CMSpeople

Here’s a crazy statistic: 80% of all mortgages outstanding as of March 2022 are coming up for renewal in 2024. This amounts to approximately $250 billion in mortgages. 2025 is expected to be an even…

If there is ever a time when homebuyers need to access their home equity, it’s 2024. Rising costs across all categories have tightened the grip on household budgets. While mortgage rates have increased gradually over…

What is the Prime Rate (or prime lending rate) you ask? The prime lending rate in Canada is a base rate used by commercial banks to determine the rate at which they lend you money.…

Mortgage Portability Defined: Mortgage portability is when you sell your existing home and transfer your mortgage to your newly purchased home. So just like you, your mortgage can move too! Imagine being in a scenario…

While monthly mortgage payments are the standard for many homeowners, choosing a different mortgage payment frequency can help pay off your mortgage sooner, or at the very least, make it easier to manage your household…

To better understand the differences, we should first understand how a Guarantor and Co-signer are the same. A guarantor and co-signer are both used to help obtain mortgage financing on a property - whether it…

At face value, it might seem self-explanatory, yet we often get asked: What is a mortgage pre-approval, and why do I need one? People are right to ask though and that’s because there is some…

Urgent second mortgages are a very common request, especially in markets with growing home appreciation and increasing household debt. And 2023 is no exception to this as more home buyer's are starting to feel the…

Let’s first understand the difference between different classes of mortgages in Canada: As mortgage professionals, we refer to the 3 major tiers of lending as: A-lender mortgage (or ‘A’ bank mortgage), B-lender mortgage (or Alternative…

Today, clients with a revolving portion of their mortgage (or collateral mortgage as it’s often referred to) can use or reuse up to 80% loan-to-value as the mortgage is paid down. This is inclusive of both mortgage…

Recently the government of Canada announces the launch of a First Home savings account which is geared towards first-time home buyers and designed to help them save for their down payments. The best way to…