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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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...
Private Mortgages in Canada
You just never know when or why you might need a lot of money for something other than a straightforward mortgage for a home to live in. Perhaps you need money quickly for a very specific purpose that will never satisfy the requirements for...
Statement of Adjustments
When purchasing, refinancing or selling your home, you will need the services of different professionals from the first step to the closing. You may be required to hire a realtor, a survey or other professionals to ensure the procedure runs...
Can I Skip a Mortgage Payment? What will it Cost in the Long Run?
In life, you may come across some unexpected cost and you may choose to skip one or two mortgage monthly payments to save you from the situation. For this reason, most private mortgage agreements have a privilege clause for you to skip a mortgage payment. The question...
How much should You borrow?
The first thing you’ll need to decide if you are going to buy a home is how much you can afford to borrow, this especially important if you are looking for a 1st time home buyer mortgage. The interest and mortgage types play an important...
Banks vs. Mortgage Brokers
Banks vs. Mortgage Brokers: Who is the Better Choice? The traditional mortgage providers in Canada have been large banks. You also have the option of working with an independent mortgage broker. A smaller number of people opt to apply for...
Can I Get a Mortgage if I Have a Bad Credit?
If you have bad credit and you’ve been turned down for a mortgage by the major banks, there’s still hope: lots of home loan options exist for this class of borrowers. Many private and institutional lenders specialize in mortgage products for persons with bad credit...