Posts from the ‘First-time Home Buyers’ Category
Mortgage Basics: Term vs. Amortization
Last Updated on February 20th, 2020
If you are among the many mortgage borrowers who isn’t clear on the difference between mortgage term and mortgage amortization, here is a simple explanation to help clarify.
Canadian Mortgage Rates Explained: Why a Smaller Down Payment Comes with a Lower Mortgage Rate
Last Updated on March 31st, 2020
Did you know that home buyers who make down payments of less than 20% of their purchase price have access to lower mortgage rates than buyers who put down more than that? This comes as a surprise to many borrowers. After all, doesn’t loan risk decrease as the down payment increases? Why should borrowers who have less skin in the game enjoy lower rates?
Mortgage Secrets from an Independent Mortgage Broker
Last Updated on February 27th, 2020
Independent mortgage brokers don’t just save you money, they give you access to a range of options you probably didn’t even know you had. Today’s post explains.
The Power of Prepayment
Last Updated on August 22nd, 2019
Adding a little extra to your mortgage payment makes a big difference in the long run. Today’s post shows you just how much impact extra payments can have, and gives you some tips for making them as painless as possible.
The Mortgage Qualifying Rate (MQR)
Last Updated on November 9th, 2017
Borrowers are often surprised to learn that qualifying for a variable-rate mortgage is harder than qualifying for a fixed-rate mortgage, even though the variable rate is lower. To find out why, check out today’s post.
How to Get the Lowest Interest Rate
Last Updated on December 12th, 2018
A newly released report by the Bank of Canada called “Discounting in Mortgage Markets” gives us some very useful insights into how much lenders are discounting their mortgage rates and for whom. Today’s post summarizes the report and offers my interpretation of the results.
Pre-approvals: Why They Aren’t Worth the Paper They’re Written On and Why You Should Still Get One
Last Updated on March 27th, 2020
Pre-approvals are the most misunderstood part of the mortgage process. Today’s post gives you a candid assessment of what to expect when you apply for one.
Waiving Your Financing Condition
Last Updated on March 28th, 2020
If you waive your financing condition without a fully qualified commitment from your lender, you are taking a substantial financial risk. That said, most people still do this as a matter of course. Today’s post explains why this happens and gives you some tips on how to minimize your exposure if you decide to waive financing without a firm lender commitment in place.
Budgeting for a Mortgage
Last Updated on June 7th, 2022
Budgeting is a lot like exercise. Everyone knows it’s good for you but most people procrastinate actually doing it. Today’s post outlines two ways to get on top of your finances: The Easy Way and The Hard Way.
The Income Tests
Last Updated on August 22nd, 2019
If you need a mortgage, your household income will be the single most important part of your application. Today’s post outlines how lenders conduct income tests and explains the standards that are used. It also examines special cases where confirming income is more difficult, and provides some tips to help you put your best foot forward.
Closing Costs – The Stomach Punch of the Home Buying Process
Last Updated on September 26th, 2019
Planning for closing costs is an important but often overlooked step during the home buying process. Today’s post will give you an overview of what to expect and will introduce you to my one-of-a-kind Closing Cost Calculator.
Puff the Magic Payment Frequency
Last Updated on November 10th, 2017
Does it matter if you pay your mortgage monthly, bi-weekly or weekly? How much does paying more frequently save you in interest over the long run? Today’s post seperates the magic from the myth.
Eight Ways to Improve Your Credit Score
Last Updated on November 10th, 2017
When it comes to mortgage borrowing, your credit score can save you thousands of dollars. Check out today’s post to learn how to improve your score without having to turn your life upside-down in the process.
Thirteen Tips for First-Time Home Buyers
Last Updated on March 1st, 2020
When you’re about to make a big decision for the first time it’s nice to have a little experience in your corner. Today’s post shares 13 useful tips for first-time home buyers.
Fixed or Variable? The Question People Love to Ask
Last Updated on November 10th, 2017
Should you choose a fixed or variable rate mortgage? After having spent the last decade listening to experts opine on this question I know the one person you should ask. Who? The answer may surprise you.
