Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Buying a house with cash + MORE Aug 3rd
(Getty Images / Martin Barraud)
You’re selling your home and a buyer submits an “all cash offer.” What does this mean and what are the advantages or disadvantages of buying a house with cash?
When a buyer is not making his purchase of your home subject to obtaining a mortgage, they can use a .... More »
Frustrated with mortgage tech? You’re not alone + MORE Feb 14th
For the past few years, mortgage brokers have been presented with a seemingly non-stop barrage of new mortgage technology..... More »
As bond yields fall, mortgage providers are cutting fixed mortgage rates + MORE Dec 1st
With bond yields nearly 60 basis points off their highs reached earlier this month, fixed mortgage rates are slowly following and trending downward..... More »
Mortgage Digest: Younger homeowners lead the way in paying down mortgage debt Jan 26th
Younger Canadians are outpacing older demographics in reducing their mortgage debt, new research from Statistic Canada has found..... More »
How to keep business and family expenses separate + MORE Oct 1st
Q. As a solo entrepreneur, I always seem to be using my personal credit card and/or line of credit to meet my business obligations. I don’t know what my income will be from one month to the next. My spouse is nervous about the creeping up of our joint line of credit. What do you suggest to keep m.... More »
Dominion Lending Centres Canada – 5 year Closed : 3.44% (-0.01%)
– ratesupermarket.ca
Dominion Lending Centres Canada 5 year Closed mortgage rate was changed on December 03, 2013
Renovation Mortgage Options
– mortgageshowdown.com
Renovation mortgage options in Canada can vary dramatically from lender to lender and from client to client depending upon your renovation budget, current equity position, and current credit and income. We have many years of experience in working with our clients to ensure they have the best renovation mortgage options and that their transaction works beautifully.
Two different renovation mortgage options:
Secured line of credit option (HELOC):
Two different renovation mortgage options:
Secured line of credit option (HELOC):
This option is a great fit for clients who have strong equity positions in their homes as it allows them to access funds via cheque, debit card, or online money transfer at their sole discretion. For example if your contractor completes their work and asks for a $25 000 payment, you simply write him a cheque from your line of credit account and your are all set.
The disadvantage to this structure is that it is only a fit for clients who have an existing strong equity position. The government of Canada limits secured line of credit lending to 65% of your home value, and overall mortgage lending to 80% of your value…
Dominion Lending Centres Canada – 5 year Closed : 3.45% (-0.04%)
– ratesupermarket.ca
Dominion Lending Centres Canada 5 year Closed mortgage rate was changed on November 19, 2013
Should You Take A Mortgage Vacation?
– ratesupermarket.ca
Wish you didn’t have to pay your mortgage this month? There are services that can make this a reality – if you run into financial hardship or simply want to take a break from paying your mortgage, your lender may allow you to take a ‘mortgage vacation’. The concept sounds simple enough: you have the option of prepaying a certain amount of your mortgage, and then you can take a break from paying anything for a few months.
While it may sound good on paper, there’s a catch – interest still accrues during these months and is added to your total principal, which can cost thousands more in interest in the long run. Let’s take in-depth look at mortgage vacations and see if they are all they’re cracked up to be.
How Mortgage Vacations Work
Just like when you take a vacation from work, mortgage vacations require some planning ahead of time. Here’s an example of how to set one up:
If your mortgage payment is $1,500 per month and you want to skip your mortgage payments for four months while you go back to school, you’ll need to prepay an extra $6,000 ($1,500 X 4 months)…
Dominion Lending Centres Canada – 5 year Variable Closed : 2.50% (-0.1%)
– ratesupermarket.ca
Dominion Lending Centres Canada 5 year Variable Closed mortgage rate was changed on November 15, 2013
