Bank representatives typically have only a few mortgage products available. Independent mortgage brokers have access to many lenders (various banks, credit unions, trust companies and private lenders) to help you put together the mortgage that works best for you! Although almost everyone wants a mortgage with the best rates, terms and conditions possible, yet many […]

1. Make a double mortgage payment whenever you can. Doing this once a year can help pay off the mortgage 4 years sooner! If your payment is $2,000 a month, four years of no payments is $96,000!! 2. Increase the frequency of payment. Going from monthly to accelerated bi-weekly can reduce your mortgage by over […]

Homeowners should know the differences between a conventional mortgage and a Home Equity Line Of Credit (HELOC). A conventional mortgage is a registered charge against your home. There is a set term – 6 months to 10 years with a fixed or variable interest rate. Payments include principal and interest. Many homeowners choose a fixed […]

You’ve probably made a few new resolutions for 2016. Have you also resolved to reduce the cost of your mortgage and keep more of your hard-earned dollars in your own pocket? Here’s the often-repeated simple formula to minimize your interest cost and pay off your mortgage sooner: 1. Make your payments as frequently as possible. […]

Your income (capacity to repay) usually indicates how much money you can borrow, but your credit report (repayment history) will usually determine whether you can borrow additional money. Past credit behaviours are categorized into five predictive characteristics used by the credit bureau to determine your credit score. Past Payment Performance (35%): Fewer late payments, judgments, […]

Mortgage brokers keep up-to-date with the latest product offerings from lenders and have intimate knowledge of various features and options. Here are six key reasons for using mortgage brokers. 1. Choice: If you go directly to your bank, you will only be offered products from that financial institution. Mortgage brokers have relationships with several different […]

The decision to choose a fixed or variable rate is not always an easy one. It should depend on your tolerance for risk as well as your ability to withstand increases in mortgage payments. You can sometimes expect a financial reward for going with the variable rate, although the precise magnitude will ebb and flow […]

The advantages for home buyers to obtain a mortgage pre-approval. Obtaining a Pre-approval A mortgage pre-approval from a mortgage lender says you are approved for a mortgage before you have selected a specific property. You simply fill out a mortgage application and provide the lender with income documentation and consent to pull your credit report […]

Before you begin searching for a home, it’s always helpful to think about your needs, both now and in the future. The following are some things to consider when you’re deciding which type of home to buy: • Location. Do you want to live in a city, town or in the countryside? How long will […]

Purchasing a home is one of the biggest decisions most people ever make. At some point in their lives, most Canadians have probably asked themselves whether it is better to buy or rent a home. Ultimately, the decision is a personal choice, but it helps to look at the pros and cons of buying to […]