Category: Tips

Can You Qualify For A Mortgage After A Consumer Proposal?

Can You Qualify For A Mortgage After A Consumer Proposal?

After you file a consumer proposal, the last thing on your mind might be a new mortgage, but you may be a lot closer than you think. Maybe you wish to buy a home, or you own a home and are interested in refinancing your mortgage. Let’s first talk about purchasing a home. When Can […]

what-is-a-fixed-rate-mortgage

What Is A Fixed Rate Mortgage?

The interest rate on a fixed-rate mortgage is set for a pre-determined term. This offers the security of knowing what you will be paying for the term selected.

what-is-a-variable-rate-mortgage

What Is A Variable Rate Mortgage?

A mortgage in which payments may fluctuate from month to month depending on market conditions. If interest rates go down, more of the payment goes towards reducing the principal; if rates go up, a larger portion of the monthly payment goes towards covering the interest.

what-should-the-length-of-my-mortgage-term-be

What Should The Length Of My Mortgage Term Be?

The length of mortgage terms varies widely – from six months right up to 10 years. While four or five-year mortgages are what most home buyers typically choose, you may consider a short-term mortgage if you have a higher tolerance for risk, if you have time to watch rates or are not prepared to make a long-term commitment right now.

costs-of-buying-home

What Are The Costs Associated With Buying A Home

First and foremost, you have to make sure you have enough money for a down payment – the portion of the purchase price that you furnish yourself. To qualify for a conventional mortgage you will need a down payment of 20% or more. However, you can qualify for a low

Should I Wait For My Mortgage To Mature?

Lenders will often send out their mortgage renewals 120 days prior to your mortgage maturing. I refer to this as their “Convenience Rate” as it is generally not the best rate but appears convenient for the borrower.

What Is A Down Payment?

Very few home buyers have the cash available to buy a home outright. Most of us will turn to a financial institution for a mortgage, the first step in a potentially long-standing relationship. But even with a mortgage, you will need to raise the money for a down payment. The

Can I Use Gift Funds As A Down Payment?

Most lenders will accept down payment funds that are gifted from family. A gift letter signed by the donor is usually required to confirm that the funds are a true gift and not a loan.

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About

East Coast Mortgage Brokers is Newfoundland and Labrador’s premier mortgage company. Founded in 2010, we work with Canada’s top lenders to ensure our clients get the best deal for their mortgage.