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Category: Mortgage 101 (24 posts)

STEPS TO HOME OWNERSHIP (The Mortgage Process)

May 13, 2020 | Posted by: Mike Garganis

Ready to take the plunge and become a homeowner? Then it’s time to think about getting pre-approved for a mortgage. Financial concepts can be tricky. We get so caught up in trying to u ... [read more]

6 Month Mortgage Deferral - What you should know

March 25, 2020 | Posted by: Mike Garganis

We’ve all heard about the 6-month deferred mortgage payment option. It was thrown out there by the government in an attempt to help property owners. We now have some more info that ... [read more]

The Mortgage Stress Test - What's changing

February 26, 2020 | Posted by: Mike Garganis

Wondering what the recent announcement by the Government of Canada regarding changes to the “stress test” actually means? Here’s what you need to know. The ... [read more]

Fixed vs. Variable: Key Influencers of Mortgage Rates in Canada

August 27, 2019 | Posted by: Mike Garganis

Fixed-Rate Mortgages A fixed-rate mortgage is when your rate stays the same for the duration of your mortgage term. For example, if you have a five-year, fixed-rate mortgage, your rate is s ... [read more]

5 Tips for First-Time Homebuyers

January 25, 2019 | Posted by: Mike Garganis

Did you know that the majority of first-time homebuyers are Millennials? That’s right; Canadians born between 1980 and 1995 now represent a full 77 per cent of first-time homebuyers. If yo ... [read more]

Mortgage penalty calculations... More important than the interest rate!

October 1, 2018 | Posted by: Mike Garganis

You finally found the right home....after months of searching and driving your realtor nuts. Now, you need to pay for it. For most (if not all) of us, we need a mortgage. What ... [read more]

Mortgage renewal opportunities missed

June 22, 2018 | Posted by: Mike Garganis

DON’T SIGN THAT RENEWAL AGREEMENT BEFORE SPEAKING WITH YOUR BROKER! Summer is a great time. Vacations, time off, no school, sun and fun. It’s also a time when most of our ... [read more]

Collateral Mortgages....NOT 50 Shades Freed...both are bad!

January 25, 2018 | Posted by: Mike Garganis

In 2010, TD announced they would begin registering ALL new mortgages as a collateral charge. The sale pitch was that it was good for the consumer. It would allow ... [read more]

Fit to Buy? Test your financial fitness

May 5, 2017 | Posted by: Mike Garganis

Gauging your financial fitness is crucial for first-time homebuyers. The better shape you're in financially, the more likely you are to succeed at homeownership. That's because a strong cr ... [read more]

Are you wasting time rate shopping?

April 8, 2017 | Posted by: Mike Garganis

When it comes down to the biggest purchase of your life, you shouldn't be relying on a website that posts a few numbers and very little to no information about the product. For example, if someone reg ... [read more]

Which mortgage features are the most important?

February 6, 2017 | Posted by: Mike Garganis

It’s easy to look online for a mortgage rate. But rate is only one aspect of saving money on your mortgage over the long term. It’s essential that you also consider mortgage features. Here ... [read more]

Difference between Banks and Mortgage Brokers

January 14, 2017 | Posted by: Mike Garganis

Mortgage choice Monoline lenders Finding a perfect mortgage that fits your life is like finding the perfect home. It’s an important decision that requires a lot of shopping around. That’ ... [read more]

Closing Costs: A Home Buyers' Guide

October 8, 2015 | Posted by: Mike Garganis

You’re in the homestretch: you’ve found the home of your dreams, secured your mortgage and put down your deposit. Now come the dreaded closing costs, which can seem to add up and up. Outsi ... [read more]

Tips For Paying Off Your Mortgage Faster

October 8, 2015 | Posted by: Mike Garganis

Paying off your mortgage quickly can save thousands of dollars in interest, besides wiping out worries over interest rates. Plus, paying down your mortgage gives a predictable result, unlike investing ... [read more]

5 things to know about renewing your mortgage

February 11, 2014 | Posted by: Mike Garganis

The Bank of Canada has kept the key interest rate steady and banks have been quietly cutting their rates for fixed and variable mortgage rates. They are also fighting for a shrinking pool of borrowers ... [read more]

Bond Yields, Inflation and Mortgage Rates

August 27, 2013 | Posted by: Mike Garganis

Earlier this year, in response to positive US economic data, the US Federal Treasury (“the Fed”) floated the idea that it might be considering an orderly winding down of its ongoing govern ... [read more]

Don’t renew your mortgage with your eyes closed

July 8, 2013 | Posted by: Mike Garganis

When your mortgage comes up for renewal, your lender will send you a letter suggesting you renew at their current offer. If you do, you’ll be renewing your mortgage with your eyes closed! This i ... [read more]

Pre-payment Privileges...speed up your mortgage pay-down!

June 27, 2013 | Posted by: Mike Garganis

First, let’s understand what a mortgage is – It can be defined as principal + interest. The principal portion is what gives you equity. Interest, however, is wearing the scary ... [read more]

Title Insurance - What Is It and Why Should We Have It?

February 24, 2013 | Posted by: Mike Garganis

Congratulations! You're making one of the biggest decisions of your life, and perhaps the largest investment, too. We know how important it is that your purchase is completed without problems. ... [read more]

Credit Score

October 18, 2012 | Posted by: Mike Garganis

Credit Score Known as a FICO score – with a range from 300 to 900 – your credit score tells lenders what kind of a risk you are likely to be as a borrower. Your score is based o ... [read more]

What Documents Do I Need To Provide?

October 18, 2012 | Posted by: Mike Garganis

Getting a mortgage can be very stressful and time consuming event. By deciding to use a mortgage broker, you have already taken the right steps to making the process easier for yourself. Most people d ... [read more]

Moving Day - You Need A Checklist

October 15, 2012 | Posted by: Mike Garganis

Moving Day is an exciting day but it can also be a very stressful time. It’s always a good idea - whether you’re moving to a smaller or larger place, locally or long distance -to ensure th ... [read more]

Mortgage Renewal

October 12, 2012 | Posted by: Mike Garganis

The majority of Canadian home owners don't shop around for a more affordable mortgage rate when it comes time to renew their mortgage. Why you might ask? Good question. When it comes time to sign b ... [read more]

Mortgage Payments and Other Costs