How is Mortgage Interest Calculated?

Are you trying to get a mortgage from a lender? Two of the top things you may be considering include the cost of the loan and the amount you can borrow. Before applying for the mortgage, you will see that the lender has advertised a specific interest rate. For instance, the lender may state that… Continue reading How is Mortgage Interest Calculated?

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

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