Has your mortgage payment got you down? Do you wish that you could lower your payment obligation? Well, this new product might be for you. Right now, every month you make your mortgage payment, and that mortgage payment consists of an interest amount and an amount that pays down some of the principal loan amount. Let's call this the traditional mortgage payment. An innovative new product that lenders are now offering is a mortgage that has two components (1) part of the loan amount ...

As a mortgage broker, clients ask me all the time what is the best mortgage interest rate. In general, the interest rate is a reflection of the risk associated with the file. The higher the risk, the higher the interest rate and the lower the risk, the lower the interest rate. From my experience, there is a seemingly endless number of factors that lenders use to determine risk which influences the interest rate for a particular file. However, here are three broad areas which to consider: ...

Are you unsure if you will qualify to purchase a new property or refinance your existing property because you own your own business? Many lenders understand the difficulties of self-employed owners. These lenders have mortgage products designed specifically for business owners. They know that as business owners we may not pay ourselves a hefty salary, but that our business does produce adequate revenues and cash flow to support a mortgage. Sean Stewart specializes in financing propertie...

You probably have heard that there are changes to the mortgage rules that take effect January 1, 2018. Though, you might be confused on how these changes impact you. The most noticeable impact will be when you want to refinance your mortgage. Starting January 1, 2018, when you decide that you want to refinance your mortgage you will have to qualify at a much higher interest rate. This higher qualifying rate, referred to as a stress test, is the greater of the five-year benchmark rate publ...

A reverse mortgage is a unique product that has helped many people better enjoy their retirement years. Below, the myths are separated from the facts. Myth 5: A Home Equity Line of Credit (HELOC) is a better option. Fact: HELOCs are a good short-term borrowing option for people who can pay the interest and loan in the near future. However, HELOCs are callable loans and there exists significant risk of non-renewal or cancellation. In comparison, a reverse mortgage is a long-term financ...