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Q: What happens to my mortgage payment when the prime rate changes? A: If you have adjustable-rate mortgage, your payment will increase or decrease based on prime rate changes. When you first get a mortgage,…

If you’re like most homeowners, you purchased your home, make your mortgage payments and the rest is history. However, many homeowners tend to overlook the various benefits or “mortgage features” that come with their mortgage,…

There are two types of mortgages – Open vs. closed. Most homeowners obtain closed mortgages when they expect to own the home for a longer period. These mortgages offer lower rates as compared to Open…

In Canada, financial institutions offer many types of mortgages, including closed and open-term mortgages. While open-term mortgages allow flexibility to borrowers to exit without penalty (only per diem interest payable), most borrowers in Canada have…

What is it? Although not directly tied to mortgages, the Land transfer tax is an important cost and consideration for all home buyers when purchasing a property. In Ontario, when you purchase (or acquire) land…

Insured vs uninsured mortgage in Canada: how your down payment changes your rate, your costs, and which lenders you qualify for. A broker explains.

Removing a name from a mortgage in Ontario usually means refinancing or a transfer. Learn the steps, the costs, lender rules, and how a broker can help.

First, let’s discuss why credit is important and what constitutes a good credit score in Canada from 2022/2023 onwards. Why is a Good Credit Score Important? Credit scores (aka FICO Scores) are very important in…

You might be surprised to learn just how common “bad credit Mortgages” are. If you were to consider the entire pool of homeowners out there today, chances are that many of them have less than…

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In preliminary steps, yes, they are useful. However, to rely on mortgage calculators 100% - we advise against this. There are two types of mortgage calculators that mortgage seekers often search for: Mortgage affordability calculators…