Choosing Your Mortgage Amortization  Selecting the length of your mortgage amortization period – the number of years it will take you to become mortgage free – is an important decision that will affect how much interest you pay over the life of your mortgage.  While the lending industry’s benchmark amortization period is 25 years, and […]

Buying versus renting  At some point in their lives, most Canadians have probably asked themselves whether it is better to buy or rent a home. And purchasing a home is one of the biggest decisions most people ever make.  Ultimately, the decision is a personal choice, but it helps to look at the pros and […]

Buying the Best Home for You  Before you begin searching for a home, it’s always helpful to think about your needs both now and in the future. And if you have any questions about the home-buying process or different types of real estate, you can always ask your mortgage professional or real estate agent for […]

  Transitioning from renter to homeowner is one of the biggest decisions you’ll make throughout your lifetime. It can also be a stressful experience if you don’t plan ahead by building a budget and saving prior to embarking upon homeownership. Budgeting is a core ingredient that helps alleviate the stress associated with money issues that […]

Advice for credit challenged clients by Prince George Mortgage Broker Martin Krell In today’s economic climate of tighter credit requirements and increased unemployment rates taking their toll on some Canadians, there’s no doubt that many people may not fit into the traditional banks’ financing boxes as easily as they may have just a year ago. […]

1. What’s the best rate I can get? Your credit score plays a big part in the  interest rate for which you will qualify, as the riskier you appear as a borrower, the higher your rate will be. Rate is definitely not the most important aspect of a mortgage, however, as many rock-bottom rates often come from […]

If you’re considering buying a new home or refinancing/renewing your current mortgage, it would be a wise move to act before July 9th 2012! The Federal Government announced this morning four new clampdowns on insured mortgages that will quickly come into effect on Monday, July 9th, 2012.   These changes include:  Reducing the maximum amortization period […]

  1. If I have mortgage default insurance do I also need mortgage life insurance? Yes. Mortgage life insurance is a life insurance policy on a homeowner, which will allow your family or dependents to pay off the mortgage on the home should something tragic happen to you. Mortgage default insurance is something lenders require […]

How will the new mortgage rules impact home buyers and sellers?  On January 17th Finance Minister Jim Flaherty announced changes to government insured mortgages. These new laws are designed to support long-term stability in Canada’s housing market and support hard-working Canadian families saving through home ownership. New Mortgage Laws Amortizations are reduced from 35 years […]

Mortgage Industry Regulation has Changed  The Federal Government has changed regulations that affect the mortgage  industry.  On Monday 17 January, 2011 Finance Minister Jim Flaherty announced new rules that will:  1.)    Reduce the amortization to 30 years from 35 years for government backed insured mortgages.  This amount was previously reduced from 40 years to 35 […]