When renewing your mortgage, consider the following tips to make informed decisions and potentially secure better terms:
Start Early: Begin the mortgage renewal process well in advance
Purchasing a home is an exciting milestone, but it's important to be aware of the financial aspects involved in the process. Closing costs are expenses incurred by homebuyers in addition to the purchase price
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There have been exciting changes to the Prohibition on the Purchase of Residential Property by Non-Canadians act!
Work permit holders are now allowed to purchase residential property as long as they have 183 days or more
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Starting April 1, 2023, first-time homebuyers will have a new savings tool to assist with saving for a down payment for their first home. The First Home Savings Account (FHSA) will offer prospective first-time home buyers with the ability to save up to $40,000 tax-free.
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If you are new to credit or new to Canada and looking to build your credit, a great tool is Rent Advantage from our friends at Borrowell.
How does it work? Create an online account with Borrowell, register your banking information.
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The mortgage stress test was first introduced in 2018 to ensure that Canadians can still afford their mortgages if interest rates increase significantly. We currently have a 2% buffer against rising interest rates which has definitely come into play over this past year! All federally regulated lenders are
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As we enter the first month of 2023 there is a lot of speculation on the state of the market for the coming year. We don’t have a crystal ball, but the stats from the Calgary Real Estate Board speak volumes of what we can look for in the coming months and year.
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BRRRR is a term coined over the last few years that has certainly become a popular real estate investment strategy.
BRRRR stands for Buy, Renovate, Rent, Refinance, Repeat
The key to the BRRR method is finding the right property that you can renovate and increase the value.
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Did you purchase your current property with less than 20% down payment? If so, you have an insured mortgage and paid a mortgage insurance premium when you purchased your home. Not only does the insurance premium offer you security and best rates, but you also have the option to bring the insurance premium with you when you purchase a new home with less than 20% down payment.
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Moving to a new country comes with many challenges but navigating the mortgage process doesn’t have to be one of them. At MMG Mortgages our agents and staff combined speak 16 different languages! We know that Alberta and BC are unique and diverse with so many different cultures and languages, so if you need additional support with the language barrier, we would love to support you with the help
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Bridge financing or an ‘interim loan’, bridges the gap between a purchase and sale date when these dates do not align.
This is very important for someone who is buying a home when their equity (i.e.: down payment) is tied up in their existing property.
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This term is fairly common nowadays for individuals who have mortgages coming up for renewal with higher rates and for anyone in a floating rate mortgage with adjustable payments.
So, what is payment shock and what does this mean for you?
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