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
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
Preparing For Your First Mortgage
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
Open or Closed Mortgage?
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