Blog 22 Apr 2023 What is an Insured Mortgage in Ontario? An Insured Mortgage (aka High-Ratio Mortgage) is covered by a type of insurance that protects the lender/bank against default. This Default insurance is a mandatory requirement in Canada for those mortgages where the borrower puts… nkad3 No Comments
Blog 22 Apr 2023 Purchase Plus Improvements – What is it? Purchase Plus improvements is a mortgage program that allows purchasers to opt for homes that may not be complete “move-in ready”, by providing a sort of “cash back” to finance the renovations. It’s important to… nkad3 No Comments
Blog 28 Mar 2023 Self-Employed Mortgages, What Are My Options? Anyone who is self employed knows that it’s sometimes more difficult, than those employed, to obtain loans or other forms of credit. Obtaining a self employed mortgage approval can often be a challenge due to… nkad3 No Comments
Blog 21 Mar 2023 Self Employed Mortgage Canada- What is it? Did you know that more Canadians became self-employed between the years 2020 – 2022 than in any 2 consecutive years prior? Can you spot the correlation? It probably comes as no surprise that the Covid-19… nkad3 No Comments
Blog 14 Mar 2023 How to get a mortgage on a second home? What is a second home? I know it sounds like it’s self-explanatory, but the reality is many people have a slight misunderstanding of what a second home is. From the typical borrower’s perspective, a second… nkad3 No Comments
Blog 04 Mar 2023 Prime Rate Changes – Adjustable Rate Mortgage FAQ’s 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,… nkad3 No Comments
Blog 21 Feb 2023 Porting a Mortgage – Do you still need a down payment? 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,… nkad3 No Comments
Blog 14 Feb 2023 Penalty for Breaking Mortgage: How Much Does It Cost to End a Mortgage Early? 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… nkad3 No Comments