The latest from the team at Patching Mortgage

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

Envision Online Login
Envision Banking Online Login Step 1 — Go to: https://login.envisionfinancial.ca/login Step 2 — Follow the prompts provided by Envision to complete your online account login.

Prospera Online Setup
Prospera Banking Online Set-up Step 1 — Go to: https://online.prospera.ca/OnlineBanking/AccountServices/PacRegistration/ Enter your membership number and click “continue”. Step 2 — Follow the prompts provided by

MCAP Online Setup
MCAP Banking Online Set-up Step 1 — Go to: https://www.mcap.com/mymcap/login Select “Register” in the bottom middle of the page. Enter the personal details required and

Mortgage Application Documents — What to expect…
While every person and situation is unique, here’s a general idea of what you can expect to provide during the mortgage application process depending on

Monthly Rate + Market Update Reference Guide
Our goal is to provide our clients with sound mortgage advice and suitable options that will help them save money and achieve their real estate

What the Federal Government Has in Store for 2023
Last week Deputy Prime Minister and Minister of Finance, Chrystia Freeland, presented the Federal Governments Fall Economic Statement for 2022 which highlighted their initiatives to