When you’re looking to get a mortgage you’ll likely to end up at either a bank or a mortgage broker through a mortgage brokerage. While both are able to provide you with the mortgage you’re looking for how they go about it can be very different. What is a “Banker”? A banker is someone who […]
Read More… from Banker vs Mortgage Broker – What’s the Difference?
How do you know what type of property is best for you? Ultimately, the best choice for you will depend on your needs and what you’re looking for, whether you choose a condo, home, or even a townhouse. That said, we do have some tips to help make your home hunting journey a little easier […]
The CMHC recently announced that as of March 17, 2017 they will be increasing their homeowner loan insurance premiums. For most prospective homeowners these changes to premiums will likely result in an additional $5 to $10 per month compared to their old premiums. This change is coming in to affect mostly due to OSFI’s change […]
Read More… from CMHC Mortgage Loan Insurance Premium Updates
There is a persistent myth that continues to make its way around homeowner circles that as a business owner it is next to impossible to get a mortgage. Some people even believe that you will be disqualified immediately if you bring less than a 25% down payment to the table, but how much of this […]
Read More… from Obtaining a Mortgage When You Are Self Employed
At Mortgage Connection, our mortgage brokers are committed to looking after your best interests. That includes getting you a low interest rate. However, the interest rate is just one of many aspects of a mortgage. There are other key factors that need to be considered when you are determining which mortgage solution is best suited […]
Read More… from Your Mortgage: More than Just an Interest Rate
The mortgage industry recently underwent a large change in the way high-ratio mortgages are now qualified and approved. A high-ratio mortgage is a mortgage where less than 20% of the total value of the home is being put forward as a down payment. While these mortgages traditionally required CMHC insurance the qualification process for them […]
Read More… from Assessing Home Affordability in the Wake of New Mortgage Rules
On Monday, October 3, 2016 the Bank of Canada announced that as of October 17, 2016 any insured mortgage applications must be qualified at the benchmark rate (which is currently set at 4.64%). As of right now only variable mortgages, or mortgages with terms shorter than 5 years, are qualified at the benchmark rate. All […]
Read More… from October 17, 2016 Mortgage Qualification Changes
Mortgage Connection is here to streamline your home buying refinancing or mortgage renewal process by removing stress and minimizing frustration. When it comes to helping you find the perfect home at the perfect price we will do whatever we can to help you obtain a mortgage that suits your current and future financial needs. Here […]
Is it actually a good idea to take a vacation from your mortgage? There are a lot of advertisements promoting the benefits of mortgage vacations recently, so we decided to examine the benefits and potential downfalls so that you can decide whether or not a mortgage vacation is the right financial move for you. What […]
Ensuring you have enough funds for a down payment can be daunting, especially for first time home buyers. To help mitigate the financial strain a down payment can cause many families of first time home buyers offer to contribute funds towards the down payment. While it is possible to use gifted funds as part or […]
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