on July 19, 2016
Standard Charge VS Collateral Charge Mortgages
When you need a loan to purchase a property, your bank or lender will require security for repayment in the form of a charge that is registered at your provincial land registry office. This process secures the residential mortgage loan to your property, and gives your lender certain rights as it relates to the terms of your agreement. There are ...
on June 30, 2016
The Prime Rate & Regulation Changes
In Canada, mortgages are directly impacted by the prime rate and mortgage regulations established by Government. In the last decade, a drastic drop in the prime rate, coupled with the introduction of new regulations, have enabled consumers to take on more manageable debt loads.
The prime rate is the interest rate that commercial banks ...
on June 16, 2016
Down Payments: 5% vs 20%
When purchasing a home, one of the most important decisions you’ll make is the size of your down payment. In Canada, the minimum amount required for any home purchase is 5% for an owner occupied home and 20% for a rental property. Owner occupied homes with 20% or greater down payment do not require mortgage loan insurance. Here are some ...