Mortgage Terms
Get a Better Understanding of Mortgages!
Alternative vs Prime Lenders
Alternative vs Prime Lenders
Mortgage Assumption in Divorce
Mortgage Assumption in Divorce: When a marriage ends but the home still makes sense financially and emotionally, the question becomes: how do you keep the house without blowing up the mortgage?
Does the Stress Test Apply to Private Mortgages?
The mortgage stress test, as mandated by the Office of the Superintendent of Financial Institutions (OSFI), primarily applies to federally regulated financial institutions, such as banks. However, private mortgage lenders, which are not federally regulated, are not...
Insider’s Look into Mortgage Terms
Navigating the world of mortgages can be daunting for both new and seasoned homeowners. A fundamental aspect of any mortgage is the "mortgage term," which dictates several key financial decisions and outcomes over the course of homeownership. My goal in this article...
Mortgage Term: Alpha
In the context of finance, alpha is a technical indicator used to measure the performance of an investment relative to a benchmark index, such as the S&P/TSX Composite Index in Canada. Alpha represents the excess return of an investment compared to the return...
Spousal Buyout Mortgage
Spousal Buyout Mortgage: You want to keep the house, the monthly payment is manageable, but the your refinance limit says no…
Mortgage Term: Supplemental Executive Retirement Plan
Discover what a supplemental executive retirement plan is, and how it impacts the strategic real estate and financial planning for executives.
Mortgage Term: Closer Connection Exception
Discover the implications of the Closer Connection Exception and how it impacts cross-border real estate transactions between Canada and the United States.
Using Layers in Commercial Financing
Using layers in commercial financing. Each layer has its purpose so you don’t have to play by any one lender’s rules.
Term of the Day: Emphyteusis
Discover the meaning and application of emphyteusis and its impact on long-term lease arrangements.
Mortgage Term: Gifts in Kind
Discover the implications of ‘Gifts in Kind” and the significant tax benefits they can provide to the donor.
The Mortgage Rate Mirage
Your interest rate is only one piece of the mortgage puzzle. In the real world, mortgages have layers. Once you start peeling those layers back, you begin to see the difference between a mortgage that merely looks competitive and one that actually is competitive.
Ontario’s Credit Lock/Freeze Law
Ontario Credit Lock/Freeze Law: Ontario has just added a powerful new consumer-protection tool to your financial toolbox: the ability to lock or freeze your credit file. Think of it like putting a digital deadbolt on your credit report. It will not stop every form of fraud, and it will not replace common sense, strong passwords, or careful monitoring, but it can make it much harder for someone to open new credit in your name.
Mortgage Term: Revolving Loan
Discover the characteristics of a revolving loan, their relevance to mortgages, and how revolving loans are a key strategy in your financial success.
Understanding Mortgage Loan to Value (LTV) Ratio
As a professional mortgage underwriter in Canada, I often emphasize the importance of the Loan to Value (LTV) ratio in the mortgage qualification process. The LTV ratio is a critical factor in determining the terms of the mortgage for which a borrower qualifies,...
Understanding Condominium Fees
When considering the purchase of a condominium in Canada, it is essential for potential buyers to understand condominium fees. These fees are a significant component of condo ownership, affecting both budgeting and financing. Here, we will explore the nature of these...
Mortgage Term: Resident Alien
Discover the implications of resident alien status for Canadians especially when seeking mortgages in the United States.
HELOCs and Hidden Land Tax
“Wait… We’re Paying Land Transfer Tax Again?” A lot of homeowners think adding a HELOC is just paperwork. You sign a few documents, the lawyer registers a new charge, and away you go. Easy peasy, right? Well… sometimes. But every now and then, a refinance or HELOC...
The Pre-Approval Process
Discuss the benefits and weakness or getting a mortgage pre-approval. Discover the steps of the pre-approval process and learn if a pre-approval is right for you.
When You Need Mortgage Default Insurance
Discover when and why you may need mortgage default insurance and why mortgage default insurance matters.
Mortgage Term: Floatdown
Discover what a mortgage floatdown is and how it can improve your financial position.
Guide to Mortgage Penalties
Understand mortgage penalties in Canada before breaking your mortgage term. Learn about IRD, fixed vs variable rate penalties, and ways to minimize costly fees
Featured Publications
Articles
- Extended Amortizations and Hypothetical Calculations
Office of the Superintendent of Financial Institutions (OSFI) - Minimum Qualifying Rate for Uninsured Mortgages
Office of the Superintendent of Financial Institutions (OSFI) - Residential Mortgage Underwriting Practices and Procedures
Office of the Superintendent of Financial Institutions (OSFI) - Guideline on Existing Consumer Mortgage Loans in Exceptional Circumstances Financial Consumer Agency of Canada
Book: “The Program”
- Part 1 – Building Your Down Payment
- Part 2 – Mortgage Payoff Strategies
- Part 3 – Building Wealth Through Real Estate