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What does it mean to port your mortgage?

Finding the lowest mortgage rate is definitely an important part of mortgage shopping, but it’s not the only mortgage feature worthy of your attention. The sale of your home could evoke three crucial mortgage features: mortgage penalty fees, assumability, and portability. Today, we will focus on mortgage portability. What is mortgage portability? To port your mortgage is to transfer ...

Mortgage Document Checklist for Home Buyers

Whether you are considering buying a new home or refinancing your existing mortgage, important personal information and documents will be required by lenders.  This checklist gives an overview of the necessary documentation that most Canadian lenders require prior to approving and funding a mortgage.  By providing these documents in a timely fashion, you will help to ensure ...
Tags: Mortgages

New Mortgage Rules Coming into Effect

If you look at any recent housing market survey, you'll notice a common trend. The Canadian real estate market is cooling, but definitely not popping. We're actually heading into a more balanced market in most of the country. In spite of this, the Government of Canada has announced more changes to government-backed insured mortgages in the hopes of limiting the amount of household debt Canadians have ...
Tags: Mortgages

Don’t Renew Your Mortgage with Your Eyes Closed

When your mortgage comes up for renewal, your lender will send you a letter suggesting you renew at their current offer. If you do, you’ll be renewing your mortgage with your eyes closed! This is your moment of opportunity to negotiate the best possible deal, either with your current lender or with a new one. Do you know if the same lender remains your best choice? If you don’t, you aren’t ...
Tags: Mortgages

Pay Down Your Mortgage Faster

With interest rates at an all-time low, many Canadians are taking advantage of the savings by refinancing their mortgages to consolidate debt, make home renovations, invest in real estate or other ventures, or moving up the property ladder. The following are ways to take even further advantage of this excellent rate environment by paying down your mortgage faster. Tip #1: Prepay early in the mortgage ...
Tags: Mortgages

Your Credit Score and Mortgage Application

There are five different categories that go into a credit score: on-time record of payment the number of inquiries or applications for credit credit utilization credit history credit `depth` Although it sounds like common sense, the most frequent reason that a person`s credit score is lower (or outright bad) is that they missed one or two payments. A missed payment is a missed payment, regardless ...
Tags: Mortgages

Mortgage Request Documentation Checklist

When buying a new home, some documentation is needed to support your mortgage request.  By providing your mortgage specialist with the documents that are indicated on the list below, you can work together to finalize your mortgage needs efficiently. Information that describes the property you are buying: Purchase and Sale Agreement MLS Listing with photo Name, address, telephone number ...

Changes to Mortgage Rules

On Monday, the Government of Canada announced adjustments to the rules for government-backed insured mortgages. These changes are an effort to address concerns about the increasing levels of Canadian household debt. They are designed to ensure that homebuyers don’t risk their financial security by buying more than they can afford. So what do these adjustments mean to the average homeowner? ...
Tags: Mortgages

Specialized Financing Options

Special purpose financing can meet unique borrower needs not addressed in standard marketplace offerings. Here are a few examples: Blanket Mortgage: A blanket mortgage is a single mortgage registered against two or more properties allowing the lender recourse against all properties should default occur. For example, an owner requires financing for the purchase of a recreational cottage. The ...

Putting Interest Rates in Context

As in past instances, when today’s employment rate was released - with more new jobs created than expected - it resulted in the media saying that this will probably lead to a better chance that interest rates will increase. Maybe true... But even as prime rates go up, sometimes over a period of time bond rates vary and that is what sets mortgage rates. Because of changing bond rates, the mortgage ...
Tags: Mortgages
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