5 Key Factors to Review Before Your Mortgage Renewal

What Ontario Homeowners Need to Know About Mortgages During a Separation

Divorce, Credit, and Homeownership: How to Prepare for Your Next Mortgage

Divorces are challenging as there’s a lot to think about in a short amount of time, usually under pressure. And while handling finances is often at the forefront of the discussions related to the separation of assets, unfortunately, managing and maintaining personal credit can be swept aside to deal with later. So, if you happen to be going through or preparing for a divorce or separation, here are a few considerations that will help keep your credit and finances on track. Th

It’s a commonly held belief that if you’ve made your mortgage payments on time throughout the entirety of your mortgage term, that the lender is somehow obligated to renew your mortgage. The truth is, a lender is never under any obligation to renew your mortgage. When you sign a mortgage contract, the lender draws it up for a defined time, so when that term comes to an end, the lender has every right to call the loan. Now, granted, most lenders are happy to renew you

When it comes time to renew your mortgage, most lenders will send you a renewal letter when there is 3 to 6 months remaining on your term. While nearly 60% of borrowers simply sign and send back their renewal without ever shopping around for a more favourable interest rate, I would urge you to take a moment to check out your options. Most standard mortgages are on a 5-year-term, meaning the market rates could be very different from the time you initially began your term to to

With the latest stats claiming that about half of marriages end in divorce and with around three-quarters of Canadians being homeowners, it’s important to know how to handle your mortgage if you decide to separate. Here’s a quick list of things to consider. Keep making your payments. A mortgage is a legally binding contract between you and the lender. It doesn’t take marriage into account. If your name appears on the mortgage, you're responsible for making sure the regular

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

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

When people buy a home they pay more attention to their mortgage. It is going to be a new monthly payment and there is lots of options to consider.... 5 years later you typically get a letter in the mail saying here is what we are going to offer you to continue with your existing mortgage for the next 5 years. It usually has a check box that you select and send back to say you are compliant with this idea. Is this what is best for your pocket book? Sometimes yes & someti