Mortgage rates vary from time to time depending on some factors affecting the economy. In order to get the best mortgage rates, you need to compare those rates from various banks and lending institutions. There are also conditions stipulated in the contract that may be beneficial or aggravating in your situation.
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Canadians May Soon be Able to Afford Slightly More Expensive Homes
Announcement: July 19, 2019 - Canada The minimum mortgage qualifying rate in Canada has dropped from 5.34% to 5.19% which is the first time it has done this in three years. The new rate by the central bank will have a small impact on mortgage stress levels for those...
Pros & Cons of getting a Private Mortgage & Loans
What Are Private Mortgage Loans? Private mortgage loans are granted by private lenders unlike banks or conventional financial institutions. These short term loans do not require homeowners to pay the mortgage principal. Simply put, you only have to make the interest...
How much mortgage do I qualify for?
How much do I qualify for? If you’re ready to purchase a new home, one of the first things you want to find out is how much you’re qualified to borrow. Lenders have restrictions on the amount of money that a lender can borrow that is based on the borrower’s...
Reasons to Consider Mortgage Refinancing
There are many reasons to consider mortgage refinancing to replacement your existing mortgage loan with another lender under different terms. A borrower in Canada may consider refinancing his or her loan for diverse reasons. If you’re not sure whether you should go...
Shop before you Renew
At mortgage renewal time, it is important to keep in mind that all financial institutions are about making a profit. Unfortunately, according to the Canada Mortgage and Housing Corporation (CMHC), between 60-70% of Canadians...