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...
How Is Your Mortgage Registered
The two ways to register a mortgage in Canada on title are a Standard Charge or Collateral Charge and it is important for borrower to know the difference. A Standard Charge was used by all lenders until about 6 years ago and being informed of the differences in the...
What Is Mortgage Default Insurance?
A question I often get asked as a mortgage broker in Toronto and Brampton is “What is mortgage default insurance?” Before I give the answer, let me first explain the two types of mortgages. There are two types of mortgages and the amount of money you are able to put...
Ten Things To Consider Before Your Mortgage Matures
What happens when your mortgage matures? It’s good to know exactly what you need to think about as time goes on. So here are ten things you need to consider before your mortgage matures. 1) Have you explored all your options? Once you receive your mortgage renewal...
9 Ways To Improve Your Credit Scores
When it comes to finances some of your goals may be saving money, paying down debt or starting an investment portfolio. Improving your credit score can be overlooked in your financial picture, here are some ways to help improve your credit scores. Keep Credit Card...
Why A Larger Down Payment Is Better
You’re ready to purchase a home and while it’s entirely possible to purchase a home with a smaller down payment of 5% or even 10%, there are good reasons for gathering as much money as possible when home buying. Three big reasons why a bigger down payment are: Putting...
How To Choose The Right Mortgage Term
Having a clear understanding of the difference between a term and the amortization period is an important first step to choosing a mortgage. As an experienced mortgage specialist, clients can rely on myself to answer these questions about the basics of mortgage...