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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…

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…

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…

Quick Answer The whole thing hinges on your down payment. Less than 20% down? That's an insured mortgage, backed by default insurance (CMHC, Sagen, or Canada Guaranty). Here's the upside: that insurance lowers the lender's…

Quick Answer Here's the part that catches people off guard: you can't just take a name off a mortgage. The lender approved both of you together, so removing a name from the mortgage, and usually…

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…

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…