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

Broker vs. Bank / Credit / Debts / Documents / Downpayment / First Time Home Buyer / Income / Lenders / Market Updates / Mortgage Renewal / Pre-Approvals / Pre-Payment / Purchase / Qualifying / Rates & Terms / Refinance / Rules / Uncategorized / Variable Interest Rates

Why asking “dumb” questions is quite smart!

There is no such thing as a dumb question. In fact, the smartest thing you can do is ask the most basic question you can think of. The MortgageGirl welcomes and encourages her clients to ask all kinds of questions during the complicated mortgage process. Some of the more common questions the MortgageGirl gets are: … Continue reading

7 Mortgage Mistakes to Avoid in 2017
Bankruptcy / Broker vs. Bank / Credit / Debts / Documents / Insurance / Lenders / Pre-Approvals / Pre-Payment / Purchase / Rates & Terms / Refinance

7 Mortgage Mistakes to Avoid in 2017

  2016 brought the 6th set of mortgage rule changes since 2008 and while there is plenty of speculation on how the real estate market will be affected by them, I believe they were implemented with minimal immediate impact. For the majority of borrowers, financing a home is a process you will go through a … Continue reading

How to increase home equity
Lenders / Mortgage Renewal / Pre-Payment / Rates & Terms / Refinance

How to increase home equity

Maximizing pre-payment privileges Making a decision to focus on quicker mortgage repayment not only saves you thousands in interest costs, it also allows you to greatly reduce your mortgage balance which ultimately increases the home equity. A lower mortgage balance owing is also a positive if rates have increase significantly by your renewal date, the lower … Continue reading

7 Signs a line of credit is right for you
Credit / Debts / Downpayment / Income / Mortgage Renewal / Pre-Payment / Purchase / Qualifying / Rates & Terms / Refinance / Rental Properties / Rules / Variable Interest Rates

7 Signs a line of credit is right for you

I was speaking with a friend who recently switched over from a mortgage to a line of credit product; she was surprised she hadn’t done it sooner. It got us talking about the differences between the typical mortgage product and a home equity line of credit. While both have advantages, the line of credit can … Continue reading

What’s the difference between mortgage lenders?
Bankruptcy / Broker vs. Bank / Credit / Documents / Downpayment / Insurance / Lenders / New to Canada / Pre-Payment / Qualifying / Rates & Terms

What’s the difference between mortgage lenders?

If you see getting a mortgage in your future, there are a few different ways to ensure you get approved. After a review of my client’s current financial profile, I will fit them into the A, B or C category of lending. Each of these lender types will charge a variety of different rates, the … Continue reading

8 Mortgage Myths Busted
Bankruptcy / Broker vs. Bank / Credit / Debts / Insurance / Lenders / Pre-Payment / Qualifying / Rates & Terms / Refinance

8 Mortgage Myths Busted

Mortgages are not a subject we learn about in high school, although I wish they were. Credit, interest rates and qualifying for a mortgage are all things that will greatly affect your lifestyle going forward. Most learn about them only when they are ready to buy a home, through friends, family, or the Internet. My concern … Continue reading

How well do you know your mortgage?
First Time Home Buyer / Lenders / Pre-Payment / Purchase / Rates & Terms / Refinance

How well do you know your mortgage?

Why the fine print of your mortgage approval matters When applying for a mortgage, the rate and payment amount initially seem to be the most important, however, there are other items that should be understood before you sign on the dotted line. Read on for the top four mortgage features that could be particularly impactful … Continue reading

How to get a mortgage in 10 steps
Documents / Downpayment / First Time Home Buyer / Income / Pre-Approvals / Pre-Payment / Purchase / Qualifying / Refinance

How to get a mortgage in 10 steps

Taking on new debt is pretty easy and it usually only takes a signature on the dotted line and proof of employment income to get a car loan, a new credit card or a small line of credit. Getting a mortgage is more involved; below you will find the 10 steps it takes to finance … Continue reading