Mortgage Penalties- Do I Break During Term

I thought I would remind everyone about the cost of penalties when breaking a mortgage during term. A lot of people think that one lender is the same as the other, but you can be terribly wrong with that mindset. The Globe and Mail published an article called...

Bridge Financing OR Refinancing Your Home?

I often hear the question, can I use bridge financing if my house doesn’t sell? There is a common misunderstanding about what is, and when “bridge financing” is used, so I thought I would help in clearing this up. To clarify, bridge financing is used when you have...

Who pays for the service of a Mortgage Broker?

When you’ve been in the business as long as I have been, it’s a constant struggle to remind yourself that some of the most basic understanding of how mortgage brokers work is not known by the public. Once in a while someone will ask the question, and I’ll say, Oh Ya,...

Variable rate question? answered:)

I was asked the following question from a client and thought others may find this helpful… Hi Dan, I have a question I am hoping you can help me with. If you go with a variable rate mortgage and you have the option to lock in, when can I lock in, and is it at...

Pitfalls of a Collateral Mortgage

A client (we’ll call him John Smith) came in to see me. He owns a home worth $375,000. He told me he has $25,000 outstanding on his mortgage. He also told me he has a $250,000 secured line of credit on his home that is fully advanced. Total owing is $275,000. This is...