Mortgage Advice

Purchasing a home is an exciting milestone, and understanding various mortgage options is crucial for prospective homeowners. Multiple financing options are available for property buyers who cannot afford a cash purchase. Homebuyers might consider a balloon mortgage as a potential financing source, which offers unique terms compared to traditional fixed-rate or adjustable-rate mortgages. While it may...

A reverse mortgage is a financial instrument that enables homeowners over the age of 62 to convert a portion of their home equity into cash. It can be a valuable option for seniors who need additional funds, as evidenced by the increasing popularity of reverse mortgages. According to data, fiscal year 2022 saw a significant rise in the number of endorsed HECM loans, with a total of 64,437 loans compared to...

  Buying a home of your own is a big deal. A home is probably the most expensive purchase you’ll ever make, and that’s not just because of the high prices many homes are going for these days. Owning a home also means being on the hook for repairs, upkeep, renovations, and just generally keeping your living space, well, livable. You have to be in good financial shape to buy a home, and...

Remortgaging a buy-to-let property is a common practice among landlords. Many landlords will look into buy to let remortgages in order to get a better deal or to avoid a spike in their monthly interest rate. This is especially true in first time buyer buy to let deals where it is very easy to get a better deal if you remortgage at the end of the benefit period before you switch to a standard variable...

  Interest rates in Canada have been at generally low levels. That is conceivable since the National Bank of Canada has kept the cash supply following the expansion rate, keeping the conversion scale for the Canadian Dollar to the pre-emergency levels. Despite the fact that Canada is a net trading economy, it could encounter a few changes with interest rates, particularly now when the world...

Are you looking to buy a new home or refinance your current one? If so, you're probably wondering how to get the best mortgage rate. While there's no one-size-fits-all answer, there are some steps you can take to increase your chances of getting a favorable rate. Keep reading to learn more. Understanding Mortgage Rates When you are looking to buy a home, you'll need to compare mortgage rates. The...

For most homebuyers, a mortgage is essential. In the absence of a manageable mortgage, most of us would be unable to afford an investment as large as the average home. So, if you’ve never applied for a mortgage loan, it pays to do your homework in advance of submitting applications to lenders. There are a number of red flags for which lenders are constantly on the lookout, and if your application...

Equity release and steady house prices in the UK mean a surge in equity release plans industry figures from Key Later Life Finance, an equity release company, showed that sales of equity release plans surged 21.4% in the first quarter of the year compared to the same point in 2021. The value of equity released reached £1.4 billion - the highest on record - with the average amount being released...

  The prospect of refinancing your mortgage might sound scary if you’re not familiar with what’s involved or the advantages that come with taking this route. To prevent a lack of understanding being a burden on your finances, here’s an explainer on the ins and outs of mortgage refinancing. The basics The term refinancing in the context of a mortgage effectively means switching...

  Getting a mortgage is one of the largest financial commitments that you will ever make. That’s why it’s so important that you choose the right mortgage lender for your personal circumstances. Borrowing a large amount of money can be scary. You’re signing a legally binding contract that requires you to make regular repayments for the foreseeable future. Failure to meet your...