Welcome to Our Blog: Mortgage Information Tecumseh, Leamington, Windsor & Essex County

Mortgages were created in the 1930s to help people purchase homes during the Great Depression. Initially, buyers were required to put 50 percent of the cost down. As home values have skyrocketed over the years, however, and banks have become increasingly involved in providing loans, a respectable down payment today is only 20 percent—and there are many cases where purchasers pay much lower.

When taking a leap into the real estate market, or the leap to move on from where you already own, one thing is for sure: it will not be an inexpensive purchase or a transaction free of potentially varied complexities. Most people cannot afford to buy a home outright―hence, why mortgages exist.

As Canadians and much of the world accumulates more debt than ever in recent years, it is important to understand that not all money owed is considered bad. In fact, the concept of good debt is a well-known term within the financial industry.

Your home is a major expense and certainly one of your most valued possessions. As a result, your mortgage carries a lot of weight in terms of your financial strength and can be a cause of stress or stability for different individuals. For some, the option of getting a second mortgage, or seeking out a loan against the value of your property, can be a great option. Before doing so, it is important to understand the benefits associated with a second mortgage.

There are lots of mortgage types available, but the first major decision you will have to make when choosing the option that is right for you is between a fixed or variable rate mortgage. Both come with their own unique advantages and risks, and should be carefully considered based on your level of income, risk aversion, and lifestyle needs. Not sure which option is right for you? Read on if you are interested in learning more about fixed rate mortgages or variable rate mortgages in Tecumseh. You can also contact the team at Axiom Mortgage Solutions to answer your questions and find the perfect mortgage for your property and budget.