In the past you may have taken out a second mortgage to pay off your debt or make a large purchase, in doing so it’s likely your monthly payments have doubled, or you are paying interest only on that second mortgage. Now you want to decrease the amount you pay each month or you could just be looking for better terms, and to accomplish that you need to consolidate your mortgages.
You bought your dream home a few years back now, but circumstances have changed and you are considering selling your home in the middle of your mortgage term, but you’re concerned you are going to have to break your mortgage and pay a hefty penalty. Don’t fret, you may be able to port or transfer your mortgage. (more…)
With the mortgage rules constantly changing, private or alternative mortgages are becoming the only way some people can refinance or buy a home. When the banks turn borrowers down the next option is to look at “Subprime” lenders. There is a significant misconception applied to this “subprime” market, so let me explain them a bit.
Being a new immigrant doesn’t mean you can’t get your own home. The typical rules for New to Canada mortgage borrowing is that you have been in Canada less than three years, have your landed immigrant status, and have been employed in Canada for a minimum of three months. (more…)
We used to have two primary mortgage categories, “High Ratio” or “Conventional” mortgages, but now we have insured, insurable and un-insurable. What do these terms mean?
Insured; a mortgage transaction in which the insurance premium is/has been paid by the client. (Generally, 19.99% equity or less to apply towards a mortgage, amortization of 25yrs or less, mortgage under $1Million, qualify at Bank of Canada(BoC) benchmark rate). (more…)
The following is a list of items you want to avoid doing when you are starting the process of applying for a mortgage.
1. Don’t apply for any new credit; Applying for credit will lower your credit score. You will lose a few points off of your rate and will also potentially change your borrowing ratios.