Mortgage Terms
Get a Better Understanding of Mortgages!
The 10 Principles of APR
10 Principles of APR: But APR — the Annual Percentage Rate — is where the real truth lives, not in the advertised rate—which is NOT what you pay. APR exists to answer a more important question: what does this mortgage actually cost once everything required is accounted for?
Who’s Behind Those Appraisals?
If you’ve ever been knee-deep in a mortgage deal and heard terms tossed around like desktop appraisal, drive-by appraisal, or full appraisal, you might wonder—who exactly is doing these things? Is there some wizard behind the curtain pulling numbers out of thin air? Not quite. Behind every appraisal type is a different process, and more importantly, a different professional or tool driving the outcome.
10 Reasons Getting a Mortgage Is Hard
If you’ve ever applied for a mortgage and thought, “Why do they need so much paperwork?” or “Didn’t I already send that?”, you’re not alone. Mortgage underwriting — the process where lenders decide whether to approve your mortgage application — can feel like a black hole of requests, reviews, and head-scratching delays. But there’s a good reason for it.
Not an Exit Strategy
Not an Exit Strategy: If you’re considering—or already sitting in—a private mortgage, you’ve likely heard the term “exit strategy” tossed around. Maybe your mortgage agent mentioned it. Maybe your lawyer flagged it. Maybe you nodded and moved on without really knowing what it means.
How Much Can You Private?
If you’ve ever wondered, “How much can I actually borrow with a private mortgage?” you’re not alone. It’s one of the most common questions I hear, especially when someone is tight on cash flow or doing a big renovation project. Private mortgages can seem like the magic solution—fast money, fewer questions, and a focus on the property’s value rather than your credit score or income.
The Coming Divorce Boom
… How Falling Home Prices Might Finally Set People Free” You’ve probably heard the old saying: “Love may fade, but mortgages last forever.” It’s darkly funny — until you realize how true it’s become in today’s Canada. Over the past few years, home prices have...
Did You Miss Your Mortgage Renewal?
I get it. Life happens. The kids need new cleats, work is busy, and before you know it, that thick envelope from your lender sits unopened on the kitchen counter for weeks. Or maybe you saw the email and thought, “I’ll deal with it later.” But here’s the thing—ignoring your mortgage renewal package can cost you big time. Let’s talk about what really happens when you don’t respond to your lender’s offer, and why taking action (even just a small one) can save you thousands.
What Kind of Appraisal Do You Get?
One of the most common questions I hear from clients and even realtors is, “Why did my neighbour get their mortgage approved without an appraisal, but I have to pay $600 for one?” Or, “Why did this property only need a quick desktop valuation while my client’s took three weeks and a full inspection?” The answer? Not all appraisals are created equal—and not all properties or clients are treated the same.
Articles of Incorporation and Your Mortgage
If you’re a self-employed Canadian who runs your business through a corporation, chances are you’ve already heard about Articles of Incorporation. But when it comes time to apply for a mortgage, that’s often the point where things get a little murky. Suddenly lenders want documents you haven’t looked at in ages—or maybe didn’t even know you had.
Master Business License & Your Mortgage
Grab a coffee, because we’re about to connect the dots between the Master Business License (MBL) you filed away somewhere in a desk drawer and the mortgage you’ve been eyeing. Spoiler alert: lenders care about that slip of paper more than you might think, and knowing how to wave it around—figuratively, of course—can save you headaches, heartaches, and higher interest rates.
Ultimate Canadian Mortgage Penalty Calculator
Canadian Mortgage Penalty Calculators: Here’s the thing about mortgages: they look nice and tidy on paper, but the moment you want to change anything—refinance, renew early, sell before your term is up—you’ve technically “broken” your mortgage. And when you break your mortgage, you’re not walking away scot-free. You’re on the hook for a penalty.
Why Mortgages Require Appraisals
Ever wonder why, just when your client thinks they’re home free on their mortgage approval, the lender throws in the curveball: “We’ll need an appraisal.”
If you’re a realtor or a homebuyer, you’ve probably muttered under your breath, “Seriously? Why?!” Well, let’s break it down.
Ultimate Mortgage Renewal Calculator
Mortgage renewal season is here, and it’s bigger than ever. Across Canada, more mortgages are coming up for renewal than at any time in history. And while many folks just sign whatever their lender puts in front of them (because, hey, life’s busy), that simple decision can cost thousands—sometimes tens of thousands—of dollars over the life of a mortgage. Don’t lose money.
Understanding Property Evaluation
Whether you’re a realtor helping clients close deals faster, or you’re a homeowner trying to wrap your head around why some appraisals cost nothing and others come with a $700 bill attached, understanding how lenders assess property value is crucial. It’s not just about the number they land on—it’s about how they get there, and how that process affects everything from closing timelines to cash out of pocket.
Mortgages for New Medical Professionals
You’ve put in the years: university, med school, residency, sleepless nights, and long shifts. Now you’re finally launching your career as a medical professional. But despite your high earning potential, buying your first home might still feel out of reach because you don’t yet have the income history that lenders usually want to see.
Why Mortgages Aren’t Free
Have you ever wondered why mortgage rates aren’t just pulled out of a hat? Or why some lenders offer lower rates while others seem to tack on a premium? Behind every rate sheet is something called the cost of money, and if you’re in real estate or looking to buy a home, understanding this concept can give you a serious leg up. Not just for bragging rights at the next open house, but for helping you (or your clients) make sharper decisions, ask smarter questions, and understand why lenders price things the way they do.
Mortgaging Age-Restricted Properties
Maybe you’re ready to downsize. Maybe you’re dreaming of a quieter, more community-focused place where you don’t have to shovel snow or cut the grass. Age-restricted properties — often branded as 55+ or “adult lifestyle communities” — can look like the perfect solution. But when it comes to getting a mortgage on one of these properties, things aren’t always as simple as they are with a traditional home or condo.
Non-Permanent Residents Can Buy Homes
If you’re living in Canada on a work permit or study permit and wondering if homeownership is even on the table, I’ve got good news: yes, you absolutely can buy a home. You don’t have to wait until you’ve got your Permanent Resident (PR) card in hand. But — and this is a big but — there are a few important things you need to understand about how lenders look at non-permanent residents (NPRs), how mortgages work for you, and what’s required to make it happen.
Want to Pay Off Your Mortgage Faster?
If you’re like most homeowners, the thought of shaving years — and thousands of dollars in interest — off your mortgage is pretty appealing. You want that debt gone sooner so you can enjoy more freedom, more flexibility, and less financial pressure. The good news? You don’t have to win the lottery or double your income to do it. Sometimes, it’s as simple as tweaking how often you make your payments.
What’s Your Income Story?
Once upon a time, mortgage applications were simple: you worked a 9-to-5 job, had a steady salary, and lenders barely batted an eye. Fast forward to today’s economy — people wear multiple hats, juggle side gigs, pick up overtime, and sometimes work more than one job to make ends meet or get ahead.
The Truth About “Limited Feature Mortgages”
We’ve all seen them — those ultra-low mortgage rates advertised by the big banks or online lenders. They’re tempting, no doubt about it. Who doesn’t want to save a few bucks on interest? But here’s what you might not realize: those “basic,” “no-frills,” or “limited feature” mortgages come with some fine print that can cost you more down the road than you save upfront.
Who Owns the Appraisal?
If you’ve ever gone through a mortgage process and found yourself wondering, “Wait, I paid for that appraisal—why won’t the lender give me a copy?” you’re not alone. This is one of the most common sources of confusion and frustration among homebuyers, homeowners, and even some realtors. It feels like you should have a right to it, right? After all, you footed the bill!
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