Know the cost of breaking your mortgage

Thursday Feb 10th, 2022

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With all the news about the hot housing market and interest rates, you may be thinking about your mortgage. Should you put your house on the market? Consider switching lenders to get a better deal? Should you go with a fixed or variable rate? A longer- or shorter-term mortgage? If breaking your mortgage is factoring into your decision, make sure you understand the pros, cons and associated costs of doing so. The cost to break your mortgage contract depends on whether it’s open or... [read more]

Mortgage pitfalls to avoid

Sunday Jan 3rd, 2021

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Throughout life, you may have moments where you’ll make a large purchase or invest in a costly item, like your family home. But whether you’re in the market for your first new property or already have a mortgage, leaving this asset unprotected can be costly.    Insuring your housing financial debt, as well as debt for other big-ticket items like a new boat for your lakefront cottage or keepsake jewelry like an engagement ring, is a smart investment in your... [read more]

Interest rates are down – should you break your mortgage?

Tuesday Feb 23rd, 2021

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georgina mortgage rates

The pandemic is causing many of us to re-evaluate our finances. If you are thinking of renegotiating your mortgage to take advantage of a lower interest rate, be aware that this could mean having to break your mortgage contract. If you break your mortgage contract you may have to pay a fee, called a prepayment penalty. Before breaking your mortgage, make sure the benefits outweigh the costs. Far too many homeowners who have broken their mortgage contracts have been shocked by penalties... [read more]

Although Not Mandatory, Mortgage Pre-Approvals Are A Good Idea

Wednesday Nov 6th, 2019

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Taking the important step of getting pre-approved for a mortgage affords you knowledge and confidence; you’ll know in advance approximately how much financing you qualify for, which will give you peace of mind allowing you to focus on your home search.  When you meet with the mortgage specialist at your bank, or with a mortgage broker, if there is anything you don’t understand, you need to ask. This is not an area to take chances or to be shy. This... [read more]

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