A mortgage pre-approval is extremely beneficial in showing you, the home buyer, what value of home you can afford as well as the mortgage payments associated with various purchase prices. It also guarantees a mortgage rate for a set period of time, thus, protecting you against possible rate increases. You are not obligated to the bank…
It’s been a tough journey but you are now ready to join the ranks of the home owning class. You’ve cleared your debts, saved enough money for a reasonable down payment, gone through open houses and found the perfect home. Your offer has been accepted and you have two months to seal the deal! This…
Our family and friends always mean well when trying to give us advice about our first home, but unless they’re mortgage specialists, they’re probably going to give you advice that’s more myth than fact. Here are some of the most common mortgage myths that we hear of: “The market is going to crash” We have…
Ottawa is a great city to call your home. What is your favourite season in Ottawa? Do you mind the frosty days of our capital’s Winterlude? Do you long for the colourful tulip festival, or the warm and relaxing days of summer at Dow’s Lake? Despite the strong arguments that these other seasons make, fall…
Deciding you’re ready for home ownership is just step one on your long journey. Then you need to get your financial situation under control in order to be able to actually afford to purchase a home. The typical down payment on a conventional mortgage is twenty percent of the purchase price of the home. Mortgage…
Whether you are hovering over the edge of going bankrupt or simply trying to find a way to manage your finances more efficiently, you must have noticed somewhere all the advertisements touting debt consolidation. But before you decide if debt consolidation is the way to go, first understand the advantages and disadvantages. There are different…
There are many important milestones that will come around when you are in a committed relationship such as a first date, a first kiss, a first anniversary, a first trip together, etc. For many couples that seek each other’s company over the long-run, buying a home together is also quite a significant milestone. This is…
The ultra-low mortgage rates that we have been seeing lately in the real estate market are not only benefiting homebuyers. Current homeowners wanting to save more money on their monthly mortgage loan payments are taking advantage of low interest rates by refinancing. However, saving on mortgage rates is not the sole good reason to consider refinancing. The…
It is a given that anyone with a mortgage wants the lowest possible rate. But there is a wide range of requirements for that stop borrowers from getting the best all-around deal, and some of them are counter-intuitive. Once a homebuyer has chosen the term and rate type for their mortgage, they often discover that…
When it comes to the world of home loans, mortgage brokers can be invaluable in helping potential homebuyers with their process. A mortgage broker is an intermediary who brings borrowers and lenders together. They help compare rates among different lenders and find the lowest mortgage rates as well as put them in contact with lenders…
