Category Archives: Mortgage Refinancing

6 Things You Need to Know about Refinancing Your Mortgage

Finding your dream home is pretty exciting. The same cannot be said about qualifying for a mortgage. Many homeowners find refinancing their mortgage to be stressful, and for good reason—from different interest rates to amortization periods and penalties, there is a lot to consider.

But it can be worth it. Refinancing a mortgage with more favourable terms and conditions can save you thousands of dollars in interest charges. Refinancing a mortgage with a lower interest rate is also a great way consolidate and pay off debt and access some of the equity you’ve built up in your home.

If you’re thinking about refinancing your mortgage in Toronto, here are six things you need to consider.

Continue reading

Questions You Should Ask Your Real Estate Lawyer when Getting a Mortgage

If you’re thinking of buying or selling a home, make sure you talk to a skilled real estate lawyer. It doesn’t matter which side of the deal you’re on, an experienced mortgage lawyer in Toronto is invaluable.

A real estate lawyer can help you with all of the legal details associated with the transaction, including a title search, easements, zoning issues, the closing process, etc. But an experienced real estate lawyers can also go over other issues or concerns you might have.

Keep in mind, this is probably going to be the biggest transaction of your life, and you need to make sure you’re as informed and educated as possible. That’s why it’s imperative that you ask a closing lawyer any questions you might have.

Here are some questions you should ask your real estate lawyer when getting a mortgage in the Greater Toronto Area.

Continue reading

Things to Consider Before Opting for a Mortgage Deferral

Over the last few months, there has been a lot of uncertainty surrounding the COVID-19 pandemic and the economy. Millions of people lost their jobs, businesses were forced to shut down, and Canadians coast to coast were required to isolate and social-distance.

While the pandemic has certainly taken a toll on our social lives and on the economy as a whole, it’s also forced many homeowners to question whether they will be able to pay their mortgage.

Luckily, the five largest banks in Canada—Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC)—have stepped up to offer mortgage deferrals in Toronto and across Canada.

What is a mortgage deferral? And does a mortgage deferral hurt your credit? Here’s what you need to know about this new form of financial assistance from lenders and whether it’s the right move for you and your family.

Continue reading

Should You Refinance Your Mortgage in the Wake of COVID-19?

The COVID-19 pandemic hasn’t just affected millions of Canadians financially, but it has also sent the global economy spiraling. Many Canadians have already lost their jobs and the housing market has taken a major hit, which has led to concerns that the mortgage process will be affected, too.

Now more than ever, people are rushing to refinance their mortgages and provide themselves with a bit of a safety net. But is mortgage refinancing during COVID-19 really the right move?

The answer is that it strongly depends on each individual’s circumstances.

Here’s a breakdown of whether you should refinance your mortgage now and a few of the benefits of mortgage refinancing during COVID-19.

Continue reading

Mortgage Refinancing: Avoid These Hidden Costs

Refinancing your mortgage can be a great way for you to gain finances to consolidate debt, complete a home renovation, or pay for your children to attend post-secondary school. For many homeowners, refinancing can be cost-effective; however, to find out if refinancing your mortgage is the best option for you, you need to first consider the interest rates and other mortgage refinancing fees involved, and compare these costs with other options available to you. Here’s what you need to know about mortgage refinancing costs and how you can avoid them.

Continue reading

Which Is Better: Variable Rate Mortgage or Fixed Rate Mortgage?

Many homeowners go through situations in their lives that make it difficult to make their mortgage payments on time. Sometimes mortgages can feel like a trap, leaving homeowners stuck with bills that never seem to end. It may be relieving to know that there are options for managing your mortgage. There are generally two ways mortgages are structured: fixed and variable. Choosing the option that is best for your needs and lifestyle is key to relieving the stress as you pay your mortgage. Here’s what you need to know about each kind, and which option may be the best for you.

Continue reading