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

Mortgage Term Vs. Amortization

familylendingMortgage Talk Canada

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

Land Transfer Tax

familylendingMortgage Talk Canada

How much is the land transfer tax in your province? Each province has a land transfer tax, with the exception of Alberta and Saskatchewan. Ontario, British Columbia, Prince Edward Island and the city of Toronto offer land transfer tax rebates for first-time homebuyers. Considering purchasing some property? Be sure to review land transfer taxes when completing your budget and considering … Read More

Making a Budget

familylendingMortgage Talk Canada

Make a budget and find out the best ways to manage your mortgage money better We recently took a look at the expenses beyond securing a low mortgage rate, the purchase price that you should anticipate to pay, and the expenses related to moving in. Now it is time to have a look at your ongoing month-to-month expenses, ways to … Read More