Key Takeaways Locking in a Variable Rate Mortgage Variable-rate mortgages can be appealing when interest rates are low because they can allow you to pay off your mortgage faster. You may choose a variable rate when renewing your mortgage or as a first-time buyer finding the right mortgage for you. Variable rates offer more flexibility […]
TDS ratio is the percentage of your gross monthly income that goes toward housing costs and other debts—like car loans, credit card payments, and personal loans. […]
In some cases, your mortgage may be renewed automatically. But automatic renewals aren’t always in your best interest. […]
Simply put, the mortgage maturity date is the day your existing agreement with your lender expires, and your remaining balance becomes due. […]
Mortgage pre-approval timelines typically range from 1 to 2 business days, but this can vary based on several factors. […]
After your final mortgage payment, remember to update your homeowner’s insurance, confirm the property title is in your name, and plan how to use your extra funds. […]
Read More… from What Happens When You Pay Off Your Mortgage in Canada?
Running a business requires you to think strategically. And there’s nothing quite like real estate marketing working in your favour. You can get a residential mortgage for your business, but you must use the property for commercial purposes. Residential and commercial mortgages are fundamentally different. Our experienced brokers provide personalized advice that aligns with your […]
Despite all your planning, your renewal might decline. Although figuring out the next steps can feel unsettling, it’s not the end of the road. Here’s what to do next:
Stay calm & reassess
Explore other lenders
Improve your financial profile
Seek an exception or negotiation
Consider alternative mortgage options
[…]
Read More… from What Happens If Your Mortgage Renewal Is Denied?
The total cost of the house determines the minimum down payment amount in Canada:
A house that costs less than $500,000 can have a 5% minimum down payment
On houses 500,000 to $999,999, you can pay 5% on the first 500,000, & then 10% on any amount above 500,000
Houses at $1.5 million or more require at least a 20% down payment […]
Read More… from How Much Do You Need for a Mortgage Down Payment?
A mortgage is already an immense responsibility. Fortunately, you can add renovation costs to your mortgage through certain financing options.
However, being eligible for this option depends on several factors, such as:
Current mortgage terms
Scope of the renovations
Whether you’re first-time purchasing or remortgaging
If you’re purchasing a new home, you may qualify for a purchase-plus-improvements mortgage, which allows you to include renovation costs as part of your mortgage.
As an existing homeowner, refinancing your mortgage or tapping into your home equity may be viable options to secure renovation funds. […]
Hear what our clients are saying about Mortgage Connection and see how we’re helping people just like you find personalized solutions for your mortgage needs.
National Headquarters:
Ontario Office:
FSRA Brokerage License #13097
British Columbia Office:
BCFSA #13097
Saskatchewan Office:
