What Is a Ratio Mortgage? In the context of conventional and high ratio mortgages, the ratio mortgage refers to the relationship between the size of the mortgage loan and the amount of the down payment the investor is willing to place when purchasing a property. It is also known as the loan-to-value ratio. The down payment is…
Where to Get Your Mortgage Loan When shopping for mortgage options, home buyers mainly choose between a direct bank lender (or another financial institution) and a licensed mortgage broker. These two primary mortgage providers, which account for an almost even split of the market, offer different access to rates, terms, and approvals, which can appeal to…
Why Get a Mortgage? The price of a home is often more than what a single individual or household can save. Therefore, many choose to buy a home or an investment property by putting down a deposit of typically 20% of the home’s purchase price, and obtaining a loan for the remaining amount. This assistance…
What Is the Process of Paying off a Mortgage? When you get a mortgage, you’re not just agreeing to pay back the amount you borrowed (principal). You also agree to pay interest on the money you still owe. How much you’ll pay in interest depends on a variety of factors, including your loan type, how much you borrowed,…
How to calculate how much you’re spending now, what you can afford and your future expenses. Are you financially ready to own a home? Look into these 5 calculations and questions before you meet with your broker or lender. QUALIFYING FOR A MORTGAGE There are 2 affordability rules that determine how much you can spend on housing without…
How Canada’s evolving trade tensions and economic conditions could influence mortgage rates—and what borrowers should consider when choosing between fixed and variable products. Introduction Mortgage shoppers in Canada are facing one of the most unpredictable rate environments in years. The recent escalation in U.S.-Canada trade tensions, combined with inflation risks and a slowing economy, has…
Your mortgage renewal isn’t just paperwork — it’s a prime opportunity to reset your financial course. Yet, many homeowners let it pass by without giving it the attention it deserves. The result? Missed savings, higher debt, and fewer financial options down the road. Let’s break down the most common mortgage renewal mistakes — and how…
Key Updates 1. 30-Year Amortizations 2. Higher Price Cap 3. Newly Built Homes Focus • Homes must be owner-occupied and not previously used for residential purposes. What This Means for You
Current rate:The greater of the mortgage contract rate plus 2% or 5.25%. The minimum qualifying rate (MQR) for uninsured mortgages is a mortgage stress test applied by lenders to borrowers. OSFI obliges federally-regulated lenders to apply this stress test to their borrowers. This helps lenders prepare borrowers so they can continue to make mortgage payments…