The latest from the team at Patching Mortgage
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,
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
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
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
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
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: –
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
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
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
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