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Yes, generally speaking, parents can gift you all or part of your downpayment towards your purchase. In order to satisfy lender conditions for accepting gifted…
WHAT IS THE INTEREST RATE DIFFERENTIAL (IRD) PENALTY? If you choose a fixed mortgage term and need to pay out or refinance during your term you will be faced with an interest rate differential (IRD) penalty. A mortgage is a contract and if you break your obligations,...read more
REFINANCING YOUR MORTGAGE IN 2018 Changes to the Mortgage Qualification rules have been very dynamic in the past decade. In an effort to curb runaway real estate prices, Governments at all levels have been making changes. For a full breakdown of all the mortgage...read more
7 Reasons Why You Might Break Your Mortgage Term During the popular 5-year mortgage term, 60% of borrowers will break their mortgage. Think about that for a second. You have a 60% chance of breaking your term and triggering an early renewal penalty. (Assuming you...read more