If your goal is to pay down your mortgage faster, or if you are thinking of breaking your mortgage early by selling your property, you'll want to know the details in your prepayment clause. This might be a paragraph of text in your mortgage agreement, or it could be abbreviated as a pair of numbers (10/20 or 20/20). Either way, it tells you how much extra you can pay on your mortgage without incurring penalties. Additional payments go directly to your principal mortgage amount, so they decrease the amount of time you will have your mortgage (the amortization) as well as saving you interest payments over time.
Feb 15 2022
Mortgage Prepayments & Penalties
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Jan 21 2022
Down Payments 101: Buying A Home In Canada
How much money do I need to buy a home? Where can the funds for my down payment come from?
Your down payment is one of the three main pillars that supports your mortgage application. It represents the equity you will put into the property you're buying and determines how much money you will need to borrow from a mortgage lender.
Whether you're buying your first home or your next home, it's a major decision that has both emotional and financial considerations. While you will ultimately need to decide on your own whether you will buy a home in 2022, you should have a professional team on your side that will assist you in reaching your goals.
Oct 18 2021
Splitting up? How do you divide the house?
There are a lot of reasons to buy a house with someone else. You could be:
- buying a family home with your boyfriend/girlfriend or husband/wife;
- co-signing for your grown son/daughter to assist them with their purchase;
- investing with a sibling or friend so that you can both get a foot on the property ladder.
Whatever your situation, it represents a significant investment and financial commitment for everyone involved. So what happens when you want or need to divide the asset of your house?
If there's one thing our team of mortgage planners has learned from their years of experience, it's that no two mortgages are the same. Even if, on the surface, you think that your situation matches your neighbor, friend, co-worker or parent, it doesn't take much digging to start finding differences. Since you're not "just like Dave" why would your financing be the same? We believe that your mortgage solution should be as unique as you.
Aug 27 2021
What kind of property is right for you?
When you're looking for your next home, it can be hard to know what the right property will be. It might seem as though every house you see has at least 1 deal-breaker that makes you hesitate to put in an offer. Or maybe those glossy new build brochures have you eyeing some upgrades and trying to figure out if they'll fit in your budget? While we can't give you a comprehensive guide to finding your perfect property, we can point out some of the pros and cons of each type, as well as some things to keep in mind for your mortgage financing.