Mortgage Types

/Mortgage Types

What is the Best Type of Mortgage Rate for You?

By | 2018-05-09T10:48:54+00:00 March 27th, 2018|Mortgage Types|

In our culture, homeownership is often seen as validation that we’ve made it. What is the “it”? Well that depends on you and what you value. For some, homeownership means the ability to have a family because they can keep a family sheltered and safe. For others, it means financial freedom because, in their golden years, their home will function as part of their retirement savings. For whatever the reason, most people in Ontario want to own their home. However, homeownership typically comes with a mortgage because most of us do not have $463,882 in [...]

Is The Canadian Real Estate Market Going To Tank?

By | 2018-03-15T12:03:16+00:00 March 15th, 2018|Mortgage Types, News|

There has been a great deal written about the Canadian real estate market and whether the market is going to tank or have what economists call a hard correction. The experts, normally economists, look at a variety of factors in the economy and give their best estimation on what may happen to a particular market segment. In this blog, we are going to simply look at real estate. One Size Does Not Fit All: Supply and demand are the key components to any economic analysis. How much housing stock is in one particular (supply) area, [...]

The Five Things You Need to Know about Bridge Mortgage Financing

By | 2018-03-14T16:27:59+00:00 March 14th, 2018|Mortgage Types|

So you bought a new house and your old one has not sold, but you removed the conditions . . . so you need to close on the new one or you will be in a pickle. This is when bridge financing comes into play. A bridge loan is a temporary mortgage loan used to bridge your two mortgages until you sell your old house.  Here are five things you need to know: You will need to provide the lender with a firm agreement of sale before they consider a bridge loan. Your credit must [...]

Why do I need a down payment?

By | 2018-02-17T09:06:38+00:00 February 17th, 2018|Credit, Mortgage Types|

Can't I get a mortgage that will cover 100% of the cost? Sigh! I cannot tell you how often I hear these questions when I speak to a prospective client. The short answer is YES. You do need a down payment. Recently, the Office of the Superintendent of Financial Institutions changed the mortgage rules for both conventional and nonconventional mortgage borrowers; now, borrowers have to qualify using a minimum rate. A nonconventional mortgage is a mortgage in which your down payment is less than 20%, and a conventional mortgage entails paying 20% or more. You [...]

Should You Get a Second Home Mortgage?

By | 2018-02-16T12:00:35+00:00 January 28th, 2018|Mortgage Agent, Mortgage Types, Second Mortgage|

A second home mortgage is a loan that lets you borrow money against the value of your home and your home equity. Many homeowners decide to take out a second home mortgage for a number of reasons. They can be used to finance home improvements or repairs that improve the property's value, to pay for college, to finance a second home or even to go on vacation.However, before deciding to take out a second home mortgage, you should consider the two types of second home mortgages that are available while also comparing the advantages and disadvantages [...]

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