Okay so you have a mortgage. Let’s face it, it’s a contract with terms, conditions, rights and obligations for both you and the lender. However, now for whatever reason you need or want to break the contract before the end of the term. Many mortgage lenders will allow this provided they are compensated. You have […]

First, let’s start with a definition of each. Mortgage Terminology Rate-Hold: a rate-hold is simply that. The financial institution holds a rate for a specific term and for a certain number of days. In Canada we typically hold rates for 120 days. You must close your mortgage on or before that date to secure the […]

1. Improve personal monthly cash flow – The new mortgage should help you feel more in control of your spending. Consolidate multiple payments into one mortgage payment that is lower than the total of the payments in their current state. 2. Save you interest – Yes an alternative lender comes with a higher rate, but […]

ob-sess(ed): the act of being preoccupied or fill the mind continually, intrusively and to a troubling extend. As mortgage consumers, we get obsessed with obtaining the best rate – we are caught in the cross-hairs of lender marketing. Lenders spend millions of dollars annually to pitch their message; some listen and some don’t. As consumers, we […]

There are a million variables that determine how one can qualify for a mortgage. The banks, mortgage lenders and credit unions all have different guidelines to be able to qualify under their programs, and then we have the mortgage insurers and multiple other regulatory bodies that affect decisions as well. Variables such as: income type […]

One thing Canadians have in common is that most of us are paying off a mortgage. The mortgage market can sometimes be confusing. There are a vast array of choices – open, closed flex down, equity take-out, cash back, and of course the rates themselves. While we would not attempt to try to muddle through […]

In order to stimulate sales and maintain price points on new properties, sellers (and developers) will offer incentives to buyers versus lowering the price of a piece of property. A common incentive is to include a “decorating allowance”. Decorating allowances can be any amount but common ones are between $5,000 and $10,000. This basically means […]

Well the word is out…Canada is in a technical recession…so what does that mean for Canadian mortgage holders? The main question that I have been asked is, “how will the recession impact interest rates or my mortgage?” For those currently in the middle of a mortgage term, there will be minimal to no impact on […]

This Global News headline caught my eye recently; 25,000 Vancouver homes claim their total income is less than they spend on housing. Reading the story, I was curious about a few things: 1. How were shelter costs calculated? 2. What was the assumption re average mortgage balance/rate/payment? 3. Were the ~47% of mortgage free Vancouverites […]

We all know the real estate industry is hot right now and for many getting into the housing market, it can be a pipe dream. With tightening government and lending regulations, historically low interest rates and soaring housing prices, it can be a daunting endeavour for anyone. Whether you are a first time home buyer, […]