Many homeowners are familiar with the concept of reverse mortgages as a way to access home equity in retirement, but did you know there are lesser-known benefits as well? While commonly touted for providing cash flow and allowing seniors to age in place, reverse mortgages can also offer advantages such as tax-free income, flexible repayment […]
Did You Know About The Lesser-Known Benefits Of Reverse Mortgages? Read More »
Understanding the Interplay Between Inflation, Interest Rates, and Mortgages in Canada Welcome to our blog where we delve into the fascinating world of economics and finance. Today, we’re looking at a hot topic that’s on the minds of many Canadians – the relationship between inflation, interest rates, and the impact on both fixed and variable
Inflation is down. When will mortgage rates become lower? Read More »
The 4 options to explore Owning a home is a dream come true for many people, but sometimes, the reality of mortgage repayments can be overwhelming. Due to changes in economic circumstances or life events, it may become difficult to keep up with your mortgage repayments. In such a situation, you may be wondering what
What to do When You Can’t Afford Your Mortgage Repayments Read More »
These are mortgages based on your equity and have very relaxed criteria compared to bank mortgages. Typically, the main criteria is an appraisal confirming the market value of the property. However, some due diligence does take place, but nowhere as restricted as to A and B lenders.
Private and Equity 1st and 2nd Mortgages Read More »
This is when you typically change the terms of the original mortgage.
The most common method is borrowing more money and/ or increasing the amortization. You can either go with your existing lender, or go elsewhere to find a much better deal.
Refinance and Renewal Mortgages Read More »
The maximum lenders will allow your income to go is 44%. Again, if your income is $100.00, the maximum lenders will let you use is $44.00 to pay for your mortgage + shelter costs and credit. Even if you feel that you can afford $45.00 a month.
Low-rate and bank-type mortgages (A-lenders) Read More »
So long as you have income, have at least 20% worth of equity or down payment and your property is in a desirable location, you are still able to qualify for a mortgage without having to proceed with a private or equity mortgage.
Bruised credit and debt consolidation mortgages (B-lenders) Read More »
