Fixed rate or Variable rate mortgage?
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
Fixed vs. Variable
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
Mortgage Renewals With The Same Lender Are On The Rise, But Should You Just Sign On The Dotted Line?
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
Fixed vs. Variable - which is more risky?
Are you a risky person? when it comes to investing? what about your mortgage? Check out this video....
3 steps to saving money at renewal time
Want to know how to save money at mortgage renewal time? Get your mortgage renewal letter and offer from your lender. Send this letter to us and ask if this is the best deal. As your mortgage brokers we will look at what you have been offered and let you know what other options are available in the marketplace. After an assessment of the market we will let you know if you should sign at your current lender or if you can save money by moving somewhere else. Sometimes the
When is the right time to talk about your Mortgage?
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...
Stated income mortgages for self employed
We have had a few clients inquire about stated income mortgages if they are self employed. The number one question: Can I tell the lender...
Pre-Approval vs. Rate Hold
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...
Mortgage Rule Changes for Jan 1, 2018
OSFI announced new mortgage rule changes this week that will be effective January 1, 2018. We have been asked every day since how this...
5 Things to Consider when Purchasing a Condominum
With many of our clients in the GTA looking a condominiums and especially pre-build condominiums there are some things that you should...
