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Preparing For Your First Mortgage featured image
Table Talk

Preparing For Your First Mortgage

Four steps to take when preparing for your first mortgage.  Step One: Know What You Want Should your mortgage be fixed or variable? Fixed Mortgage Rate:Enables you to “lock in” a predetermined rate for a set period of time (term).  Variable Mortgage Rate:Changes monthly based on the mortgage lender’s prime rate.  Anyone taking on a…

Open Or Closed Mortgage? featured image
Table Talk

Open Or Closed Mortgage?

Open or closed? Do you know which choice is right for you? Closed mortgages offer lower interest rates than open mortgages. However, open mortgages boast fewer fees. What is a Closed Mortgage? Closed mortgages cannot be prepaid, renegotiated or refinanced before maturity without paying a penalty. Most closed mortgages do offer a bit of flexibility…

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Table Talk

Making An Offer

Improve the chances of having your offer accepted. When you and your real estate agent locate what you think is the perfect home and Canadian mortgage rate, there’s no time to waste – it’s time to make an offer to purchase! The Deposit When you put an offer in to purchase a house, you are…

Mortgage Penalties: How Much Will it Cost to Break my Mortgage? featured image
Table Talk

Mortgage Penalties: How Much Will it Cost to Break my Mortgage?

Is now a good time to break your mortgage and refinance? This is a very common question – when should I break my current mortgage and refinance for a new best mortgage rate?  It’s best to weigh out the costs first. Breaking your Mortgage A Canadian mortgage rate agreement is a committed contract.  There is an…

Mortgage Term Vs. Amortization featured image
Table Talk

Mortgage Term Vs. Amortization

Do you know the difference between your mortgage term and your amortization period? A common source of confusion for prospective homebuyers is the difference between a mortgage term and amortization period. A typical Canadian mortgage rate has a 5-year term with a 25-year amortization period. Mortgage Term The mortgage term is the length of time you commit…