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…

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…

2023 is going to be a huge year for both ‘private mortgage lender’ demand as well as homeowners looking for options to exit from a private mortgage (as many owners entered into private mortgage agreements…

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…

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…

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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.