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 ...
read moreYour 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 ...
read moreOpen 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 ...
read moreHow 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 ...
read moreThe 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 ...
read moreThe 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 ...
read moreWhat 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 ...
read moreQuestions 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, ...
read moreVariable 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 ...
read moreMortgage 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 ...
read moreMortgage 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 ...
read moreShould 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 ...
read moreHow 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 ...
read morePrequalification 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 ...
read moreGetting 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 ...
read more10 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 ...
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