Top 3 Reasons To Refinance

The trend of fixed mortgage rates has pointed downward over the past year, resulting in what appears to be a golden opportunity for Canadians to refinance their mortgage. But is it really a good time to refinance?

They say purchasing a home is one of the more stressful experiences in life. To make things easier, it’s important to understand the steps involved in buying a home.

Whether it’s ongoing low interest rates or the introduction of government programs designed to improve home affordability, millennials have something to feel good about in 2020.

You may have considered your credit history and your ability to repay a loan but have you considered the loan to value?

So many terms get tossed around – mortgage credit protection, mortgage default insurance, home insurance – how does one make sense of it all?

Is your income sufficient to manage the monthly mortgage payment as well as your other financial obligations?

Let’s take a look at a few reasons you may not be approved for a mortgage as well as some common barriers that can result in a purchase falling apart prior to closing.

There are so many things to consider when purchasing a home, not the least of which is how to go about obtaining a mortgage.

Let’s take a closer look at how these escrow accounts are administered and when you can expect to have one opened on your behalf.

While there are a few rules surrounding down payments, you have plenty of options at your disposal. Understanding how down payments work will help you make the decision that’s best for you.

Whether you’re purchasing a home or refinancing your existing mortgage, it’s important to understand the role of the home appraisal and how it can impact the outcome of your mortgage application.

Many Canadians may not realize is that a down payment can also come in the form of a gift of equity when a property is being purchased from a close family member.

In recent years, the number of real estate agents in Canada has exploded due to the prolonged increase in housing prices across much of the country, drawing thousands to an industry that many viewed as a way to get rich quick.

Before the sale of your home is finalized, the home buyer will often request an inspection to identify any problems with the house. It’s important to know what the home inspector will be looking for before listing your house on the market.

There are so many details – choosing the perfect location, finding a home that meets your needs, negotiating the purchase, dealing with the entire moving process, and last, but not least, getting approved for mortgage financing.

When the contract expires on your mortgage, you’ll have an opportunity to renew the mortgage for another term. The mortgage renewal process can be as simple as re-upping with your current lender at a rate and term that you agree upon.

When shopping for a mortgage, it’s easy to become overwhelmed by the terminology. Insured or conventional, fixed or variable, open or closed; all are terms you should have an understanding of to make the right decision.

Buying a home can be an exciting, yet stressful time for many Canadians. Thankfully, some advanced planning can make life a lot easier. This includes an understanding of what’s required to get your mortgage approved.

When shopping for a mortgage, one of the big decisions you’ll need to make is whether to go with a fixed or variable rate. The truth is, each one has its advantages and its drawbacks.

They say that buying a home can be one of life’s more stressful events. It’s no time for surprises. That’s why a mortgage preapproval is so important. Not only is it the first step in the home buying process, it eliminates a lot of financial uncertainties and puts you in control of your home purchase.

Mortgage default insurance protects the lender from losses if the borrower stops making payments. Without this protection, the big mortgage lenders would be less willing to lend money to a large segment of the Canadian population.

If you’re buying a home for the first time, you may be surprised to find out just how many parties will be involved in the transaction along the way.