Reverse mortgages can often be misunderstood, surrounded by myths that can make homeowners hesitant to explore them as a financial option. Whether you’re planning for retirement, supporting family members, or simply looking to improve your lifestyle, a reverse mortgage can be a powerful tool when used wisely. Our team at Mortgage Connection wanted to tackle […]
Understanding your mortgage statement can be a common challenge when navigating a new home purchase. This can make life for mortgage holders confusing and stressful. We want to help you feel clear and confident about your finances, which is the core of our mission at Mortgage Connection. Mortgage Statement Definition: A mortgage statement is a […]
Mortgage Balance Definition: Your mortgage balance, or remaining balance, is the total amount of money you still owe on your home loan at any given time. […]
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. […]
A reverse mortgage and home equity line of credit (HELOC) allow you to unlock the equity in your home, but choosing the right option matters. Each comes with its advantages and drawbacks.
Reverse mortgages are ideal for older adults (55+) looking to supplement their income without monthly repayments. HELOCs cater to people seeking accessible, flexible funding. […]
Read More… from Reverse Mortgage vs. HELOC: Key Differences Every Homeowner Should Know
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?
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