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Is an Interest Only Mortgage Right For You?

October 5, 2016

What is an interest only mortgage? Well… it’s exactly that, a mortgage with payments that are NOT amortized but rather interest only payments. It may not make sense why an interest only mortgage would exist or appeal to anyone, but read on and you’ll understand how a mortgage like this can be extremely useful for the right type of borrowers. An interest only mortgage is really a short term solution to one of many problems; lack of cash flow, high interest debt, income tax arrears, power of sale, emergency renovations, etc.  An interest only mortgage can be registered in the … Continue Reading

How Loan Amortization and Amortization Schedules Work

September 21, 2016

When it comes to loan amortization and amortization schedule, most mortgages that common home owners hold are amortized. Amortization essentially refers to the repayment of loan principal over time. When dealing with mortgages, the interest rate is factored in the loan amortization so that each payment is split between interest and principal payments. In the early parts of the amortization schedule it is common for majority of the payments made to be applied to the interest payments and the remainder towards the principal. The schedule itself, outlines the breakdown of each payment as well as the remaining balance or the … Continue Reading

How Large Does Your Down Payment on a House Need to be?

September 7, 2016

When it comes to putting a down payment on a house, there are a few things to consider. Here in Canada, the minimum down payment on a house is 5% for first $500k an additional 10% on the difference between $500k for anything greater. For example, if the purchase price of a home is $600k then the minimum down payment requirements would be $25k (first $500k) plus an additional $10k (the 10% on the difference 500k-600k). Having said that, these minimum down payment requirements are for those applicants that can demonstrate very strong creditworthiness, job tenure, sufficient income, etc. Even … Continue Reading

How Current Interest Rates Are Determined and Where They’re Headed

August 24, 2016

When it comes to current interest rates for mortgages, it is important to understand how they come to be and what influential factors are considered when offering those rates. Since the recent market crash in the United States back in 2008, our current interest rates here in Canada have been at an all-time low. In fact, they have remained historically low for almost a decade now. The Bank of Canada is our central bank and It is the responsibility of the Bank of Canada to insure the stability and growth of our economy. As such, the Bank of Canada sets … Continue Reading

Considerations When Taking Out a Mortgage for Rental Property

August 10, 2016

Points to remember when seeking mortgage for rental property: Banks will limit loan amount to 80% of purchase price/property value when approving mortgage for rental property (20% down payment required by client) If rental unit is a condo, many banks/lenders will now ask for an additional 5% (25% total) as down payment (with exception of certain units, location, etc.) Bank typically advertise rates for owner occupied residences, rate premiums will apply to any mortgage for rental property, with exceptions (up to 0.50% rate premium) When underwriting mortgage for rental property, banks will not use 100% of projected rental income to … Continue Reading

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