Mortgage Broker Serving Windsor, Tecumseh & Leamington
A common question we hear often is “how does a second mortgage work?” and these questions are usually followed by requests for more specific details. A second mortgage is similar to the first mortgage you took out to buy your home. However, a second mortgage is taken from the equity on your home. What is […]
Surprisingly, many mortgage loans have prepayment penalties that restrict your flexibility and even drain your bank account merely for trying to manage your money correctly. Being punished for getting ahead of the game sounds ridiculous, and we aim to explain why. What is a mortgage prepayment penalty? Some lenders charge a fee when […]
Buying your first house is a significant milestone in a person’s life. Unfortunately, it can be a somewhat intimidating application process that hedges on whether you get the property you want when you want it. Looking for a mortgage is far less exciting than home shopping, but your realtor or broker may ask if you […]
Depending on the lender, a credit score of between 620 and 680 would be the minimum viable requirement in order for you to be approved for a mortgage. For larger lenders across Canada, 680 and above would be the most likely credit score number you need to be approved. For smaller lenders, you may be […]
If you are ready to buy a home, one of the most important things you will need to do is secure a mortgage. With so many different options out there, it can be confusing to know where to start. To help you make the right decision for your situation, here are five of the most […]
Purchasing a home is likely the most significant investment you will ever make. Most Canadians will take out a mortgage to cover the majority of the cost. They will likely also pay a lot of interest throughout the term of the loan. The interest rate on a mortgage is referred to as the mortgage rate. […]
Your mortgage rate is important. If you get a lower rate, you could save a significant amount of money over the life of your mortgage. To calculate your monthly interest rate, take the overall interest rate and divide it by your payment period. Multiplying your principal by the monthly interest rate tells you your monthly […]
If you’re currently renting your home, you may have thought about whether it makes sense to buy instead. Home ownership is a key milestone and one that you may be ready for. Current mortgage rates remain quite low, so this could be a good time to buy a home. However, the question of whether to […]
Being a first-time homebuyer is tough. You will likely pay back your mortgage over an extended period. Unless you can buy your new home entirely in cash, finding and choosing the best type of mortgage can be challenging. That’s why it’s essential to choose a loan that meets your individual needs and budget. You’ll […]
The housing market of 2022 can be closely related to the state of the market in 2021. Speculations predict that although the housing market will experience weaker competition, the overall market is still expected to be volatile. This will impact the mortgage rates in 2022, and homebuyers might face a significant spike in expenses. […]
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