Mortgage Basics Archives - Rocket Mortgage Canada ULC

Mortgage Basics - 4-Minute Read

A Guide To HELOC Closing Costs

A HELOC can be a great financing option for Canadians who own a home and are looking for some extra cash to consolidate debt or cover a large expense.

Mortgage Basics - 4-Minute Read

Top Reasons To Refinance Your Home And Reasons Why You Shouldn’t

The process of refinancing your mortgage involves breaking the terms of your existing one, to start a new one with either your current lender or a new lender. There are lots of reasons why Canadians may decide to pursue a mortgage refinance including debt consolidation, home improvement financing or to access a lower interest rate.

Mortgage Basics - 9-Minute Read

Top Tips To Save For A House

A home is likely the largest purchase you’ll make in your lifetime, so it’s wise to be prepared from the start. Understanding how to budget and save for a home is part of the first steps you’ll take toward buying one of your own.

Mortgage Basics - 4-Minute Read

What Is An Insured Mortgage?

Thinking about buying your first home? Learn more about how insured mortgages work so you can better understand your financing options.

Mortgage Basics - 5-Minute Read

What is a Second Mortgage?

When you already have a mortgage, a second mortgage can be acquired to give you additional money for home improvements, debt consolidation and more.

Mortgage Basics - 5-Minute Read

How To Increase Your Mortgage Preapproval Amount

A mortgage preapproval involves a detailed analysis of your financial situation to determine if you qualify for a home loan and if so, the amount. Find out how to increase your mortgage preapproval amount.

Mortgage Basics - 4-Minute Read

How Does a Reverse Mortgage Work?

Learn the details of reverse mortgages to decide if one might be right for you.

Mortgage Basics - 3-Minute Read

Fixed-Rate Or Variable-Rate Mortgage?

Learn the pros and cons of fixed-rate and variable-rate mortgages, so you can find the best solution for you.

Mortgage Basics - 3-Minute Read

How To Refinance Your Mortgage And Consolidate Debt

Looking to pay off high-interest debts? You may be able to utilize your home’s equity by refinancing to pay down your debt.

Mortgage Basics - 3-Minute Read

Paying Property Taxes With Your Mortgage

You can pay property taxes directly or through your mortgage, but which is the best option?

Mortgage Basics - 3-Minute Read

Mortgage Rate Lock

Secure your rate with a mortgage rate lock. Locking your mortgage rate brings more certainty to your monthly payment as you approach closing.

Mortgage Basics - 3-Minute Read

Home Equity Loan

If you’re a homeowner, accessing your home’s equity can be a smart way to borrow money if you’re in need of extra cash. Take some time to learn more about how home equity loans work and if they might be a good fit for your personal financial situation.

Mortgage Basics - 3-Minute Read

Millennials And Housing

The current housing market is creating challenges for millennials to become homeowners.

Mortgage Basics - 2-Minute Read

Mortgage Life Insurance

A mortgage life insurance policy can help lessen financial strain if anything ever happens to you.

Mortgage Basics - 2-Minute Read

What Is An Assumable Mortgage?

Assumable mortgages are an agreement where the current owner’s outstanding mortgage is transferred to a buyer.

Mortgage Basics - 3-Minute Read

Mortgage Amortization Calculator

View your monthly payment breakdown with our mortgage amortization calculator.

Mortgage Basics - 3-Minute Read

How To Get A Name Off A Mortgage

Whether you’re selling a rental home to a tenant, or selling to a family member, read our latest guide to learn about the process involved in how to get a name off a mortgage.

Mortgage Basics - 3-Minute Read

How To Pay Off Your Mortgage Faster In Canada

Wondering if it’s possible to pay off your mortgage early? Read our latest article to learn how to pay it off faster and everything you should know before doing so.

Mortgage Basics - 3-Minute Read

What Is The Mortgage Stress Test In Canada?

If you’re getting a mortgage, you may be impacted by Canada’s mortgage stress test. Read our latest article to learn what it is, how it works, and why it was created.

Mortgage Basics - 4-Minute Read

Shopping For The Best Mortgage Rate: What To Consider

While it’s enticing to look for the lowest possible mortgage rate, there are other factors to consider before choosing your lender. Read our latest article to learn more.

Mortgage Basics - 4-Minute Read

Everything You Need To Know About Closing Costs: A Complete Guide

Closing costs are always included when purchasing a house. Read our complete guide to learn about common closing costs, what they are, and other things to consider during the home sale.

Mortgage Basics - 3-Minute Read

What Is Mortgage Amortization?

Learn more about mortgage amortization, what it is, and how it works in Canada.

Mortgage Basics - 3-Minute Read

What Does A Real Estate Agent Do?

Real estate agents play a vital role when buying or selling a home. Read our latest article to learn more about what they do and why you should use one.

Mortgage Basics - 3-Minute Read

How To Get A Mortgage After Starting Your New Job

You may be wondering how to get a mortgage after starting your new job or career. Read our latest article on what you need to know before applying.

Mortgage Basics - 3-Minute Read

Borrowing Against Home Equity In Canada: How It Works

Wondering if you can borrow against your home equity? Read our latest article to learn how it works and what you need to know about home equity.

Mortgage Basics - 3-Minute Read

How To Get A Second Mortgage In Canada

Looking to get a second mortgage in Canada? Read our latest guide to learn more about the process and requirements.

Mortgage Basics - 3-Minute Read

What Does Mortgage Foreclosure Mean In Canada?

Wondering what foreclosure means for your home in Canada? Read our latest article to learn more.

Mortgage Basics - 3-Minute Read

What Is A Reverse Mortgage?

Learn more about reverse mortgages in Canada, how they work, and if they’re the right fit for you.

Mortgage Basics - 3-Minute Read

Home Equity Line Of Credit (HELOC) Guide: What You Need To Know

Read our latest guide to learn more about home equity lines of credit, how they work, and requirements.

Mortgage Basics - 2-Minute Read

Buying A House Without My Spouse: Your Questions Answered

Wondering if it’s possible to buy a house without your spouse? Read our latest guide to learn what this process looks like in Canada.

Mortgage Basics - 4-Minute Read

Fixed Vs. Variable Mortgage Rates – What’s The Difference?

Wondering what the difference is between fixed vs. variable mortgage rates? Read our latest guide to learn more.

Mortgage Basics - 5-Minute Read

Self Employed Mortgage Options, Qualifications and Requirements

A self-employed mortgage is a type of mortgage specifically for those who are self-employed. Learn how to qualify and apply for one!

Mortgage Basics - 3-Minute Read

APR Vs. Interest Rate: What’s The Difference?

The differences between APR vs. Interest Rates can be confusing. Read our latest guide to learn about these two different types of rates.

Mortgage Basics - 3-Minute Read

9 Tips To Get A High Value Home Appraisal

Read our latest guide for 9 tips on increasing the value of your home appraisal.

Mortgage Basics - 3-Minute Read

Mortgage Financing Options For Seniors

If you’re a homeowner over the age of 55, there are different mortgage financing options available to you that we explore in our latest article.

Mortgage Basics - 4-Minute Read

What Is Debt-To-Income Ratio?

Debt-to-income ratio is important when it comes to the borrowing process, whether you’re buying a new car or home. Learn more about what it is in our latest article.

Mortgage Basics - 3-Minute Read

Mortgage Default Insurance: What Is It And How It Works

Are you buying a home with less than a 20% down payment? You’ll need to pay for mortgage default insurance. Read our latest article to learn more.

Mortgage Basics - 4-Minute Read

How To Get The Best Mortgage Rate In Canada

Looking to get the best mortgage rate when buying a home? Read our latest guide on how to get the best mortgage rate.

Mortgage Basics - 5-Minute Read

Intro To Home Loans: Different Types Of Mortgages In Canada

Looking to purchase a home, but aren’t sure what type of mortgage to get? Read our guide to learn about which home loan is the best option for you.

Mortgage Basics - 3-Minute Read

Preapproval Vs. Prequalification: What’s The Difference?

How familiar are you with these two steps in the mortgage process and the roles they each play in the bigger picture?

Mortgage Basics - 3-Minute Read

What Credit Score Do I Need To Qualify For A Mortgage In Canada?

Wondering what credit score you need to qualify for a mortgage in Canada? Read our latest article to learn about credit requirements in 2022 and getting the right home loan for you.

Mortgage Basics - 3-Minute Read

The Millennial Mortgage Perspective

Millennials have faced historically different challenges when it comes to building wealth than previous generations have.

Mortgage Basics - 3-Minute Read

What NOT To Do When Applying For A Mortgage

When you’re applying for a mortgage, avoid doing these three things which could put your application and your ability to acquire your future dream home at risk.

Mortgage Basics - 3-Minute Read

Bank vs. Mortgage Broker: Which One Is Right For Me?

When it comes to making decisions about your mortgage, you’ll find you have more options than you think. There are a lot of questions you’ll have to ask yourself as you move through the process of buying a home and qualifying for a mortgage.

Mortgage Basics - 4-Minute Read

What Is A Monoline (Or Wholesale) Lender?

There are plenty of vendors available that will help finance your home, each with unique terms and conditions. what the bank gives you.

Mortgage Basics - 4-Minute Read

Collateral Vs Standard Charge Mortgages

Curious about what a collateral charge mortgage is and why it’s different from a standard charge mortgage? You’re not alone!

Mortgage Basics - 4-Minute Read

Benefits Of Making Biweekly Payments

Buying a home brings with it paperwork and processes that can sometimes be stressful to navigate, and mortgages are often a major source of that stress.

Mortgage Basics - 4-Minute Read

Why Are Mortgage Rates Different For Someone Else?

One lender could have as many as seven different 5-year fixed mortgage rates each for a specific situation. This new complex system is why additional information is required before your lender can give you YOUR lowest-rate mortgage based on your unique situation.

Mortgage Basics - 4-Minute Read

What Happens If I Miss A Mortgage Payment?

Missing a payment is one mistake that can have serious consequences on your financial health.

Mortgage Basics

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