When it comes to mortgages, many homeowners strive to pay off their loan as quickly as possible. And it’s not uncommon to think that selecting a shorter amortization period, say 25 years instead of 30, will be the key to achieving this goal. But what if we told you that the initial amortization period you…

When it comes to securing financing for your home, there are a variety of options available to homeowners. One of these options is a Home Equity Line of Credit, or HELOC for short. This line of credit is a type of secured loan that is registered against your home, allowing you to draw equity out…

For many people, getting a mortgage is a step towards owning their dream home. However, paying off that mortgage as soon as possible is also a common goal for most borrowers. With prepayment privileges, borrowers can increase their monthly payments and make lump sum payments without facing any penalties. Prepayment privileges differ among lenders, which…

Starting a family can be one of the most exciting and fulfilling times in anyone’s life. It also means that your finances and expenses will shift, and you’ll need to consider additional expenses while reducing your income temporarily or, in the case of maternity leave, for several months. Many parents or soon-to-be parents may worry…

In the midst of an uncertain economic climate, many individuals are faced with a difficult decision: what term length should they choose for their fixed-rate mortgage? With a recession on the horizon and the Bank of Canada considering further interest rate hikes, it’s understandable why many would opt for a shorter-term mortgage. But is it…

When it comes to getting a mortgage, many people default to a 25-year amortization without giving much thought to other options. However, choosing a 30-year amortization can have a lot of benefits that may be overlooked at first glance. One of the biggest misconceptions about a 30-year amortization is that it will automatically result in…

The journey to becoming a homeowner is an ambition shared by many Canadians. Yet, uncertainty and apprehension are to be expected when beginning this new adventure. Choosing a realtor, finding a home, and worrying about bidding wars, it’s no wonder that buying a home is sometimes nerve-wracking Obtaining a pre-approval can assist in streamlining the…

Buying a house is one of the most important financial decisions you can make in your life. Determining how much you can afford before you even begin looking at homes is essential. Calculating your budget and understanding what you can comfortably afford is the key to finding a house that fits both your lifestyle and…

Are you in the process of shopping for a home loan? If so, you may want to consider the services of a mortgage broker to help you get the best possible deal. Mortgage brokers are experienced professionals who specialize in helping people get the most competitive rate and terms on their home loans. They have…

The four main elements which play a significant role in deciding the amount and interest rate of the mortgage pre-approval are discussed below. 1. Credit score. Your credit score indicates your fiscal well-being, thus revealing to lenders the potential danger of offering you a loan. A credit score between 680 to 900 is usually sufficient…