you have 1.5% of the purchase price for closing fees. What do closing fee’s consist of?  1)...