As we continue our series of posts about debt and mortgage payments during this pandemic, we decided to talk about the financial support payments that have been introduced by the government of Canada. It is important to understand what CERB is all about as...
We keep coming back to this topic of credit. It’s a crucial aspect for anyone planning for homeownership. However, similar to most things in the financial side of life, you need to be careful when building your credit history. It is very easy to get...
Chances are you have heard these two terms time and again, especially if you are planning to invest in a property. Before we analyze each one of them, it is important to understand what they mean in the world of mortgages. Basically, equity refers to the...
You have a high-interest debt and think of consolidating it into your mortgage in order to reduce the overall interest rate and, at the same time, free up a few hundred dollars every month. Is it a good idea? First of all, it is important to...
Have you ever heard these two terms? Do you know the difference between them? As we have stressed time and again on our blog posts, the most important aspect when it comes to mortgages is to be informed and to know all the different terms...
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...
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...