EZ Lending

Saving up for a down payment? Canadian mortgage market allows potential homeowners to purchase their dream home in as low as five per cent down but there are few factors that should be taken into account when deciding on down payments. Any down payment that totals less than 20 per cent of the property value will require mortgage default insurance, and is considered to be a high risk loan. This type of mortgage insurance protects lenders against the risk of the mortgagor defa...ulting on their mortgage payments. The greater the down payment you can accumulate, the greater the contribution you are making toward the principal value of your home, and thus the less of the mortgage loan amount you will be paying interest on over time. The Canadian first-time homebuyer should aim to amass 5 to 20 per cent of the value of their prospective home toward a down payment. From the moment you make home ownership your goal, it is time to start implementing a budget and saving strategy to get you there, and the first step is saving for a down payment. There are several saving strategies and allowed benefits that can be utilized specially for first time home buyers. For more information call us today at 647-869-7801.

How much mortgage will you qualify for? To make a wise and sound investment in any real estate market it’s important to know how much you can comfortably contribute to home ownership. . The big four factors that generally contribute to this mortgage amount are: Monthly income ... The amount you can contribute to your down payment The mortgage interest rates and term you qualify for Other financial commitments or debts you are obliged to pay Each family has unique mortgage needs and we can assist you with yours. Call us today at 647-869-7801 if you need to be pre-approved or have any questions.

Fixed or Variable rate? A Variable Rate Mortgage is one in which interest rate is adjusted periodically to reflect market conditions. Variable rate mortgage products appeal to some people because the rate is calculated based on prime rate and is typically lower than the fixed rate. Payments are generally fixed over a period of time (e.g. three years). As interest rates go down more of the mortgage payment goes to principal. But as interest rates go up less goes to principal. ...This means that your amortization period (the number of years you’ve selected to repay the mortgage (both principal and interest) could be longer or shorter if interest rates have risen or fallen since the start of the term. A lot of people are appealed to a Fixed Rate Mortgage as they allow you to accurately budget their financials. You know what your mortgage payment will be for a determined length of time, as well as how and when your mortgage will be paid in full. Five-year fixed products have historically been popular in Canada. But because of this narrowing and drop in rates, for some, the decision to choose a fixed rate mortgage product is a no-brainer. What’s the right mortgage for you depends on your risk appetite and future financial commitments. If you have questions please call us at 647-869-7801

What exactly is a mortgage? Simply put, it's a loan from a financial institution or a private lender to you. In return, you pay interest on the amount loaned. The lender also has first right on your house in case you fail to pay back the loan. A loan has three facets:... 1. Amount (how many dollars you need to borrow) 2. Interest (the percentage rate you pay on the loan, also called APR) 3. Term (how long it will take to pay off the loan)