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What’s the Difference With a Commercial Mortgage?

Posted onMay 09/2019By

If you live in a part of Canada which has low rental vacancies, you might be tempted to invest in rental properties. A rental property usually generates revenue and often turns out to be a good long-term investment. However, it’s important that you understand the difference between residential and commercial mortgages Ontario. Commercial Mortgages Ontario Commercial real estate is used for the location of a business or to rent out, thereby generating income for the owner. On the other hand, residential real estate is an owned residence. However, mortgage issues in both sectors can become confusing because some rental properties…

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What is a Fixed Rate Mortgage? Is it Right for You?

Posted onMay 03/2019By

The world of mortgages is complex when you are new to it. And, remember, there are no stupid questions! You might have heard the names of different types of mortgages, but were not sure what they were. Let’s start with the fixed rate mortgage. In this post, we are going to explain what it is and if it might be right for you. Always keep in mind, though, that you should talk to an independent mortgage broker before making any final decisions. A fixed rate mortgage is one that has the same (fixed) interest rate for the full-time term of…

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How Much Can I Borrow? a Guide to Using a Mortgage Qualifier Calculator

Posted onFebruary 20/2019By

As a business owner in Toronto, one of the most essential decisions you need to make is whether to take out a commercial mortgage to expand your enterprise. The question is, how much mortgage does your business need and can actually afford? Key considerations for taking this important step include examining current and projected income, market conditions, property taxes that arise out of the real estate value and interest rates accrued over time. Banks and private mortgage companies alike use a mortgage qualifier calculator to determine how much mortgage your business can afford to support. You can also use this…

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How to Get a Better Rate When You Go for a Mortgage Renewal

Posted onDecember 05/2018By

For most Canadians, their biggest monthly expense will be their mortgage. But did you know that over a quarter of Canadians will simply renew their mortgage once their term is up, instead of shopping around to try and find a better deal? We look for sales and discounts on clothes, groceries, gas, and almost everything else that we shop for, so why not our mortgages as well? Here, we provide some helpful tips so that you can get a better rate when you go for a mortgage renewal in Ontario. Start Looking Early The general rule of thumb is to…

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What Is A Variable Rate Mortgage?

Posted onApril 03/2017By

When mortgage shopping, many buyers think that a fixed rate mortgage is the only way to go. However, a variable rate mortgage may actually save buyers money in the long run, although it can be riskier. Here’s how variable rate mortgages work: As opposed to a fixed rate mortgage, which is a flat rate paid throughout the mortgage term, without fluctuating interest fees, a variable rate mortgage is based on lender prime rates, and will fluctuate with the bank’s interest rates. If you are considering a variable rate mortgage, it’s best to speak to a mortgage expert as they will have a thorough understanding of the current interest environment. While a fixed rate mortgage allows for better financial planning and eliminates the chance of any surprise, there are some reasons why a variable rate mortgage may be a better option. For one, if you know the lender’s rates are currently…

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