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Mortgage Basics Tips

Mortgage Basics Tips

Porting Your Mortgage: How It Works and When to Do It

Porting Your Mortgage: How It Works and When to Do It

Thinking of moving to another house, but you already have a mortgage plan with great rates? Well, there is an option, and it’s called porting your mortgage. But is it the right move? Are there certain qualifications you need to have? We will be answering these questions and much more in detail in this post. Stay tuned! How Does Porting a Mortgage Work? When you want to buy a new house and do not have the entire money at hand, like most people, you will need a mortgage on that house, but what i...
May 26, 2025
Mortgage Term vs Amortization: Difference and Why It Matters

Mortgage Term vs Amortization: Difference and Why It Matters

Do you want to reduce your monthly payments, accelerate your mortgage payoff, and lower total interest? If yes, you need to know the difference between mortgage term vs amortization. Today we’re going to break down these key concepts and reveal how choosing the right combination impacts your payments and overall cost. Let's get you mortgage-savvy. What is a Mortgage Term? The mortgage term is the length of your initial agreement with a lender, specifying the interest rate and other conditions...
May 21, 2025
What Happens if Your Mortgage Renewal is Denied? A Guide for Homeowners in Canada

What Happens if Your Mortgage Renewal is Denied? A Guide for Homeowners in Canada

According to Forbes Advisor Canada, about 3% of mortgage renewals are denied in the country. The million-dollar question is: what happens if your mortgage renewal is denied? Keep reading to see why mortgage renewals are denied in the first place, how you can avoid this situation, and what are your options in case of denial. Why Would Your Mortgage Renewal Be Denied? Banks can deny mortgage renewals due to credit score issues, missed mortgage payments and/or arrears, changes in income or emplo...
May 16, 2025
Co-Signer for a Home Loan: What You Need to Know Before Co-Signing a Mortgage

Co-Signer for a Home Loan: What You Need to Know Before Co-Signing a Mortgage

Co-signing a mortgage is a big deal, one that you need to make sure you have enough knowledge about before undertaking it. It is true that by becoming a co-signer for a home loan, you will be helping out someone you trust and care about, but in the event that they fail to keep up with the payments, it will be your responsibility to step in and pay. There are several things to be aware of before deciding to become a co-signer for a house loan, and we will be telling you about them here in this po...
May 12, 2025
Mortgage Broker Compensation: How Brokers Get Paid

Mortgage Broker Compensation: How Brokers Get Paid

Going for a mortgage broker or finding a home loan on your own is a choice, one that is heavily influenced by mortgage broker compensation. So, want to know how mortgage brokers get paid? That’s the question we will be answering here. How Do Mortgage Brokers Get Paid? A mortgage broker is someone with a professional license who acts as a middleman between the money lender and the money borrower in the case of buying a house. They look at your finances, analyze them, and they will try to find a...
May 12, 2025
Home Mortgage Interest Deduction in Canada

Home Mortgage Interest Deduction in Canada

Don't miss your chance to significantly reduce taxes this year! The home mortgage interest deduction in Canada offers substantial savings, but you need to understand the rules. Read on to learn eligibility criteria, claiming steps, and specific pros and cons. Is Mortgage Interest Tax Deductible in Canada? Canada tax mortgage interest deduction doesn’t apply to primary residence. However, if a home is used to generate income, run a business, or as a rental property, the mortgage interest is eli...
May 02, 2025
Mortgage Renewal in Canada: A Complete Guide to the Process

Mortgage Renewal in Canada: A Complete Guide to the Process

Mortgage contracts are in effect for a specific period, AKA mortgage term. Mortgage renewal occurs at the end of each term, where you need to pay the full balance or renew mortgage for another term. In this guide, we’ll see how does a mortgage renewal work, what are its key steps, and how to find and secure the best offer. Let’s get started. How Does Mortgage Renewal Work? The mortgage renewal process begins with receiving a renewal statement from the lender, at least 21 days before the curre...
Apr 28, 2025
What is a Mortgage? A Beginner’s Guide to Home Financing

What is a Mortgage? A Beginner’s Guide to Home Financing

The world of mortgages is vast and varied, and exploring it always starts with this question: What is a mortgage? In the simplest terms, it is a loan for purchasing real estate, AKA your dream home. This guide walks you through the essentials of mortgages, helping you understand the key terms and considerations involved. Shall we begin? How Does Mortgage Work? How house mortgage works? The mortgage process in Toronto begins with pre-approval, ensuring your affordability based on income, credi...
Apr 23, 2025
30-Year Mortgage in Canada: Everything You Need to Know

30-Year Mortgage in Canada: Everything You Need to Know

The Canadian dream of homeownership often hinges on securing the right mortgage. For many, that means a 30-year mortgage – a commitment that feels exciting and daunting at the same time. But considering today’s market, understanding the 30 year mortgage in Canada is more crucial than ever. This post breaks down everything you need to know about this mortgage (from pros/cons to eligibility requirements) to help you make the best decision for your financial future. How Does a 30-Year Mortgage Wo...
Apr 18, 2025
Understanding the Mortgage Loan Approval Process in Canada

Understanding the Mortgage Loan Approval Process in Canada

Applying for a loan can be very frustrating when you don’t know what’s involved in the mortgage loan approval process. However, once you learn about the requirements and necessary documents, you’ll realize that home loan approval isn’t that complicated. So, let’s take a look at house loan approval timelines and some tips to speed up the process. Steps in the Mortgage Loan Approval Process We can break down the process into seven steps, starting with an assessment of your financial situation. T...
Apr 10, 2025