A mortgage in which payments will fluctuate month to month depending on prime. If prime goes up so does your payment. Note: Rules and guidelines are subject to change. Please inquire within.
The interest rate on a fixed-rate mortgage is set for a pre-determined term – usually between 6 months to 10 years. This offers the security of knowing what you will be paying for the term selected.
The length of mortgage terms varies widely – from six months right up to 10 years. As a rule of thumb, the shorter the term, the lower the interest rate; the longer the term, the higher the interest rate.While four … Continue reading
First and foremost, you have to make sure you have enough money for a down payment – the portion of the purchase price that you furnish yourself.To qualify for a conventional mortgage you will need a down payment of 20% … Continue reading
Today, about 50% of first-time home buyers use their RRSP savings to help finance a down payment. With the federal government’s Home Buyers’ Plan, you can use up to $25,000 in RRSP savings ($50,000 for a couple) to help pay … Continue reading
There are ways to reduce the number of years to pay down your mortgage. You’ll enjoy significant savings by: Selecting a non-monthly or accelerated payment schedule Increasing your payment frequency schedule Making principal prepayments Making Double-Up Payments Selecting a shorter … Continue reading
Most lenders now offer insured mortgages for both new and resale homes with lower down payment requirements than conventional mortgages – as low as 5%. Low down payment mortgages must be insured to cover potential default of payment, and their … Continue reading
Very few home buyers have the cash available to buy a home outright. Most of us will turn to a financial institution for a mortgage; the first step in a potentially long-standing relationship. But even with a mortgage, you will … Continue reading
Lenders will often guarantee an interest rate to you as much as 120 days before your mortgage matures. And, as long as you are not increasing your mortgage, they will cover the costs of transferring your mortgage too. This means … Continue reading