There 4 main areas that lenders evaluate, while also considering the 5 C's of credit. These are income, down payment, active and historical credit, and the property itself. 5 Steps to Get a Mortgage Income and Employment. You monthly income is what will be paying the mortgage. There is a maximum percentage of your taxable … Continue reading How To Get A Mortgage
Category: Mortgage Lending
Lets dig a little deeper to understand variable rate and fixed rate so that you can decide which is best for you. Note, these mortgages referred to in this post are closed mortgages, which is what most Canadians have their mortgage in as the interest rates are the lowest. First understand that a mortgage payment, … Continue reading Fixed VS Variable- Which is right for you?
Why are interest rates increasing so rapidly? If you own a house or have been thinking about buying, rising interest rates is a hot topic. The 'interest rate' in question is the Bank of Canada's (BoC) policy interest rate, also known as the target overnight or benchmark interest rate. Changes in the BoC policy interest … Continue reading Why are the Bank of Canada Interest Rates Increasing?
For most people, a mortgage is going to be one of the largest debts they manage in their lifetime. With this in mind when mortgage lenders are looking at an application they have to consider if an applicant has demonstrated a history to borrow and repay. The thicker and longer the history, means overall less … Continue reading Good Credit
There are many Canadians whose mortgages are up for renewal this year. In 2014 the average discounted 5 year fixed rate was 2.81%, compare that with today's best averaging around 3.64% and its no wonder that many Canadians are worried about their mortgage payments on their upcoming renewals. Over 3/4 of renewing mortgage holders are … Continue reading Does your mortgage renew this year?
With the latest increase in financing rates we might be hearing a lot more about assumable mortgages. An assumable mortgage is one that the lender allows another borrower to take over or assume the mortgage without changing any of the terms of the mortgage. The new applicant takes over the obligation for the payments left … Continue reading Assumable Mortgages
In 2016 and 2017 Ottawa brought in some major changes to the mortgage industry that has made the cost to lend mortgages much higher. The categorizing of a mortgage is now more complicated and depending how your mortgage is categorized: insured,insurable or uninsurable- there are different mortgage rates. This and other factors have resulted in … Continue reading What is your best rate?
A Monoline lender, by definition, is a mortgage lender that focuses on lending money for one purpose: mortgages. It's that simple. Monolines are secure mortgage lenders. They are big players in the mortgage industry with billion of dollars in mortgage funds invested by the Big Banks, Life Insurance and Trust Companies. They follow the same … Continue reading What is a Monoline?