A good rule of thumb is to allow three to four weeks for the entire mortgage process (including appraisal and lawyer). If you think that you have a more challenging case, please allow more time. It is never too early to start the mortgage conversation. As a rough guideline, the mortgage broker and lender need a week or so to get the approval, straight forward files can take less time and more complicated files can take longer. The appraiser needs about a week to do the site visit and to c...

Canadian mortgage interest rates are currently at an all-time low. For most people, mortgage financing is the cheapest form of financing that you can get. So, it makes sense to take out some of that home equity and pay off other higher interest rate loans.
You can use the money to pay out almost any other type of structured loan. Common debt payouts include: Credit cards Lines of Credits Private mortgages Personal loans Car Loans Student loans You can also us...

" To be or not to be" Hamlet's famous quote. While not as dramatic as Shakespeare, deciding between a fixed rate or a variable rate can weigh heavily on some borrowers.  Which is the right answer for you? As of the date of this post, variable rates are slightly lower than fixed rates. But keep in mind that interest rates have never been this low in history. The current market thinking is that it is unlikely that rates will go down any further in the near future (they ...

Are you thinking about making a change to your mortgage to take advantage of the super low interest rates? Not sure what option is best for you? Renew means that your current mortgage term is about to end and that you need a new mortgage term for the balance of the mortgage, with no increase in amount.

Refinance means that you are looking for an increase in the amount of your current mortgage. It may be at the time of renewal or it may be at some point during your current mortgage term...

Did you know that lenders don't accept all types of money for down payment? Lenders want to know where the money is coming from that is being used for the down payment. You might be surprised that some sources of money are not accepted by lenders.
Most borrowers ask how much of a down payment that they need to purchase a house. But it is equally important to know where the money is coming from. Lenders will decline mortgages if the source of down payment is not acceptable.
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