Know your finances first by checking your credit score, income, expenses, and budget before approaching lenders.
Research lender types like banks, credit unions, brokers, and online lenders to find the best fit for your needs.
Compare rates and terms carefully, including fees and loan programs, using Loan Estimates to get the full picture.
Evaluate customer service by gauging responsiveness, transparency, and borrower reviews.
Get preapproved with one or more lenders to show sellers you’re serious and to compare offers effectively.
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5 Tips to Secure Your Best Mortgage Lender
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6 common mistakes homeowners make when it’s time for mortgage renewal — and how to avoid them
Many Canadian homeowners miss key opportunities during mortgage renewal by waiting too long, not shopping around, or focusing only on interest rates. It's important to review options early, consider switching lenders for better rates, understand all terms, seek expert advice, and update your mortgage to fit current life goals. Renewal is also a chance to reassess needs and choose terms that align with your financial plans.
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Tips for Finding the Ideal Mortgage Lender
Lender choice affects stress, support, and savings during home buying.
Options: direct lenders (banks, credit unions), brokers, online, and private lenders.
Key factors: interest rates, loan types, fees, digital tools, and communication.
Right lender offers tailored options, clear guidance, and smoother process.
Informed choice impacts cost, speed, and confidence in home purchase. -
How to use home equity to take out a second mortgage
Homeowners can utilize their home equity to finance renovations, education, or down payments. Equity builds through mortgage payments and property value increases. Options include second mortgages, home equity loans, and home equity lines of credit (HELOC). A second mortgage allows borrowing against home equity without refinancing. Home equity loans provide a lump sum, while HELOCs offer revolving credit. Both have pros and cons, including flexibility and potential debt accumulation. Careful consideration is essential before taking on additional debt.
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Smart Ways to Use Credit Cards for Mortgage Payments
Paying a mortgage with a credit card is possible but often requires workarounds and incurs fees, making it less attractive unless earning significant rewards or welcome bonuses. Services like Plastiq charge about 2.9% fees, so benefits must outweigh costs. Using credit cards this way risks high interest if balances aren't paid in full. It can help avoid late payments if you can pay your card on time, but relying on this method long-term is risky.
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6 tips for paying your mortgage off faster
To pay off your mortgage faster, consider making biweekly payments to reduce interest and add an extra payment annually. Increase your payments yearly if possible, and make lump-sum prepayments using bonuses or tax refunds. Review your mortgage terms at renewal to negotiate better rates or switch lenders. Create a budget to find extra funds for payments, and celebrate milestones to stay motivated.
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Homeownership: Expense or Smart Investment?
Buying a home costs $3,500–$5K monthly, depending on location and mortgage terms.
Each payment builds equity in a long-term asset that typically appreciates in value.
Homeowners gain stability, control, and tax advantages unavailable to renters.
Upfront expenses—down payment, closing fees, and maintenance—make buying a major financial commitment.
Market conditions and interest trends will shape affordability and investment potential ahead. -
What You Should Know as a First-Time Homebuyer in Canada
Evaluate your income, expenses, and savings early to set a realistic budget and ensure long-term financial stability.
Save at least 5–20% for a down payment to reduce mortgage insurance costs and overall loan burden.
Secure mortgage pre-approval to know your borrowing limit, lock in rates, and strengthen your buying position.
Research local markets and work with an experienced agent to find fair prices and negotiate effectively.
Account for closing costs, home inspections, and first-time buyer incentives to avoid surprises and maximize savings.
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Mortgage Questions Every Canadian Should Ask
Understanding mortgage type, rate, and term helps avoid renewal shocks, penalties, and costly long-term financial commitments.
Clarify amortization period, down payment, and insurance requirements to balance affordability with total interest and borrowing costs.
Account for all closing costs, fees, and taxes upfront to prevent last-minute financial strain during home purchase.
Learn about prepayment options, penalties, and portability to maintain flexibility and avoid heavy costs if life plans change.
Renewal negotiation, broker compensation, and the mortgage stress test significantly affect borrowing power and long-term savings.
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How To Save On Mortgage Breakage Fees
Breaking a mortgage early can incur significant penalties, typically either three months' interest or Interest Rate Differential (IRD) fees. Reasons for breaking a mortgage include financial changes, lower interest rates, job relocations, or personal circumstances like divorce. To minimize penalties, consider a variable or short-term fixed rate mortgage, prepaying when possible, and shopping around for lenders, especially smaller ones. Understanding the penalty calculations and lender policies before signing can help avoid high costs if you need to break your mortgage.
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