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
Mortgage Term Vs. Amortization
Do you understand the difference between your mortgage term and your amortization period? A frequent source of confusion for potential homebuyers is the difference between a mortgage term and amortization period. A standard Canadian mortgage rate has a 5-year term with a 25-year amortization period. Mortgage Term The mortgage term is the length of time you commit to a low … 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
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
Seller’s Market vs. Buyer’s Market
Understanding the housing market Have you ever wondered who decides how much a house is worth and how they do it? The market is influenced by a variety of factors, all adding to the final asking price. A few of the factors include: Tempo of the market– the speed at which homes are currently selling Confidence in the economy– prices … Read More