Quick Answer Switching lenders at mortgage renewal is often easier than many homeowners expect. If your mortgage is coming up for renewal, you may be able to move your mortgage to a new lender with little or no cost, while potentially securing a better interest rate or mortgage features. Your Mortgage Source can help compare
Quick Answer Prepayment privileges allow you to pay off your mortgage faster without paying a penalty. When renewing your mortgage, it's important to compare these features—not just the interest rate. The right prepayment options can help you save thousands of dollars in interest and become mortgage-free sooner. What Are Prepayment Privileges? Prepayment privileges are
Choosing between a fixed or variable rate at mortgage renewal depends on your financial goals and comfort with changing interest rates. A fixed rate offers predictable payments, while a variable rate may save you money if interest rates decrease. The right choice depends on your personal situation—not just the lowest advertised rate. Fixed vs.
Why Getting Pre-Approved Early Can Save You Time, Money, and Stress One of the most common questions first-time home buyers ask is, "When should I get pre-approved for a mortgage?" The simple answer is before you start looking at homes. Many buyers begin touring properties before speaking with a mortgage broker, only to discover
Mortgage default insurance is often required when purchasing a home with a down payment of less than 20% of the purchase price. While the insurance protects the lender—not the borrower—it allows buyers to qualify for a mortgage with a smaller down payment. Understanding how mortgage default insurance is calculated can help you better estimate
The Fraser Valley housing market continued to favour buyers in August as there were 941 homes sold and the composite benchmark price declined by 0.9%. However, with listings dropping, there may be some leveling of prices fairly soon if this trend continues. With mortgages rates increasing over the last couple of months this will offset
Applying for a mortgage requires more than just finding the right home. Lenders must verify your identity, income, employment, assets, and financial obligations before approving a mortgage. Having the required documents prepared in advance can help streamline the approval process and reduce delays. Proof of Identity Lenders require valid government-issued identification to verify your
Mortgage borrowers may want to pay closer attention to where interest rates are headed over the next year. CIBC Capital Markets is forecasting that the Bank of Canada could begin raising its policy rate again in 2027, as the Canadian economy strengthens and the impact of mortgage renewals and slower population growth fades. CIBC
Purchasing a home involves more than just saving for a down payment. As a first-time home buyer, it is important to understand the additional costs that come with homeownership. Planning for these expenses can help you budget effectively and avoid unexpected financial challenges. Upfront Costs: -Down Payment The down payment is the portion of
What Is a Minimum Down Payment? A down payment refers to the amount of money you contribute toward the purchase of a home. This amount is deducted from the purchase price by the lender, with the remaining balance financed through a mortgage. The minimum down payment required is based on the purchase price of
