Is Being Mortgage Free a Plan for Retirement?
No one likes having a mortgage payment and it seems many people are in a hurry to pay it off as soon as possible, but is this really the best strategy for a healthy retirement? What many people don’t realize is that they could be putting the money they are using to...
Department of Finance Implementing New Mortgage Changes
New Canadian Mortgage Rules Effective October 17, 2016
The Minister of Finance announced the fixed rate home buyers will now need to qualify for payments at the posted interest rate instead of the discounted interest offered by Toronto mortgage brokers like myself. It’s important to know a few things about the changes to...
No More Discounts for Fixed Rate Mortgage Borrowers
With the Minister of Finance Bill Morneau announcements on October 3rd, 2016 Canadians may have a harder time getting into the house of their dreams and may only qualify for a purchase price that is much lower. Before this announcement fixed rate mortgage...
What Is An Unregulated Mortgage
Have you heard the stories in the news recently about mortgage fraud? Many of the situations involved an unregulated mortgage, so it’s left a lot of people wondering what that actually means. To understand unregulated mortgages first let’s discuss regulated mortgages....
What A Good Pre Approval Means
Getting a good pre approval is a very important step in buying a home. Some banks issue pre approvals that are loosely based and more about a rate guarantee. However a good pre approval from a Toronto or Brampton mortgage broker is based on income, so it means you...
How To Save For Your First Down Payment
The size of your down payment will have a large impact on your finances as it will determine your mortgage payment and initial equity in your home. In Canada you’ll save a ton of money in mortgage insurance premiums if you can put down at least 20%. Lastly, the higher...
4 Ways To Get A Mortgage While Being Self Employed
Many self employed workers enjoy a great lifestyle with a high standard of living, however on paper they don’t fit into the typical model of what lenders like to see. When done properly write-offs can reduce your income, ensuring you pay the least amount of taxes...
How You Pay For Your Mortgage Payments Matters
The golden rule of mortgages is this, the longer you take to pay it off, the more money you give the bank. So your goal should be to pay your mortgage off as fast as comfortably possible. Listed here are payment options for your mortgage. Knowing these options before...
How To Calculate Your Mortgage Payments
In Canada loan interest on your mortgage is compounded semi-annually unlike the United States where calculation is done monthly. The method used for loans in Canada gives borrowers a slightly lower monthly payment given the same principal, term and nominal interest...