Let’s start from the very beginning: what is a mortgage payment? Simply put, it is a regularly scheduled payment which includes principal and interest paid by borrower to lender of home loan. This payment is done according to a schedule. Depending on the lender, the...
Imagine this scenario: you are applying for a mortgage and you just found out you will not qualify on your own. So, what to do? Most people start reaching out for any option. Can they get a co-signer? Should they get a guarantor? As mortgage...
When we are talking mortgages, the term underwriting simply refers to the process of assessing the risk of providing a mortgage to a prospective borrower on a certain piece of property. In other words, a mortgage company will assess the risk of the applicant and...
A reverse mortgage is a type of mortgage loan available in Canada that is designed for homeowners 55 years and older (if you have a spouse, both of you must be at least 55 years old to be eligible). A reverse mortgage is a means...
What exactly is a rate lock mortgage? What is the advantage of having one? A rate lock refers to an agreement between a mortgage lender and a borrower to fix a certain interest rate or a number of days between the announcement of a mortgage...
A pre-approved mortgage is also referred to as a pre-approval. Any good mortgage professional will tell you that your house hunt shouldn’t start with a call to your realtor; it should start with a call to a mortgage professional who will work with you in...
When you take out a mortgage on a home, you'll generally have your regular payment automatically deducted from your account, to cover the entire amount. Why does that happen? The reason is simple. Your mortgage payment may consist of several elements: the mortgage principal and...
There are several options available to you when deciding which mortgage to choose, and one of these choices is whether or not it’s important for you to be able to have a portable mortgage when you sell your home. Quite simply, a portable mortgage is a...
Here is a term everyone should understand well to avoid ever being faced with it. It is by far one of the most stressful situations an individual could be dealing with when the lender has sent you a letter to inform they want to foreclose...
These two terms may sound like simple terms, but in reality they refer to specific points when it comes to mortgages. A first mortgage does not refer to the mortgage on the first house the buyer has purchased. A first mortgage designates the primary loan...