Mortgage Basics Tips

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...

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...

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...

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...

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...

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...

Toronto is an expensive city, and housing costs are pretty high, making it very difficult to buy a home without getting a mortgage. How good a mortgage you can get depends on how much you can pay for the down payment. The amount also indicates whether you need a mortgage insurance or not. So, let’s take a look at down payment requirements in Toronto and how they affect the mortgage size. What Is a Down Payment and Why Is It Important? The down payment is the amount of money you pay before you...

Down payment is a huge obstacle faced by those looking to buy a house in Ontario, where property is more expensive than in other provinces. Now, if your savings don’t amount to pay the downpayment, does that mean buying a home will remain a dream for the rest of your life? Luckily, there are ways to get a mortgage without a down payment in Ontario. Let’s check them out. Down Payment Requirements in Canada Up until 2008, borrowers could borrow the entire mortgage amount without a down payment....

Toronto is the most expensive city in Canada, and you can’t just go, choose a property and buy it unless you’re pretty rich. Getting pre-approved for a mortgage paves the way to becoming a homeowner. Toronto mortgage pre-approval process is comprised of five main steps. We’ll walk you through these steps to help you stop worrying about getting pre-approved. What Is a Mortgage Pre-Approval, and Why Do You Need One? As the name suggests, mortgage pre-approval is a process that determines whether...

A mortgage broker is an intermediary between you (the borrower) and the lender. The broker feeds off the fee they get from the lender, and some unscrupulous brokers may not offer you the best deal to make more profit out of your mortgage application. But how do mortgage brokers rip you off, and how can you avoid that? Let’s find out. How Mortgage Brokers Rip You Off in Canada Mortgage brokers in Canada take 1% to 2% of the mortgage amount from the lender. So, if the mortgage you qualify for is...