Did you know? 80% of Canadians don’t finish their mortgage term. Why is that? Well, it’s because life happens. Circumstances change. Marriages. Divorces. Children. Some people will refinance to take the equity out of their home for renovations, some will refinance to consolidate date. Sometimes even buying a new home can cause you to break your mortgage. Whatever the reason, when you break the terms of your mortgage before the maturity date, you’ll have to pay a penalty. But it’s not all
The First-Time Home Buyer Incentive will launch on September 2, 2019. Back in March, the new program was announced in the federal budget as a way to help Canadians fulfill homeownership dream. It was introduced to make owning a home more affordable for first-time home buyers, but some of the key details still needed to be clarified. Today we have a better idea of how the program works. Here’s all you need to know about the the new first-time homebuyers
The word ‘mortgage’ is derived from the old latin word, ‘mortuss’ or ‘dead.” And in old French, the word mort gage translates to “death pledge”. Kinda morbid, I know. But the reality is many of us will hold mortgages for the majority of our lives. The maximum amortization in Canada is 30 years which means it could take up to 30 years to pay off your entire loan. That’s one looooong commitment. So when it’s time to secure your home
If you’ve ever wondered about what happens with your mortgage application behind-the-scenes, how financial institutions calculate how much money you can borrow, we’re here to demystify the mortgage math for you. We all know buying a home is likely the largest financial commitment you’ll make in life, so understanding how banks calculate your mortgage is a great way to stay educated throughout the process. There are five pillars of mortgage lending used your determine your creditworthiness and ability to repay
When it’s time to sit down with a mortgage professional, it’s important to understand the difference between what a traditional bank can offer and what an independent mortgage broker can provide. Mortgage brokers have been around for decades. Whereas the big banks only created a mobile mortgage segment in their operations in recent years as a way to better compete with the growing number mortgage originations coming from independent mortgage brokers. At very first glance, it may seem like MMS’s
A credit score in the 800s is like the holy grail of credit. If you have a score in this range, lenders will be clambering to get your business. You’ll get access to the absolute best mortgage rates in the market, which means interest cost savings, which means more money in your pocket. And that is always a good thing. So how do you get an 800+ score? First, let’s take a look at how your credit score is calculated. And
A recent survey indicates 40% of mortgage applications in Canada are completed by mortgage brokers. But what about the other 60%? Perhaps 60% of Canadians don’t exactly know what mortgage brokers do and what they can offer, because if they did, If more people understood the value of a mortgage broker, I’m going to guess more and more Canadians would seek out a mortgage broker for all their mortgage-related needs. You might’ve heard the quote from acclaimed human-being, Maya
Lev Keselman, Managing Partner Peak Mortgage’s very own Lev Keselman has once again made Canadian Mortgage Professional Magazine’s Top 75 Brokers list. Not only that, for a second consecutive year, Lev has been recognized in an elite group of brokers: Canada’s Top Ten Mortgage Brokers. In 2018, despite unprecedented government regulatory changes that made it more difficult for Canadians to qualify for a mortgage, Lev ranked 7th nationwide for his top performance. One year later and he’s surpassed himself by two spots,
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