Mortgage Money Blog

Whether you are looking for a new mortgage, refinancing or renewing your mortgage you can trust that Dan Faubert and Mortgage Money will not only get you the best rate for your mortgage, they will also provide you with mortgage information and knowledge to help understand the process.

Your Credit- How do you score?

With all the recent mortgage changes, your credit score is more important now than ever.  Most Lenders rely on the “Equifax” score.  Equifax calculates a credit “risk” score out of a maximum score of 900. A score of 700 or higher is considered an excellent score and...

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ID Required For Mortgage Financing

We have had a few occasions already this summer where clients have been unaware of Identification requirements for a home purchase, switch of a mortgage up for renewal, or a refinance of an existing home. There is nothing worse than finding out on your closing day...

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No Fee Banking 🙂

I thought I would share a link to the old PC Financial, now called "Simplii Financial", which is ran/owned by CIBC. I have done the majority of my everyday banking with them for over 15 years, and if you are looking for "no fee banking" and great interests...

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OSFI Expands Stress Test Rate

See below an update on new B-20 Lending Guidelines As expected the updated "Stress test" will be applied to all mortgage borrowers(borrowing from any lender beginning January 1st of 2018). It has been clarified that the stress test rate will NOT apply for a mortgage...

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An “interesting” start to 2017

As January has seemed to fly by, I thought I would pass along a few ideas on saving money and paying less interest. Awareness is the key. You would be shocked how many people I speak with who don’t know what is owing on their mortgage and more importantly what is...

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Who Governs Mortgage Brokers in Ontario?

Who Governs Mortgage Brokers in Ontario? I would love to assume that in a perfect world, and in all lines of work, you would have customers who use services from professionals, and always have extremely satisfying experiences. You would think that having a satisfied...

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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 "The...

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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...

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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 the...

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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...

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I believe the more you know and understand about mortgages, the less worry you will have.

Dan Faubert