Mortgage Blog

Category: Beginner's Mortgage Guide (16 posts)

Mortgage Loan Default: What You Need to Know

April 28, 2022 | Posted by: Ronice Harrison

When you’ve got that big expense in your sights and are making a decent enough income, it can be tempting to throw caution to the wind and start applying for mortgages. However, one thing that m ...

Your Guide to Mortgage Default Insurance (CMHC Insurance)

April 27, 2022 | Posted by: Ronice Harrison

Mortgage default insurance protects lenders in case borrowers become unable to make their mortgage payments. This type of insurance is available for higher-ratio mortgages if the home’s purchase ...

Open vs Closed Mortgages in Canada

March 29, 2022 | Posted by: Ronice Harrison

You have two options when it comes to your mortgage: either open or closed. Each one is designed with a specific borrower in mind, which is why you’ll need to decide for yourself which might s ...

How To Stress Test Your Mortgage

March 15, 2022 | Posted by: Ronice Harrison

How would you, as a potential homeowner, cope with your mortgage payments in the event that your interest rate rises, or you suffer a financial emergency like unemployment? That’s exactly what ...

The Canadian Mortgage Stress Test in 2022

March 10, 2022 | Posted by: Ronice Harrison

Starting in 2018, all Canadian buyers who are applying for a mortgage are required to undergo the OSFI Mortgage Stress Test, including those who put more than 20% as a down payment. What does this me ...

The Dos and Don'ts of Getting a Mortgage Pre-Approval

March 3, 2022 | Posted by: Ronice Harrison

Becoming a homeowner is many Canadian’s dream, and getting a mortgage pre-approval should be the first step on your list to making it a reality. Getting pre-approved by your mortgage broker is ...

What is your credit score and why is it important?

March 1, 2022 | Posted by: Ronice Harrison

A credit score is a number that shows how likely you are to pay or default on credit. It ranges from 300 to 900. The higher the number, the more creditworthy lenders deem you. Your credit history dete ...

Questions You Should Ask Your Mortgage Broker

February 22, 2022 | Posted by: Ronice Harrison

A mortgage broker acts as the middle-man between a borrower and a lender. This means they research and communicate with different financial institutions in order to find the cheapest option available, ...

Variable vs. Fixed Mortgage Rates

February 10, 2022 | Posted by: Ronice Harrison

A question many homebuyers are often conflicted about when buying a house is whether they should opt for a variable or fixed-rate mortgage. Depending on your financial circumstances, one will inevitab ...

Mortgage Guide for First-Time Home Buyers in Canada

February 3, 2022 | Posted by: Ronice Harrison

The mortgage is the fuel that makes every first (or 50th) home purchase possible. Learn all the insights into the mortgage process with this Mortgage Guide for first-time home buyers in Canada. In th ...

Mortgage Application: Your Documents Checklist

January 25, 2022 | Posted by: Ronice Harrison

Mortgage Documents ChecklistTo get approved for your home loan, your mortgage broker or lender will want to determinehow much you can afford, and what type of interest rate and terms you can ...

Should I Work With a Bank or a Broker For My Mortgage?

January 18, 2022 | Posted by: Ronice Harrison

Purchasing a home is likely the largest financial decision you will ever make in your life... And just like with any major decision, financial or not, you should consider your options carefully. Work ...

How Much of A Mortgage Can You Afford?

January 5, 2022 | Posted by: Ronice Harrison

How Much of a Mortgage Can You Afford? Mortgage Application: How Much of A Mortgage Can You Afford? The mortgage application process involves a buyer's due diligence in calculating how much mortgage ...

Prequalification and Pre-Approval—What is the Difference? Home Buying in Ontario

December 15, 2021 | Posted by: Ronice Harrison

What is the Difference Between Pre-Qualification and Pre-Approval? Prequalification and Pre-Approval-What is the Difference? Prequalification is a basic review of the borrower's information to deter ...

Getting a Mortgage as a Student

August 18, 2021 | Posted by: Ronice Harrison

Purchasing a home is most likely one of the most sizable purchases most of us will ever make, and finally, buying a home is a dream come true for most. For students, it may seem like this dream is fo ...

10 Essential Tips for Taking Out Your First Mortgage

February 28, 2020 | Posted by: Ronice Harrison

Taking out your first mortgage presents a major financial commitment, possibly the biggest one you'll ever make, so it's crucial that you get the best deal available. Getting a mortgage is often not a ...