The latest from the team at Patching Mortgage
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Are you Eligible to get 25% back of your Mortgage Insurance Premium?
Are you purchasing a new build property and getting an insured mortgage? There may be a cash-back opportunity for you! Insurers are offering a 25% refund
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Distinguishing Types of Mortgages: Insured, Insurable, and Uninsured
Ever wondered why the interest rates banks advertise differ from the rates you’re offered? This stems from the three mortgage categories: Insured, Insurable, and Uninsured/Conventional,
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Mortgage where you can overpay
Many lending institutions allow borrowers to make additional payments to their mortgage. These are commonly known as pre-payment privileges and allow you to pay down
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Who sets mortgage rates?
In Canada, mortgage rates are influenced by various factors, and they are primarily set by individual financial institutions, such as banks and credit unions. Here
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What mortgage can I afford?
Determining how much mortgage you can afford involves considering several factors, including your income, expenses, down payment, and other financial obligations. Here are some key
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How do mortgage brokers get paid?
Mortgage brokers generally get paid through commissions and bonuses directly from the lenders, calculated as a percentage of the loan amount. This is how our
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How mortgage interest is calculated?
Mortgage interest is calculated using either simple interest or compound interest, with compound interest being the more common method for residential mortgages. Simple Interest: –
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Can mortgage payments be deferred?
The availability and terms of mortgage deferral programs can vary among lenders, and they are typically subject to negotiation with individual financial institutions. We would
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Are mortgage payments tax deductible?
In Canada, mortgage interest is generally tax-deductible, but there are specific conditions and limitations. The interest paid on loans used to acquire, renovate, or improve
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What’s to Come with Interest Rates in 2024
Welcome 2024! Is this the year we start to see a dip in interest rates? In short, the Bank of Canada should reduce rates. The
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Mortgage Types
There are many Financial Institutions and many financing options available from each of these lenders. Below is a brief overview of the main categories of