A low interest rate is appealing because it means a lower mortgage payment. However, before you sign on the dotted line, it’s important to read the fine print that comes with that low rate. Here are a few details to inquire about before you proceed as they could affect your options down the road and … Continue reading
If you are in the market for a mortgage, chances are you’re looking for the lowest interest rate you can get because it means a lower monthly payment. If you are shopping online, you’ve probably seen a great rate and then in fine print is ‘O.A.C. (on approved credit)’ or ‘rates subject to change without … Continue reading
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
If you’re like most borrowers, you won’t be shopping for a mortgage very often. This means you may not know all about the specialty mortgage products that are currently available in the mortgage market. I’ve provided a brief overview of a few of the less common mortgage financing options below that I have recently encountered. … Continue reading
Okay, maybe that is not the first thing that comes to mind immediately following an engagement. If you do have marriage on your mind, you are probably also thinking about where you’re going to live when you begin your life together, which would likely include space for your children. If buying a home versus renting … Continue reading
Did you know the 2016 CMHC survey found that 39% of households automatically renew their mortgage when their term is up? You may be missing the opportunity to find a better deal. If your mortgage is up for renewal within the next 4 months, it’s a good idea to start thinking now about what you’re … Continue reading
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
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 your maximum mortgage amount is determined When it comes to qualifying for a mortgage, the current debts you have affects the mortgage amount you can qualify for. I often see buyers who have worked hard to maintain a good credit score and saved up the downpayment, then I have to tell them they don’t … Continue reading
We often receive inquiries from potential borrowers looking for some tips about navigating through all of the mortgage options available to them. We usually start out with a discussion about their specific mortgage requirements and home ownership goals, as nothing replaces a custom solution. If they are not really sure what their requirements or goals … Continue reading
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