Is a second mortgage right for you?
Broker vs. Bank / Credit / credit help / Helpful Tools / Income / mortgage / mortgage rule changes / payout penalty / Qualifying / Rates & Terms / Refinance / Rules / second mortgage / Second Mortgage Options / Stress Test / Uncategorized

Is a second mortgage right for you?

I don’t mean a second mortgage as in getting a mortgage on a second property; in this case I’m talking about a 2nd mortgage behind an existing 1st mortgage secured against the same property. Second mortgages aren’t for everyone so I’m going to highlight what I think are the top 10 points you should know … Continue reading

Should I renew my Mortgage early?
Broker vs. Bank / Lenders / Mortgage Renewal / mortgage rule changes / payout penalty / prime rate / Qualifying / Rates & Terms / Rules / Uncategorized

Should I renew my Mortgage early?

Is your mortgage due for renewal sometime within the next year? Has your current lender called you or sent an offering of a one-time chance to “renew early and save” or some similar wording? With relatively low interest rates still available, it may be a good idea to renew your mortgage early and take advantage of the … Continue reading

What is my payout penalty?
Broker vs. Bank / Credit / Documents / Lenders / Market Updates / payout penalty / Pre-Payment / Rates & Terms / Refinance / Rules

What is my payout penalty?

When I get a call asking about refinancing a property, I always ask if you are presently in an open or closed term and will you have a pay out penalty if you leave your current lender? Not all mortgages are alike and neither are all mortgage lenders. The penalty for breaking a variable rate … Continue reading