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Governments and institutions are announcing new ways to help support Canadians through this challenging time. We recommend checking government and official sites for the most up-to-date information. However, we know it can be overwhelming, so we’ve made a list to help you understand some of the options both federally and provincially during COVID-19.
The Borrowell Team
Apr 01, 2020
The current situation might be making it difficult to pay your regular bills on time. However, this can be a big problem as payment history makes up 35% of your credit score. As a way to provide extra support during this time, some institutions, lenders and companies are offering payment deferrals.
Mar 26, 2020
Is the COVID-19 situation causing you to feel stressed about your finances? If so, you’re not alone, 74% of our members are feeling anxious right now according to our recent survey. Taking the time to plan ahead is the best way to keep your options open and feel more in control of the situation. We know that putting together a budget isn’t always pleasant, but we’re here to help you through this.
The Borrowell Team
Mar 25, 2020
What is a mortgage? A mortgage is a loan secured by your home. It is financing that the customer is obliged to pay back with a predetermined set of payments. A mortgage helps you buy property without having to pay the entire cost up front.
What is a mortgage rate? A mortgage rate is the interest charged by the lender expressed as a percentage of the loan amount. It’s essential to shop around and compare the best mortgage rates in Canada. Having a higher credit score can also help you get a better mortgage, so be sure to check and monitor your credit score with Borrowell.
What is a down payment? A down payment is a deposit you make on a large purchase, like a new home. Lenders in Canada require at least 5% down. Anything less than 20% down is called a high-ratio mortgage and requires mortgage default insurance.
What is amortization period vs. mortgage term? Mortgage amortization and term are easily confused, but they are two different things! A mortgage amortization period is the amount of time it will take to pay your mortgage to zero with regular payments. A portion of each regular payment goes to interest costs, and a portion goes to reducing the loan balance (paying off the mortgage principal).
The mortgage term is the period of time the rate is negotiated for. Many Canadians will typically renew or switch providers at the end of their term. Most mortgage terms range from 6 months to 25 years, with 5 years being the most popular. If your mortgage is not paid off by the the end of the term, a new mortgage must be arranged.
What is a fixed rate vs. variable interest rate? A variable interest rate is a rate that may vary over the term of the mortgage. The rate changes are tied to a benchmark interest rate (often the lender's prime rate), which is primarily influenced by the interest rate set by the Bank of Canada.
When you're comparing mortgage rates, you'll see that variable rate mortgages typically offer lower interest rates than fixed rate mortgages.
What is an open mortgage and what is a closed mortgage? A closed mortgage is one that can’t be prepaid, negotiated, or refinanced throughout the term of the mortgage without a prepayment penalty.
In contrast, an open mortgage can be repaid anytime throughout the mortgage term. These mortgages come at a premium, which usually translates to much higher interest costs.
What is a down payment? A down payment is a deposit you make on a large purchase, like a new home. Lenders in Canada require at least 5% down. Anything less than 20% down is called a high-ratio mortgage and typically requires mortgage default insurance.
Borrowell® is a registered trademark of Borrowell Inc. All Rights Reserved. The Equifax credit score is based on Equifax’s proprietary model and may not be the same score used by third parties to determine your credit profile. The score provided to you for educational use is the Equifax Risk Score.
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