An accelerated payment is a mortgage payment that is increased slightly so that you can pay off your mortgage faster. There are two common types of accelerated payments: bi-weekly and weekly. Of the two, bi-weekly is the much more common choice because it matches with pay dates more often. An accelerated payment works by increasing […]
6 Home Purchasing Closing Costs
When you purchase your home, there are 6 additional costs to account for. They include: Here’s an overview of what you can expect. Home and Fire Insurance. Mortgage lenders will require a certificate of fire insurance to be in place by the time you take possession of your home. The amount required is generally at […]
9 Reasons Why People Break Their Mortgages
Did you know that 60 per cent of people break their mortgage before their mortgage term matures? Most homeowners are blissfully unaware that when you break your mortgage with your lender, you will incur penalties and those penalties can be painfully expensive. Many homeowners are so focused on the rate that they are ignorant about […]
What is a cash back mortgage?
Every once in a while, a bank will advertise a cash back mortgage. It sounds great but there are a few things to consider.When you purchase a home, you may find that you need some extra cash. You may want to renovate, purchase some furniture, or start on building a fence or landscaping.. Fortunately, some […]
But They Said It Was Portable
The question most often asked: ‘Is my mortgage portable?’ The answer most often given: ‘Yes.’ This answer is increasingly wrong. In reality you qualify to move ~80% of the balance… maybe. If you are thinking of: … you would be well served to keep reading. The above question is incomplete. To be fair, you would […]