Mortgage Information

/Mortgage Information

Why Do Mortgage Rates Fluctuate?

By |2018-10-16T13:00:55-04:00October 23rd, 2018|Mortgage Information|

Before committing to buying a home, it’s important to understand the basics. This is true when it comes to your home’s mortgage: the types of mortgages, how they will affect you financially, and yes, even why mortgage rates go up and down over time. Knowing the ‘why’ of mortgage rate fluctuate will allow you to see the signs of when a potential rate-hike is coming. This allows you to plan ahead and brace yourself for the potential fallout (you’re also being a responsible, future homeowner). Below is a quick guide on how and why mortgage [...]

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What to Expect on Closing Day

By |2018-10-16T12:56:10-04:00October 18th, 2018|Mortgage Information|

It’s arguably one of the biggest days of your life. There are moments in our lives that we will always remember vividly for the rest of our lives: our wedding day, the birth of children, graduations, and certainly the closing on your very first home. The sense of pride you will feel cannot be put into words – but before that big day, you need to know exactly what to expect. It’s a big day that should be treated as equally important. Before closing day, keep these few things in mind to ensure the process [...]

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How Your Credit Score Determines Your Mortgage Interest Rate

By |2018-10-03T09:56:11-04:00October 3rd, 2018|Mortgage Information|

A credit score is the magic number used to give you the best deal on some of the most important purchases in your life, like a home. Keep a good credit score and you can secure an affordable mortgage interest rate. Let's review how credit scores ultimately determine the interest rate Canadians pay on their mortgage. Low score? Expect a higher rate. That’s if you are even approved to begin with. Potential borrowers seeking a mortgage with a low credit score (ranging from poor-to-fair) may find it challenging to find [...]

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What is a Home Equity Loan?

By |2018-09-18T13:09:31-04:00September 18th, 2018|Mortgage Information|

Whether you are tired of putting off the remodeling of your home or you need extra cash for your child’s college fund, a home equity loan could be the answer you are looking for. Especially if you have lived in your home for several years (and have made regular payments on the mortgage’s principal), the equity accrued allows you to borrow against the home’s value. As long as your home’s value is more than what’s owed, you can borrow a lump sum of cash to use for whatever you wish. Let’s dig a little deeper… [...]

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Can Bi-weekly Payments Pay Off Your Mortgage Faster?

By |2018-09-17T16:11:55-04:00September 11th, 2018|Mortgage Information|

Easy answer: maybe. Nobody likes making their mortgage payment every month, and the thought of splitting it up and making two payments per month is enough to make many a homeowner scoff at the idea and say, “no thanks.” Yet, it’s certainly worthy of your consideration. The big question is if it’s worth your time and if it will make a dent in your home’s mortgage. Let’s find those answers out together. How this payment method works  Rather than making 12-monthly payments per year, you will be making half [...]

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How Do Construction Loans Work For Homeowners?

By |2018-08-28T09:15:29-04:00September 4th, 2018|Mortgage Information|

Thinking about a remodel or building a new home? It’s a big step. Even so, if your growing family is finding your home’s spaces cramped or you finally want to bring your home into the 21st century (better late than never), you really don’t have a choice if you love your property and don’t want to move. You need a construction loans – and getting approved is all about pre-planning accordingly. This means you need to speak with the construction company conducting the build to figure out a ‘construction timetable’ that will allow your lender to [...]

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Is An Interest-Only Mortgage Right For You?

By |2018-08-28T09:15:14-04:00August 28th, 2018|Mortgage Information|

“Interest-only mortgage? That… doesn’t sound like it makes sense.” If you are familiar with traditional mortgages, this is probably what’s running through your head right now. Understandably, it causes a bit of confusion and almost sounds like an oxy-moron. After all, if there’s no principal to pay how are you going to make any progress paying down your mortgage month-to-month? You won’t; rather, you don’t have to pay the principal every month only the interest. It may not make a whole lot of sense, but believe it or not there are instances where an interest-only mortgage [...]

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Self-Employed? Getting a Mortgage is About to Get Easier

By |2018-08-10T14:41:00-04:00July 31st, 2018|Mortgage Information|

Ask any self-employed homeowner to tell you about their home buying experience and you are bound to hear at least a few tales involving grumbling, headache, and stress. The self-employed have always had an uphill battle when applying for a mortgage, but thankfully that may be about to change. CMHC Chief Commercial Officer Romy Bowers stated that the self-employed represent a significant portion of Canada’s workforce and the new policy would allow this demographic to, “benefit from competitive interest rates.”  Moreover, those that have been operating their own business [...]

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6 Benefits of Selling Your Home to a Real Estate Investor

By |2018-08-10T14:41:14-04:00July 27th, 2018|Mortgage Information|

Selling your home doesn't always need to mean listing it with a real estate agent and waiting for a buyer to come along. If you're looking for a quick sale, it can make a lot of sense to sell to a private real estate investor instead. You might not get quite as high a price, but you'll enjoy these six other benefits to make up for it. 1) Take Control of the Situation Selling your home on the open market often takes months or years, and in the meantime your life [...]

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