Tag: mortgage glossary

Is the bi-weekly mortgage payment always better?

March 21, 2016 | By | 1 Comment

The mystique of the bi-weekly mortgage payment I met with clients over the weekend to do some mortgage planning. They’re buying their first home, and they had lots of great questions about lender options, how to decide between a variable rate or fixed rate mortgage, and the mortgage process. Then they said something I’ve heard clients […]

Continue Reading

What is a private mortgage? Another entry in the mortgage glossary

November 16, 2015 | By | 6 Comments

What is a private mortgage and why might you want one? A private mortgage is one that is offered by an individual or a company who is not a mainstream or alternative institutional lender.  The private lender is willing to lend money out to borrowers who have equity in their property, need financing for a […]

Continue Reading

Reverse mortgages in Canada: why are they getting more popular?

September 1, 2014 | By | Add a Comment

Reverse mortgages – understand the facts I’m always fascinated when misconceptions surround a financial product. It seems as if something that can make exciting or controversial cocktail conversation becomes treated as fact, especially if it could potentially impact our money. One such financial product is the reverse mortgage. I have to admit that I myself have been guilty of judging […]

Continue Reading

Get the scoop on private mortgage investing

January 10, 2014 | By | Add a Comment

Want to invest in private mortgages? Here’s how… If you’ve ever wondered how you could invest in real estate without going to the effort of researching, purchasing and managing a property, you might like to check out real estate-related investing from a different angle: investing in private mortgages. How do private mortgages work? Lending private […]

Continue Reading

Mortgage glossary – what is the financing clause?

November 7, 2013 | By | Add a Comment

When you are making an official bid to purchase a home, your first step will be writing up your “Offer to Purchase”.  Usually, you’ll be working with your real estate agent to put this together.  In the Offer, you will have the right to include several clauses that protect you in case things don’t work out.  Really, you’re protecting your deposit, […]

Continue Reading

Mortgage qualifying rate [Canadian mortgage glossary]

September 23, 2013 | By | 1 Comment

What is the “Mortgage Qualifying Rate”? If you’re considering a variable rate mortgage, or a mortgage with a term shorter than 5 years, chances are you’ve come across the term “mortgage qualifying rate“, or “MQR“.  Here’s an explanation of what it is, and what it means to you. The backstory In 2010, the Canadian Department […]

Continue Reading

Mortgage Glossary: Collateral Mortgage versus Standard Charge

August 11, 2013 | By | 1 Comment

If you’re getting an Ontario mortgage, including anywhere in the Toronto, Etobicoke, or Mississauga area, chances are you’ve come across the terms “collateral mortgage” and “standard charge mortgage”.  Which is better for you? Lenders moving to collateral charge More lenders are moving to collateral charge mortgages so it’s becoming increasingly important to understand the differences […]

Continue Reading

Three mortgage ratios de-mystified

February 27, 2012 | By | 4 Comments

What are “mortgage ratios” and why do they matter? A question I commonly get asked is “what are those mortgage ratios people talk about?” If you’re doing home buying research, chances are you’ve heard the terms gross debt service ratio, total debt service ratio, and loan to value ratio. Or as these mortgage ratios are more conveniently […]

Continue Reading