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529 Wilson Avenue Toronto, ON M3H 1V1

11 May 2022

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Affording a Home After Rate Hikes

Affording a Home After Rate Hikes

by Sherwood Mortgage Group
Back in early April, the Bank of Canada made the decision to raise its benchmark interest rates to 1% from 0.50% after they had remained at historically low levels for quite some time. This isn’t breaking news, as you’ve probably been doing your homework on the best course of action to take to get into the housing market. We’re here to tell you, you don’t need to worry! More importantly, you don’t need to take drastic measures that could wind up hurting you do...

14 June 2018

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Income Verification - What do you need to provide?

Income Verification - What do you need to provide?

Personal income today comes in so many different forms and structures. If you're thinking of applying for a mortgage, below you'll find a quick summary of the different types and what's generally acceptable as verification. Permanent Salary Employee -  Usually requires 2 of the following: Employment letter, paystub, direct deposit into your bank account, tax returns, notice of assesment. Contract employee -  Considered a form of self employment as the employee...

6 June 2018

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Why you NEED a mortgage agent/broker?

Why you NEED a mortgage agent/broker?

You hear the word 'mortgage', and the first thing that pops into mind is 'my bank'. While this is a correct answer, it's not the best answer. The mortgage broker industry in Canada is gaining market share from the well identified big banks because of the value in the service it offers. First of all, a mortgage agent/broker WORKS FOR YOU. Not for a specific bank or financial institution. This translates into getting you the best deal in terms of rates, pre payment option...

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