Cash Back Mortgages

Cash Back Mortgages, What You Need to Know: Purchasing a home is a major decision and takes a lot of planning. It requires a huge chunk of your savings to finance the purchase. After saving up for the down payment, you may realize that there isn’t enough money left over…

High ratio mortgage?

When you purchase a home with less than 20% down payment it is called a high ratio mortgage. The “high-ratio” part refers to the ratio of the loan to the purchase price, also known as loan-to-value. If there is less than 20% down payment on a purchase, an insurance premium…

Variable vs Fixed Rate?

The differences between a variable vs fixed-rate mortgage are important when considering a loan. Whether you are buying, refinancing, or doing a debt consolidation, understanding the differences between the two can help save you money and meet your financial goals. • A Variable rate mortgage is where the mortgage payment…

Buying a Home in 2020

Buying a home in 2020? How to navigate the Uncertainty The coronavirus outbreak has challenged every level of our financial system. It's affected our Government, retail stores, and the biggest impact has come from changes to interest rates and mortgage lending. Naturally, with interest rates so low, everyone is wondering…

Prepayment Privileges?

Prepayment privileges allow a borrower to prepay a portion of the mortgage principal before it's due without a penalty. There are limitations to this. It's basically paying more than your agreed upon mortgage payment and is applied directly to the principal amount owing. Types of Prepayment Privileges If you have…

6 Tips to Get Approved

6 Tips to Get Approved for a Mortgage Often consumers think getting a mortgage is as simple as getting a car loan, however, it is very different. Educating yourself is the key, and there are a number of ways to avoid heartache and disappointment when applying for a mortgage. Getting…

Refinance or HELOC?

Refinancing or getting a HELOC is a great way to access your equity. That cash is available for you to access even if you are still paying a mortgage payment. There are a couple of ways you can access the built-up equity and I will explain these options in detail…

Mortgage Deferral

Mortgage deferral Payments during the Covid-19 (Corona Virus Crisis)? To proactively ward off damaging your credit there is a Federal support program in place that you can stop or defer payments during COVID-19 so reach out to your current banks (lenders) directly. Preserving the stability of the housing market and…

Legal Separation?

Legal separation from a spouse is required when wanting to purchase a home. This is important when the largest asset in many relationships, is the matrimonial home. Sometimes, both parties want to sell and buy new homes or, one may want to keep the property and pay their ex. By…