Blend your mortgage to improve your rate. Quite a few people are wondering how to lower their current mortgage costs. Generally, the mortgage penalties you incur to break your mortgage are set up as the greater of three months interest or the value of your Interest Rate Differential. If you’re going to break your mortgage, try and do it when … Read More
Using a Home Equity Loan for Debt Consolidation
Have you considered this popular alternative? The biggest debt you are going to deal with as a property owner is your mortgage. With the right approvals, you are able to borrow against the equity of your house with a home equity loan. What is a Home Equity Loan? This style of loan is somewhat different to a home equity line … Read More
Typical Lending Criteria For The Self-Employed
Two things to keep in mind Most self-employed persons have a more difficult time getting pre-approved for a mortgage. The ideal image of a borrower by most lenders is one who has a stable job and thus a consistent stream of income as part of a regular pay cheque. Self-employed individuals rarely have this luxury. If you would like to … Read More
Should I Rent Or Buy?
Are you ready to take the leap into homeownership? Weighing out the pros, cons, costs, and considerations is the best way to help you determine if you are ready to own a home. Renting Pros Renting is a wonderful first step to living on your own. Given that it lacks long term commitment many rental agreements generally only last one … Read More
Mortgage Fundamentals: Pre-Approved Vs. Pre-Qualified
What’s the difference? There are several stages of the Canadian mortgage rate approval procedure when you apply for a mortgage. It is essential to understand what they are and what they really mean. What is Pre-Qualification? This is the initial step of the low mortgage rate approval process wherein your mortgage broker takes a look at your overall earnings and … Read More