Closed vs. Open Mortgage: Understanding The Differences

When you look up a mortgage website or get in touch with a mortgage lender, you may have heard the terms, ‘open,’ and ‘closed’ thrown around. If you’re new to mortgage processes, you may have difficulty understanding these terms. Therefore, in this article, we’ll discuss what an open and closed mortgage is, what the differences… Continue reading Closed vs. Open Mortgage: Understanding The Differences

Bank vs. Mortgage Broker: Which Should You Choose?

Even though property rates are skyrocketing as the years go by for Canadians everywhere, it’s still one of their life goals to own a house. But when searching for a mortgage company, you will find that there are either banks (otherwise known as direct lenders) or even mortgage brokers that’ll help you out. But which… Continue reading Bank vs. Mortgage Broker: Which Should You Choose?

What Is A Mortgage Broker & Do You Need One?

There are several ways homeowners can acquire a mortgage loan. They can go to a credit union company, a bank, an online lender, a dedicated mortgage company, or simply get a mortgage broker to do it for them. And what is a mortgage broker? Mortgage brokers are professionals who act as middlemen between borrowers and… Continue reading What Is A Mortgage Broker & Do You Need One?

Rolling Debt Into A Mortgage: Is It A Good Idea?

With mortgages having a lower interest rate than credit cards, you might be thinking about rolling either some or all of your unsecured credit and loan debts into your mortgage. Now while this does sound like a more convenient solution, it’s not exactly a painless experience. There are a couple of things that you need… Continue reading Rolling Debt Into A Mortgage: Is It A Good Idea?

Is A Reverse Mortgage A Good Idea? Everything You Need To Know

A reverse mortgage might be your way out of a financial crisis or emergency – It’s one of the ways you can tap into your home equity. After all, isn’t buying a house investment in itself? Is a reverse mortgage a good idea? Read on to find out. We’ll tell you everything- The pros and… Continue reading Is A Reverse Mortgage A Good Idea? Everything You Need To Know

What Credit Score Is Needed For A Mortgage In Canada?

If you are considering buying a house in the near future, your mind must already be buzzing with questions regarding the home buying process, budgeting, and even loan applications. After all, taking out a mortgage is a major financial responsibility that requires ample of preparation and deliberation by the borrower. Good credit is key to… Continue reading What Credit Score Is Needed For A Mortgage In Canada?

Can You Be Denied A Mortgage Renewal?

The end of your mortgage term means you will be receiving a renewal letter in the mail soon. For most Canadians, this is the opportunity to continue partnership with their current lender or to switch creditors in search of better rates. There are times, though, when the decision is not based on which lender has… Continue reading Can You Be Denied A Mortgage Renewal?

Fixed Vs. Variable Mortgage Interest Rates Explained

Buying a home is a dream for many people. Statistics reveal that only 45 percent of people between the ages of 18 to 34 are home owners in Canada. Most people are emotionally attached to home buying decision in life. So, people often make the mistake of buying a home quickly without thinking the decision… Continue reading

Secured Home Improvement Loans – A Complete Guide

Sprucing up your home is often a better option than buying a new house. It increases the value of a property, which comes in handy if you are planning to sell the home anytime soon. If you are also a homeowner who wants to opt for home renovation, you should know about secured home improvement… Continue reading