Refinancing Your Mortgage in 2018
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...
7 Reasons Why You Might Break Your Mortgage Term
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...
A History of Mortgage Rule Changes In Canada
A HISTORY OF MORTGAGE RULE CHANGES IN CANADA With runaway home prices in some Canadian cities, it’s important to look at the mortgage rule changes over the last decade. Most Canadians opt for the 5-year term and only start doing research when their term is up...
6 Closing Costs You Need To Budget For
WHAT ARE CLOSING COSTS? Closing costs are an often overlooked expense in the home buying process, especially among first-time buyers. The expenses are in addition to your down-payment funds. Most lenders use a calculation of 1.5% of the purchase price in available...
Insured, Insurable & Uninsurable Mortgages – What’s The Difference?
Prior to the most recent round of Government tinkering, mortgages fell into two classes; high-ratio and conventional. There are now three classes of mortgages in Canada. They are Insured, Insurable & Uninsurable Mortgages. This can be confusing for the average...