Blogs

Do you know the difference between the term of the mortgage and its amortization? If you're a first time home buyer, you might have heard both words used without explanation – sometimes interchangeably – and even an experienced homeowner can confuse the two. Understanding some of the basic words and phrases that your mortgage broker uses on a daily basis can help you feel more comfortable and informed during the mortgage process.

We've written before about the importance of a home inspection when you're buying a property. Even if you're pre-approved for a mortgage, your lender may hesitate if there's something slightly unusual about the property you choose. Your home insurance company also wants to make sure your property is in good condition. Allstate Canada conducted a survey earlier this year that shows 1 in 4 homebuyers had problems after buying their home that could have been caught by a home inspection.

The countdown is on to January 1st, when the latest mortgage rules from OSFI will come into effect! A recent survey by Re/Max found that over 40% of Canadians don't even know about the upcoming changes, and another 40% don't think – or aren't sure – that the new rules will affect them. At the same time, nearly half of Canadians are considering purchasing a home in the next five years. A home is the largest purchase most of us will make, so do you really want to go into that decision without all the facts?

Everything is set for your mortgage. You've signed the paperwork, chosen your payment frequency, and you know when your first payment will be due – or do you? While you've covered the major points, one thing we don't often discuss when it comes to financing is the interest adjustment date.

According to many, it's the most wonderful time of the year: whether you celebrate Christmas, Hanukkah, Kwanzaa, or another holiday during the month of December, chances are you're busy decorating your home to give it a festive glow. However, all those decorative touches can increase the risk of fire in your home, and that's one glow you definitely don't want to have. Here are the top 5 holiday fire hazards – and how to avoid them.

Every mortgage calculator you run across on the internet is going to be slightly different – and they're not all created equal! Let's be honest: a calculator is a great way to get you to spend time on the website and it probably gets you excited for the possibilities around buying or refinancing your property. But you also want the calculator to provide you with an accurate idea of the size of mortgage you qualify for and what your payments will be. That all comes down to knowing what information you will need to enter.

If you've been worrying about rising mortgage rates, you're not alone! With home prices still near all-time highs in Victoria and Vancouver, Canadian home owners owe more on their mortgages than ever before. How dire is the situation? We took a look back to see what could happen.