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A variable mortgage is where the rate fluctuates based on prevailing rates during the term. When the mortgage loan is taken out, the rate is fixed and based on the current variable interest rate. The mortgage is then reviewed periodically (e.g. once a mon...

A fixed mortgage is a where the amount of the loan is calculated at a fixed interest rate for a fixed term. This means that the interest rate for your mortgage loan remains the same even if interest rates go up or down. This is called “locking in” so that...

People make a lot of mistakes when applying for a mortgage – and here are the 4 most biggest ones. You can learn from the mistakes of others by knowing ahead of time what you should be discussing with your lender; you don’t want to get into a deal that yo...

Not all people can come up with a substantial down payment on a property. If the lender thinks that your down payment is too small and the has to finance more than 80% of the purchase price, you may be approved for a high-ratio mortgage. There’s one requi...

You cannot borrow more than the price of a home. However, you can borrow more than you actually need. For example, if a home is valued at $350,000, you may qualify for a mortgage of $315,000. But perhaps because of the profits on the sale of your past or ...

Mortgage brokers not only help you apply for the best mortgage to purchase a house, but they also help in refinancing debt, buying a second home, obtaining a lower interest on your mortgage. Some even help in consolidating debt. But are they necessary?...

The most important advice about refinancing is: “think penalty.” There are two kinds of penalties that lenders charge when you break the term of your mortgage: (a) three months’ worth of interest or (b) the interest rate differential (IBD) -- whichever i...

New house or old house, a home inspection can spare you from headaches when you discover later that some problems could have been repaired prior to purchase. These problems and their solution would constitute a “conditional sale” -- meaning that you would...

Mortgage fraud is a criminal offense. There are many types of mortgage fraud. It’s estimated that mortgage fraud represents more than $300 million in unscrupulous transactions annually. Here are some examples of mortgage fraud: Identity Fraud. This typ...