If you're looking to buy a new property, refinance, or renew an existing mortgage, chances are, you're considering either a fixed or variable rate mortgage. Figuring out which one is the best is entirely up to you! So here's some information to help you along the way. Firstly, let's talk about the fixed-rate mortgage as this is most common and most heavily endorsed by the banks. With a fixed-rate mortgage, your interest rate is "fixed" for a certain term, anywhere from 6 mont

If you are new to the world of mortgages, you probably have a lot of questions - such as whether to choose a fixed-rate mortgage or variable -rate mortgage. Even experienced home owners can sometimes struggle with this, and may wonder if they made the right choice or if they should switch. Before we get to that, let me explain the differences between fixed and variable-rate mortgages. A fixed-rate mortgage is just that - a fixed amount of interest that you would p

Are you a risky person? when it comes to investing? what about your mortgage? Check out this video....

When is the best time to connect with your Agent/Broker to talk about your mortgage? The correct answer is not x number of months before your mortgage renews or x number of months before you purchase a home. It is actually all the time in between. One of the huge benefits of having a relationship a Mortgage Agent/Broker is to be able to prepare for your mortgage transactions properly. When people tell you they NEED a mortgage broker or they NEED mortgage advice now it is

What is a collateral mortgage? We get asked this question A LOT! Everyone has heard this term, very few know what it means. Lots of people tell me they have seen the CBC Marketplace episode and they know that collateral charges are bad. The truth is that they are not good or bad, they just are. Collateral mortgages are only bad when you don’t know that you are getting one and then get caught by the fine print. They can also be great for people who need them and know how

I was working with some clients recently who asked me to outline the 3 best choices for them. They were refinancing their mortgage and were left with three options. All of the options were a little bit different and basically depending on what their priorities were there would be a clear correct choice for them. I outlined all three options in an exhaustive spreadsheet. Basically what they boiled down to was: A. Refinance there mortgage with their current lender paying no

Many clients get confused about what a pre-approval is and what a rate hold is. Typically a pre-approval is a full evaluation of your entire situation and a bit of a garuntee that you can afford the home you are attempting to purchase. In contrast a rate hold is a promise from a lender to give you a specified interest rate offer should you purchase in the next 120 or 90 days (depending on the lender). Pre-Approval A pre-approval is basically an underwriting of all your do

Variable rates are insecure, they are scary, they are only for the most risky of home owners. This is what my parents taught me. This is what they learned when they got a mortgage. Now that I am a Mortgage Agent, it is my job to explain to everyone why this is not true. 1. Rates do not Jump Huge Increments Your mortgage rate will be prime minus a certain amount (eg. prime - 0.48). What you need

Source: www.mortgagearchitects.ca If you’re in a mortgage that’s coming up for renewal in the coming months and you’re considering just staying with your current lender, you wouldn’t be alone. According to the Canadian Mortgage and Housing Corporation’s (CMHC) Residential Mortgage Industry Report released in the summer, in 2018, the number of mortgage renewals with the same lender increased by 16 per cent over the previous year. The report suggested one of the factors that

Do you have the lender pay your property tax on your behalf while they are paying your mortgage? I know that this is way easier to have one less bill the think about arriving in the mail each month but have you ever considered if this is in your best interest? Truly, convience is the only benefit to having the lender to this for you. Here are a couple down sides that you need to be aware of: Build up of reserve in Tax Account Your mortgage lender is not in the business of