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16
Jun

What is The Difference Between Mortgage Insurance and Term Insurance?

Congratulations! You just bought the biggest purchase in your lifetime, which would be your home. Now you must be wondering what you can do to protect this investment. The answer to that would be insurance. But with so many advertisements and numbers complicating everything,...
06
Jun

Can I use My RRSPs for a Down Payment?

Coming up with money for a down payment for a mortgage could be the only thing standing in the way for a potential homeowner. It can be difficult to come up with the large sum of money for a down payment, but this shouldn’t be the only thing that stands in your way between...
02
Jun

What is the CMHC?

The CMHC (Canadian Mortgage and Housing Corporation) has been Canada’s housing authority for more than 65 years. The CMHC contributes to the housing market and financial system to help support Canadians with their housing needs. They have information on almost anything...
22
May

What is the difference between a fixed and variable rate?

One of the first steps when picking a mortgage is picking what type of mortgage you want. Knowing the difference between a fixed and variable rate will help you determine the type of mortgage you want. A Fixed Rate Mortgage means that whenever you sign your mortgage you are...
16
May

Do You Have to Pay Mortgage Broker Fees?

You’ve decided you want to go through a mortgage broker instead of a bank for your mortgage. But one question you might be wanting to know is, Are there any mortgage broker fees? Even though a mortgage broker doesn’t charge you a fee, they are paid a one-time...
09
May

What is the Difference Between a Bank and a Mortgage Broker?

In the past, people went almost exclusively to their banks for their mortgages. Now we have many more options for anyone when they looking for a mortgage, including a mortgage broker. A Mortgage broker is basically the middleman, they will negotiate the best rate for you. You may...
05
May

Understanding the Prime Rate in Canada

The prime rate is usually referring to the interest rate that large banks charge on short-term loans to their best customers. It is used as a guideline for interest rates. The prime rate has an important role in real estate, because interest rates for a lot of loans, such as...
29
Apr

Mortgage Rate at an All Time Low – Meridian Credit Union

Mortgage rates seem to be getting a little better but do you qualify for this low rate? Ontario’s largest credit union has taken the term mortgage rate to an all time low— 1.49 per cent. What are the criteria for this low mortgage rate? The unusual offer from Meridian Credit...
22
Apr

Mortgage Poll for Home Buyers by Scotia Bank

Just one-in-three (33%) Canadian home buyers with a mortgage have read their entire mortgage agreement according to the 2015 Scotiabank Mortgage Poll. Of those who have read at least some of their mortgage agreement, only 27% understood all of the details in the agreement....
15
Apr

Mortgage Renewal- 5 Helpful Tips

It is that time of year, time to get your mortgage renewal out of the way. Here are some tips to help you to get the most out of your mortgage renewal 1. Get going early on your mortgage renewal Start shopping around 6 months before your mortgage renewal is up. That is the...