Mortgage Tips: What is a Bridge Loan?

Posted On Mar 05, 2024

A bridge loan is a short-term loan to bridge the gap between the purchase of a new home and the sale of an existing one. It provides financing to cover the down payment and closing costs of a new home before the borrowers current home sells.  Bridge...

Mortgage Tips: What is a Refinance?

Posted On Feb 21, 2024

The process of replacing an existing mortgage with a new one by paying of the existing debt.  Danny Bell, AMPMortgage Broker ON Lic #M13001996 | NS Lic #2023-3000662P. 289-200-9061W. www.strictly-business.ca The Mortgage CentreDurhammortgage.com...

Mortgage Tips: High Ratio/Insured Mortgage

Posted On Feb 13, 2024

What is a High Ratio/Insured mortgage"?5%-19.99% down paymentMax 25 yr amortizationMortgage is default insured (i.e. CMHC)Less than $1M purchase pricePurchase over $500k requires 5% of first $500k and 10% of balance above $500k Example: $600k...

Mortgage Tips: Fixed Rates Are Decreasing

Posted On Feb 05, 2024

While variable rates remain higher for the time being, the bright side is fixed rates are decreasing! CURRENT BEST INTEREST RATES (O.A.C)FIXED rates: 4.99% - 5.59% (Avg = 5.29%)Approx $598/month per $100k (25 yr amortization)  VARIABLE rates: 6.20...

Mortgage Tips: How to Qualify Based on Different Income/Employment

Posted On Jan 18, 2024

When it comes to securing your mortgage approval, understanding how various income structures are qualified is crucial. Here's a breakdown:1. Full-Time Permanent:Verified by an employment letter and pay stub showing guaranteed salary or hourly...

Mortgage Tips: Current Interest Rates

Posted On Jan 03, 2024

Hello and Happy New Year!  It's time to shake off the Christmas dust and get back into the swing of things to make for a strong 2024!  Here's some info to keep you updated: Current best mortgage rates (O.A.C):Fixed rates range from 5...