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Credit scores can be very confusing and intimidating, and it’s very hard to find reliable information to understand your credit scores. That's why we created this definitive guide.
Sep 25, 2019
Buying a home is one of the most important (and expensive) decisions that you’ll ever make in your life. If you’ve decided to take the leap into homeownership, congratulations! Depending on where you live, it may be a tough process, but it’s certainly rewarding once you get the keys to your new home.
Jul 31, 2019
Credit score mortgage Canada
The summer BBQ? It’s a tradition. Enjoying the gorgeous Canadian summer and spending time outside with friends, family, and great food - what’s not to love? But when you’re the one feeding the crowd, it can be tough to throw a backyard BBQ on a budget. If this summer tradition has you worried about how you’ll host friends and family, here’s how to do it for $100 or less!
Jul 17, 2019
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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