Mortgage Penalties – Fixed Rate Closed Mortgages
Mortgage Penalties for Fixed Rate Closed Mortgages
Mortgage penalties explained for fixed rate closed mortgages. Three (3) months of interest or Interest Rate Differential (IRD), whichever is greater. I covered mortgage penalties for variable rate closed mortgages in a previous post. For further information on mortgage penalties and or to discuss all of your options, contact [...]
Changes To Mortgage Qualification – New Rules
New Rules for Mortgage Qualification
Announced today, effective April 19, 2010, or sooner, there will be three (3) new rules that will apply to the qualification for government backed, insured mortgages (i.e. CMHC, high ratio insured mortgages). The changes are:
Minimum down payment for non-owner occupied properties will be increased to 20% of the purchase price (currently [...]
Mortgage Refinance – Basics
Mortgage Refinance Basics
A mortgage refinance is the term used to describe the situation when you make a change to your mortgage (e.g. take equity out for investment or for renovations, cancel current mortgage to take advantage of lower interest rates at the time, etc.) prior to the renewal date (i.e. date your term ends). This [...]