Four Ways to Avoid Private Mortgage Insurance
“A mortgage is expensive enough, right? So you definitely don’t want to be paying more than you have to on it. But, you might have to if you require private mortgage insurance. Private mortgage insurance is insurance that covers the lender should you default on the loan. It really holds no benefit to the homeowner,…
Read moreWhat’s the Better Choice for Retirees – HELOCs or Reverse Mortgages?
“With the millions of baby boomers already retiring, and the millions more that are set to in the coming years, many of those boomers are starting to think seriously about what they’ll do for income in their golden years; and they’re continually trying to find ways to make a few more dollars available. Of the…
Read moreMortgage Debt for Canadians is Going Down
For months we’ve been hearing about how Canadians need to start taking their debt seriously. The federal government started that ball rolling early in the year, putting tighter restrictions on secured line of credit borrowing. Canadians in turn, started to take their own debt seriously. Maybe because of the economic uncertainty around the world, or maybe just to keep our economy’s head above water – something we managed to do even during the recession. But among all the talk, there was always one exception – mortgages
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Need a Co-Signer or a Guarantor? Know the Difference!
As Toronto mortgage brokers, it’s something we see quite often. A person wants to apply for a mortgage, but they know they won’t qualify on their own (or they just found out that they won’t.) Panic-stricken, they start reaching for any option available. Can they get a co-signer? A guarantor? Who can they ask? Whoa, hold on a second! A co-signer and a guarantor are two very different things, and it’s important that you understand them both. So that when the time comes to ask, you’ll know what you’re asking of the person.
Read moreCanadians are Saving Money on Refinancing – and You Can Too!
Things have been good for the Canadian economy in the past 10 – 11 months or so. And despite naysayers touting that interest rates are going to spike, and that we’re not saving enough for that potential economic downfall, that’s just not happening. In fact, the opposite is true
Read moreHow to Really Save While Shopping Online for the Holidays
Canadians are trying to reduce their debt, and we’re trying to keep more in our savings too. Good for us, but the holidays are a very hard time to do either of those things. And if you’re like most Canadians, to keep on track, you’ve been keeping your ear to the ground listening for those ever-important money-saving holiday tips. There are a lot of them, but the one that comes up most often: do most of your shopping online! Yes, shopping online is definitely much more convenient, and it can save you money, as more retailers are starting to offer online-only discounts. But in order to make sure that shopping your PJ’s is really saving you money make sure to have these tips close at hand so you don’t end up taking out a second mortgage just to pay for the holidays.
Read moreWhy do I Need to Pre-Qualify for a Mortgage
If you’ve already been out searching for your next dream home, you might find that a lot of sellers require potential buyers to pre-qualify for a mortgage. For many buyers, there’s little that will strike more fear in their hearts. What is pre-qualifying for a mortgage? Is that a complicated process, and will it drag out the process of you getting that dream home? And most of all, why do you need to pre-qualify in the first place?
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