Mortgage Transfers

familylendingMortgage Talk Canada

What you will need to know. Are you planning to transfer your mortgage to another property? If you’re trying to sell, chances are you still have a mortgage on the home you currently own. So what happens to your existing mortgage when you want to move on from your current home and purchase a new one? Well, the reality is … Read More

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

Mortgage Penalties: Just How Much Will it Cost to Break my Mortgage?

familylendingMortgage Talk Canada

Would now a good time to break your mortgage and refinance? This is a really common concern– when should I break my existing mortgage and refinance for a current best mortgage rate? It’s best to initially weigh out the costs. Breaking your Mortgage A Canadian mortgage rate agreement is a fully committed contract. There is an out clause, however it … Read More

What You Need to Know About the New NHA MBS Policies, Financial Tips, General Interest, Mortgage Insurance, Mortgage News, Residential Mortgages

Last Friday, the Canada Mortgage and Housing Corporation issued a statement announcing another round of mortgage restrictions, this time concerning limits on new National Housing Act Mortgage-Backed Securities (NHA MBS). The statement, which was sent to banks, credit unions, and other mortgage lenders, outlined new restrictions that would limit lenders to a maximum of $350-million new guarantees, the amount of … Read More

Ottawa’s Mortgage Rules: One Year Later, 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.