Mortgage Blog

What happens in a decreasing rate environment?

What happens in a decreasing rate environment?

By Mortgages Foundations

Let's say you have a mortgage commitment from a lender, and prior to the closing date, rates change and come down a bit. Today, we will discuss how this change in rates can potentially benefit you and save you some money in interest expense; or how a rate change can affect how much more you cou...

09.08.24 05:52 PM - Comment(s)
The Difference Between a Variable and Adjustable Rate Mortgage

The Difference Between a Variable and Adjustable Rate Mortgage

By Mortgages Foundations

So, you've come across these terms - variable rate mortgage and adjustable rate mortgage, and you're curious to know what exactly sets them apart. Well, let's dive right in and explore the differences between these two commonly used terms in the world of mortgages. When talking about mortgages, the ...

07.08.24 01:08 PM - Comment(s)
The difference between the Term and Amortization Period.

The difference between the Term and Amortization Period.

By Mortgages Foundations

When shopping for a new mortgage, a common source of confusion is the difference between the mortgage term, which is normally 1 to 5 years, and the amortization period, which is normally 25 or 30 years.

The basic explanation for the difference between the two timelines is that the mortgage term is th...

01.08.24 09:33 PM - Comment(s)
Standard Charage vs Collateral Charge

Standard Charage vs Collateral Charge

By Mortgages Foundations

So, let's talk about two types of mortgages: the standard charge mortgage and the collateral charge mortgage. Now, you might be wondering what the difference is between these two, and that's what I'm here to explain. First, let's start with the standard charge mortgage. This type of mortgage is what...

31.07.24 12:44 PM - Comment(s)
Bare Trusts and Co-signing for a Mortgage

Bare Trusts and Co-signing for a Mortgage

By Mortgages Foundations

So, let's talk about the new CRA T3 filing requirements for people who have co-signed on a mortgage. You might be wondering why this is even a thing, and what it means for you. Well, don't worry, because I'm here to break it down for you. First things first, let's quickly go over what a co-signer is...

19.07.24 02:30 PM - Comment(s)