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Consolidating 1st and 2nd Mortgages

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.

How to Consolidate your Mortgages? (more…)

Insured vs. Insurable vs. Un-Insurable.. What does it all Mean?

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…)