As interest rates continue to rise, there is a chance that, come renewal time, your mortgage payment will look dramatically different than it does now. Rising interest rates affect mortgage payments in a variety of ways, especially if you have a variable rate mortgage. A dramatic increase in your mortgage payment can have quite a […]
If you are a current homeowner looking to buy a new home and sell your current residence, then you might consider a bridge loan. A bridge loan is particular to people who are already homeowners who need to use the equity from their current house towards the down payment on the new house, however, the […]
Breaking your mortgage sounds like an alarming proposition, and it can be! Depending on the terms of your loan, it can cost you penalty fees to break your mortgage, so most borrowers want to avoid it, if at all possible. That said, statistics show that up to 60% of borrowers break their mortgage before the […]
One of the most important decisions you will make regarding your mortgage is whether to choose a variable rate mortgage or a fixed rate mortgage. Your decision should be based on your unique circumstances and financial situation, as well as your property buying goals and priorities. Under the right circumstances, a variable rate mortgage is […]
When it comes to financing and purchasing property, knowledge is power! This article will delve into the main factor that determines your Mortgage Rate: your interest rate. The interest rate can make all the difference when it comes to the size of your mortgage, and the duration of your term. There are so many factors […]
With today’s tumultuous financial environment, the Bank of Canada has been making frequent rate changes and announcements in an effort to steer the economy towards stability and prosperity. No matter how well intentioned these changes are, they can cause a lot of confusion and concern for homeowners who are worried about how it might affect […]
