Open or Closed Mortgage?

familylendingMortgage Talk Canada

Open or Closed? Do you know which option is right for you? Closed mortgages provide lower interest rates than open mortgages. Nonetheless, open mortgages include a smaller amount of fees. What is a Closed Mortgage? Closed mortgages cannot be prepaid, renegotiated or refinanced prior to maturation without paying a penalty. The majority of closed mortgages do provide a little flexibility … Read More

Preparing For Your First Mortgage

familylendingMortgage Talk Canada

Four moves to make when getting ready for your first mortgage. Step 1: Know What You Want Should your mortgage be fixed or variable? Fixed Mortgage Rate: Enables you to “lock in” a predetermined rate for a set amount of time (term). Variable Mortgage Rate: This type of mortgage rate changes monthly according to the mortgage lender’s prime rate. Anyone … Read More

Bank Or Broker?

familylendingMortgage Talk Canada

Who should you consult for your mortgage pre-approval? Handle your mortgage like every other major purchase– that is, be sure you make the effort to compare rates and shop around. Not every Canadian mortgage rate is the same. Bank Rates When you visit a bank, it’s worth bearing in mind that their loan officers are paid to sell you their … Read More

Ottawa’s Mortgage Rules: One Year Later

EditorFamilyLending.ca, Financial Tips, First Time Home Owner, General Interest, Housing Costs, Mortgage Down Payment, Real Estate Advice, Residential Mortgages

It was roughly one year ago that Finance Minister Flaherty announced his fourth round of mortgage restrictions in as many years. The reason for these changes was simple: cool down an out-of-control housing market. By tightening lending rules, Flaherty hoped to lower the risk to taxpayers and curb excessive rates of household debt. 

A Dragon Enters the Mortgage Biz

EditorAbout Mortgage Brokers, General Interest, Mortgage News

Rumour has it that the mortgage business is about to get a little hotter, thanks to the addition of a Dragon. According to a tweet sent on Sunday from CBC’s Dragons’ Den star and investment superstar Kevin O’Leary, the Lang & O’Leary Exchange is getting into the mortgage industry via O’Leary Mortgages .