How Does Your Credit Score Affect Your Mortgage Interest Rate?

Posted on Jun 09, 2022 in Mortgages

How Does Your Credit Score Affect Your Mortgage Interest Rate

It takes credit to build credit ­– most of us have heard this at some point in our early years of adulthood. Some of us heard it when we got our first credit card; others when they went to apply for a loan of some type and realized they didn’t have a credit score. The crux is that while it takes credit to build credit, it also takes credit to destr...

Read More

The Lowdown on Private Mortgages

Posted on Jun 06, 2022 in Mortgages

private lenders

Some prospective homebuyers are turning to private mortgages in this red-hot Canadian real estate market. A private mortgage is a home mortgage from a private individual or company that is not a federally regulated financial institution. In an environment of historically low-interest rates and strengthening demand for limited residential properties...

Read More

5 Reasons Why You Should Get Pre-Approved for a Mortgage

Posted on Apr 07, 2022 in Mortgages

Pre-Approved for a Mortgage
Buying a home for the first time is an exciting experience. While the process can be stressful at times, there are ways to limit unnecessary anxiety, and one of the most significant ways is to get pre-approved for a mortgage before you begin your house-hunting adventure.

To put it simply, being pre-approved for a mortgage means that a lender says yo...

Read More

Rethinking a Variable Rate Mortgage in the Face of Hikes

Posted on Mar 31, 2022 in Mortgages

variable rate mortgage
For a long time, it was a common ideology that a variable rate mortgage was ideal when purchasing a home. The thought process was based on the theory that if the rate drops, you’ll be able to reap the benefits of lower interest payments as opposed to someone who is in a fixed-rate mortgage.

Before we get into the nitty-gritty of it, let’s review how...

Read More

What is the Mortgage Stress Test in Canada?

Posted on Mar 02, 2022 in Mortgages

What is the Mortgage Stress Test in Canada

A common goal for many Canadians upon completing their education and gaining employment is purchasing their first home. Home ownership is, after all, the Canadian dream. While it’s general knowledge that saving money for a down payment is the first step to eventually purchasing a home, many are not aware of the mortgage stress test. So, what is the...

Read More

What Size of Mortgage Can I Afford?

Posted on Mar 02, 2022 in Mortgages

What size of mortgage can I afford

When purchasing a house, most people need a loan be able to afford the home. These loans are called mortgages. A mortgage is a legal agreement where a bank or other lender loans money and charges interest in exchange for taking the title of the borrower’s property. Upon repayment of the debt, the borrower owns the property.

In Canada, to purchase a...

Read More