Blog - mortgage

5 Simple Strategies For Paying Your Mortgage Off Faster

Posted by Kevin Klein on February 23rd, 2021

 

Looking to pay your mortgage off faster? Shave years (possibly even decades) off your mortgage loan with the help of these five easy-to-follow strategies:

1. Take Advantage of Increased Payment Options 

Upping your monthly payments, even by the smallest increment, can make all the difference in helping you become mortgage-free faster. While your ability to increase your payments will depend on the terms and conditions outlined in your mortgage, many lenders include prepayment privileges in their contracts.

Keep in mind, however, that if you pay more than the prepayment privilege allows, you may be required to pay a prepayment penalty. Your increased payments will also likely apply until the end of your mortgage term.

2. Make Lump-Sum…

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How to Get Approved for a Mortgage in 5 Easy Steps

Posted by Kevin Klein on December 8th, 2020

Whether you’re a seasoned homeowner or a first-time home buyer, navigating the mortgage process can be downright daunting if you don’t know what to expect ahead of time. Don’t worry, we’re here to help!

Here is the start-to-finish mortgage process, summed up in five simple steps.

1. Ready Your Down Payment

To purchase a home in Edmonton (or anywhere else in Canada), you’ll need to come up with the mandatory 5% down payment. While we understand it can be tempting to move ahead as soon as you’ve scraped together the minimum (after all, it can take months or years), keep in mind, the larger your down payment, the more affordable your mortgage will be in the long run.

Mortgage lenders also tend to look more favourably on larger down payments.…

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Helpful Programs First-Time Buyers

Posted by Kevin Klein on October 6th, 2020

Are you looking to buy your first home but struggling to come up with a down payment? These first-time buyer programs can help.

CMHC Mortgage Default Insurance

Admittedly, mortgage default insurance isn’t a “program” per se, but it is beneficial for helping first-time buyers realize their dream of home ownership. To purchase a home in Canada, you’ll require a minimum down payment of 5% on the home’s overall purchase price. Buyers with a down payment of 19.99% or less will be required to purchase mortgage default insurance, which protects the lender in the event you, the borrower, default on your mortgage loan. 

In short, mortgage default insurance enables buyers to purchase a home with as little down payment as possible. 

First-Time Home…

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