Mortgage Basics Tips - page 3

When buying a house in Canada, you can use several mortgage plans, but ultimately, these mortgages can be categorized under two main mortgage types: closed vs open mortgage. Both mortgage types require more or less the same qualifications, but there are some key differences, and you should choose one based on your financial situation. Let’s see how these mortgage plans differ and which is best for you. What is an Open Mortgage? An open mortgage makes it possible for you to pay off the mortgage...

What options are there for first-time homebuyers in Canada, and also more specifically, Toronto? In this article, you will learn about some options out there to take advantage of what’s available. We’ll discuss the incentives and programs that best suit the needs of first-timers in the market; and the eligibility criteria for each. Understanding the First-Time Home Buyer Incentive The First-Time Home Buyer Incentive (FTHBI) was introduced to help make homeownership more accessible for Canadian...

Deciding between fixed and variable mortgage rates can be as confusing as any financial decision. Especially with limited information and lots of unknown factors dictated by the market. In this article we will tell you what you need to know about these two mortgage interest types; so you can make the best decision based on your financial goals and risk tolerance. The guide will explain the differences, the benefits and risks to each, and also provide tips to help you make an informed decision....

Mortgage brokers are responsible for more than 40% of residential mortgage originations in Canada, and demand for their services continues to grow. But before hiring, you should know what a home loan broker is, what they do, the pros and cons of working with them, and how you can find the best broker. What Does a Mortgage Broker Do? Let’s start with the basics and define mortgage broker first. What is a home loan broker? They're like your shopping agents for mortgages. They are intermediaries...

Buying stuff is a pleasant experience; some people even go shopping to calm themselves down. But what if the size of your purchase is as big as a house? Sure, it’s still pretty exciting, but it can also be overwhelming to put your financial strength together to qualify for a mortgage. So, how can you afford a home with your financial status quo? Do you have the minimum credit score to qualify for a mortgage? Let’s find out. The Minimum Credit Score for a Mortgage in Toronto The minimum credit...

  Are you on the fence about getting a mortgage from a bank or broker? Well, we should inform you that they each have their perks and drawbacks, and you should choose one based on your circumstances. The guidelines here will rid you of the mortgage broker vs bank dilemma. Let’s find out which one best serves your interests. Understanding the Difference: Bank vs Mortgage Broker The big difference between a mortgage broker and a bank is that the mortgage broker kind of takes care of...

Buying a home is a life-changing experience, and it may seem far-fetched to have some keys in your pocket that open the doors to a place you can call home. This huge gap between you and your dream of owning a home can be filled with a mortgage application. But what are the stages of getting a mortgage? Let’s find out. There Are 7 Steps to Getting a Mortgage in Toronto: You can already imagine yourself in your new home by taking the following seven steps. Step one Assess Your Fina...

You're about to buy or sell a home, and you're probably wondering, "What is a home appraisal?"  This is a crucial part of the process, and it's essential to understand what it is and how it works. In today’s post, we’ll break down the basics so you can navigate the home-buying process with confidence. Let's dive in. What Is a Home Appraisal for a House? A home appraisal is an independent professional assessment of a property's market value. It's essentially a financial snapshot of your house,...

You've poured your heart and soul into your home, meticulously crafting it into your sanctuary. But when it comes time to sell, a dreaded word hangs in the air: appraisal. Factors that could negatively impact your home appraisal are a common concern, and what if the number doesn't reflect the love and sweat equity you've invested in? The truth is that a seemingly minor detail, an overlooked quirk, or even a well-intentioned upgrade can throw off an appraiser's calculations, leaving you with a d...