The amount of mortgage you may qualify for depends on two things: income and the amount of debt you are carrying. Financial institutions use two different ratios to measure your borrowing ability. The first is your Gross Debt Service Ratio (GDSR). The second is your Total Debt Service Ratio (TDSR). Gross Debt Service Ratio Gross […]
Measure Your Borrowing Ability: Debt Service Ratios Read More »
Traditionally, the minimum amount of down payment required to purchase a home has been 5% of the purchase price. Recent innovations in Mortgage Loan Insurance have allowed lenders to give home buyers the opportunity to cover the requisite down payment by borrowing the funds from an alternate credit source such as personal line of credit
Understanding Equity Read More »
Not all banks are the same. Work with a mortgage broker who will negotiate the best rate for you.
Money Saving Tip – Accessing Lower Interest Rates Read More »
If you reduce the amortization on your mortgage, you payment will go up but you will save thousands over the life of the mortgage.
Money Saving Tip – Amortization Read More »
While it may be difficult to make extra payments in the initial years of home ownership, consider rounding your payment up. You will be surprised at the difference it makes over the life of the mortgage.
Money Saving Tip – Rounding Up Read More »
Any extra payments you make, whether monthly or annually, will significantly reduce your interest cost over the life of the mortgage and you will become mortgage free sooner!
Money Saving Tip – Prepayment Read More »
Working with a team of professionals, a REALTOR can help you save money on the purchase of your new home, while a mortgage broker can help you save money over the life of your mortgage.
Managing the Total Cost of Home Ownership Read More »
When you’re entering the world of real estate and buying and selling property, you want a professional who puts your best interests first. As a licensed professional, a mortgage broker is there to answer all your questions, provide options and assist you in picking a mortgage product that best suits your needs.
6 Key Questions to Ask When You’re Shopping for a Mortgage Read More »
There are many different types of mortgages available. Before you choose, contact a mortgage broker to help you determine what type of mortgage you require and what the options are.
Other Types of Mortgages Read More »
