How to Get a Mortgage with Bad Credit in Canada
The credit score you have will directly affect how or if you can get a mortgage in Canada. If you have a good credit score (680 and above for a home), you’ll be offered competitive credit products. If you have a bad credit score, there will be less available to you. The good news is […]
Biweekly vs. Accelerated Biweekly Mortgage Payments in Canada: Which One Should You Pick?
Is there a topic that is discussed more amongst Canadians than our mortgages? For those taking on a new mortgage or looking to renew their existing one, you might be wondering what you can do to reduce your mortgage and amortization. While choosing the best mortgage and mortgage rate is important to keeping monthly payments […]
How to Get a Mortgage with a Guarantor in Canada
Considering the state of Canada’s booming real estate market, you’ll need a mortgage if you wish to purchase property. However, tight budgets and low wages can make it difficult to qualify for a mortgage with a high principal. With a shaky credit score, you’ll have a tough time securing a mortgage, leading to additional financial […]
Is a Joint Mortgage Your Key to Homeownership?
The joint mortgage is pretty common in Canada and continues to grow in popularity. But why? As the cost of housing in Canada surges to new highs, many are being shut out of the real estate market; they are unable to secure affordable housing or build wealth. In many cities, the income and down payment […]
Should You Co-Sign a Mortgage?
Should you co-sign a mortgage loan? In the last twenty years, home prices have risen a staggering 375% across the country, on average. In some cities, that requires a six-figure down payment. Canada’s housing crisis is making it even more difficult for people with good credit and gainful employment to access affordable housing. More Canadians […]
How to Get a Mortgage Pre-Approval in Canada
Before you start house-hunting, first you need a mortgage pre-approval. It might sound a little backwards but there’s a reason you need one before you do anything else. Applying for a mortgage pre-approval is like asking your lender to go steady. It’s kind of a big deal. If you want a mortgage lender to swipe […]
The 7 Best Banks for Mortgages in Canada
For many Canadians, their net wealth is directly tied to the value of their homes. According to this report from Stats Canada, Canadian residential real estate accounted for more than 21% of national wealth at the start of 2022. Despite a bear market for equities and multiple interest rate hikes from the Bank of Canada, […]
How Much Income Do I Need to Get a Mortgage? Depends on the Rate
In Collaboration with Pine Pining for a place to call home? Housing prices are finally headed down the mountain, but interest rate hikes are killing affordability. For many Canadians, home ownership woes have shifted from the down payment debacle, to how much income is needed to get a mortgage. Current homeowners are hot under the […]