5 Reasons Why You Should Get Pre-Approved for a Mortgage
Posted on Apr 07, 2022 in Mortgages
Buying a home for the first time is an exciting experience. While the process can be stressful at times, there are ways to limit unnecessary anxiety, and one of the most significant ways is to get pre-approved for a mortgage before you begin your house-hunting adventure.
To put it simply, being pre-approved for a mortgage means that a lender says yo...
Rethinking a Variable Rate Mortgage in the Face of Hikes
Posted on Mar 31, 2022 in Mortgages
For a long time, it was a common ideology that a variable rate mortgage was ideal when purchasing a home. The thought process was based on the theory that if the rate drops, you’ll be able to reap the benefits of lower interest payments as opposed to someone who is in a fixed-rate mortgage.
Before we get into the nitty-gritty of it, let’s review how...
What is the Mortgage Stress Test in Canada?
Posted on Mar 02, 2022 in Mortgages
A common goal for many Canadians upon completing their education and gaining employment is purchasing their first home. Home ownership is, after all, the Canadian dream. While it’s general knowledge that saving money for a down payment is the first step to eventually purchasing a home, many are not aware of the mortgage stress test. So, what is the...
What Size of Mortgage Can I Afford?
Posted on Mar 02, 2022 in Mortgages
When purchasing a house, most people need a loan be able to afford the home. These loans are called mortgages. A mortgage is a legal agreement where a bank or other lender loans money and charges interest in exchange for taking the title of the borrower’s property. Upon repayment of the debt, the borrower owns the property.
In Canada, to purchase a...
In Canada, to purchase a...
What Is a Reverse Mortgage?
Posted on Feb 15, 2022 in Mortgages
Typically, when tapping into your home’s equity, one uses a home equity line of credit (HELOC) or refinances their mortgage. What if we told you this was not the only way to free up home equity for other purposes? While a traditional mortgage is a loan secured by a home or property, the borrower must pay back the loan each month with interest throu...
Mortgage Pre-Approval: What Lenders Want To Know
Posted on Feb 11, 2022 in Mortgages
A mortgage pre-approval is an important first step in the home-buying process. Having a pre-approval in hand tells you how much you can spend on a home, and it locks in the current low interest rate for up to 120 days, so you can shop the market knowing you’re insulated from rate hikes in the near future. If the rate drops, your lender should honou...