Mortgage Refinance

Canadian Mortgage for Non-Residents

The Canadian housing market continues to be very strong, and its robust economy shows no sign of slowing. In addition, according to the U.S. News, Canada is considered the most livable country globally.

This environment makes owning a home in Canada an attractive prospect for many people, particularly those living outside Canada. Today, we will see some of the most frequently asked questions about buying a home as a non-resident in this beautiful country.

Understanding Mortgages for Non-Canadian Residents

A non-resident of Canada is generally classified as not having permanent status. For example, they may be a citizen of another country living full or part-time outside of Canada, or they may have dual citizenship that includes another country in addition to Canada.

Although there are several benefits to buying property in Canada, you must understand and abide by all Canadian laws regarding foreign ownership if you choose to go ahead with this project. For example, suppose you fail to meet your legal obligations when buying, owning, and selling real estate as a non-resident in Canada. In that case, it can have very negative consequences, including financial penalties and even imprisonment under certain circumstances.

As such, experts recommend consulting an immigration lawyer before making any decisions about property ownership here.

Required Documentation for Buying Property as a Non-Resident

When buying property in Canada as a non-resident, you will need to provide proof of your financial status. However, that may be more difficult if you live outside of Canada for an extended period or you change jobs. You will also need to show that you have access to funds when applying for a mortgage.

In addition to this documentation, you should obtain a pre-approval from a Canadian bank before looking at any properties so that your realtor knows exactly how much they can help you spend when searching for homes. Pre-approvals are usually valid from 60 days up to 120 days, depending on the lender, and it provides clients with a clear idea of how much money they can spend without the additional stress of applying for a mortgage.

Once a property is found, you will need to provide proof that you live outside of Canada, along with your financial documentation and pre-approval letter from a Canadian bank.

Other essential documents include:

  • Proof of citizenship
  • A list of reference people who are either citizens or permanent residents in Canada
  • References from friends or family members who are Canadian residents but not citizens
  • The broker must fill out a property information form

Qualifying for a Mortgage as a Non-permanent Canadian Resident

Even if you are not a permanent resident of Canada, there is no reason that you cannot have a high income and still qualify for a mortgage. The only difference is that your down payment may need 30% or more rather than the 5% that citizens typically need.

Keep in mind that interest rates on mortgages in Canada will fluctuate. It can be difficult to predict what your monthly payments might total over the loan term with any accuracy. That makes it crucial to remain as flexible as possible when looking at homes so that you can leap on any opportunity should the rate suddenly dip below what it was at the time of pre-approval.

What Kinds of Mortgages are Available for Canadian Non-Residents?

Lending institutions offer both closed and open mortgages to non-residents. Closed mortgages have regular payment schedules and regular amortization periods and are paid in full at the end of the term. However, they cannot be pre-paid or refinanced once you obtain them.

Open mortgages can be used for home improvements or other projects because they involve a line of credit that allows you to pay any fees as desired before closing on your property. In addition, the rates fluctuate with market conditions which means that you will have plenty of options for pre-payment flexibility and interest rate management over time.

Mortgage Interest Rates for Non-Residents

The interest rates for non-resident mortgages tend to be relatively high compared to rates available through The Canada Mortgage Housing Corporation (CHMC). However, they are considered riskier and more challenging to assess.

The following information can help you understand the different types of mortgages and their interest rates and fees:

  • Canadian fixed-rate mortgages: The interest rate on these mortgages will be charged at a fixed percentage throughout the life of the loan. As such, your payments will remain constant through any changes in Canadian currency fluctuation or economic climate. These loans tend to come with higher closing costs than variable-rate mortgages, but you do not have to worry about fluctuations in your monthly payment amounts.”
  • Variable-rate mortgages: These loans provide you with greater flexibility, allowing for increases or decreases in your payments based on market conditions. With this mortgage type, there is a possibility that your monthly payment may be higher than it would be with a fixed-rate loan.
  • ARM mortgages offer rates that change over time, and they are often considered riskier investments for lenders than fixed or variable-rate loans. As such, the interest rates tend to be higher for this type of mortgage.”

Closing Costs for Canadian Non-Resident Mortgages

Lenders tend to charge higher closing costs because non-resident mortgages come with riskier conditions and rates than resident mortgages. Additional fees you may need to pay when taking out a mortgage in Canada include:

  • A valuation fee (varies by lender)
  • An appraisal fee (varies by lender)
  • Legal fees (varies by province)
  • Title insurance (varies by lender)

The Bottom Line

Obtaining a mortgage in Canada is possible, even as a non-resident. However, you should expect higher interest rates and more significant fees than those available to Canadian citizens. The key to ensuring that you can afford your price properties based on the current lending environment so that you do not find yourself with an expensive home that you cannot afford due to fluctuating payments.

If you are non residents of Canada and don’t know about Canadian mortgage, then browse Best Mortgage Online for more knowledge on various mortgage available in Canada.

Mortgage Refinance

Mortgage Payment Calculator

When it comes to mortgages, there are a lot of factors that go into determining the final sum that you pay each month. It can be advantageous to have a clear idea of how much your mortgage will cost before applying for one. A mortgage payment calculator is an ideal way to calculate the cost of your mortgage before committing to one.

With a mortgage calculator, you can determine your monthly payment for your loan and compare prices with different scenarios depending on down payments, fixed or variable rates, and more.

Why Should You Use a Mortgage Calculator?

The primary purpose of any mortgage calculator is to give people who are interested in taking out a mortgage an idea of the cost. It is not advisable to commit to paying a mortgage without fully understanding what it would cost you. Mortgage calculators are innovative tools that allow you to put down all the variables that make up your final mortgage price and adjust them accordingly, so you can find the best mortgage plan for you.

With a mortgage calculator, you can figure out ways to reduce your mortgage payment by changing some factors. A mortgage calculator is an excellent tool for homeowners that want to know how a mortgage will fit into their budget. Using this tool, you will have a clear idea of just how much you will have to pay each month for your mortgage.

Factors that Affect Mortgage Prices

A few factors affect the final amount that a homeowner pays each month for their mortgage. Adjusting these factors can cause significant changes to the amount of money paid monthly. The home loan calculator takes all of these into account when helping you calculate your mortgage price.

Home amount

This is the asking price of the home you desire to purchase and the amount you require from a bank or lender. Mortgage lenders usually have criteria that determine just how much a person can borrow for their mortgage. This is determined by the homeowner’s total income and expenses.

Down payment

The down payment is an upfront payment made on the home purchase. It is usually a percentage of the total home amount. The amount of down payment a customer can pay determines how much their monthly payment will be. A down payment can range in size, depending on the financial ability of the homeowner, and the mortgage plans provided by the mortgage lender. The higher the down payment, the lower the monthly payments and vice versa.

Loan price

The loan price is the total amount of money a homeowner receives from the mortgage lender. This is calculated as the home amount minus the down payment that has been made and any costs covered by insurance that have been taken away. It is from this price that an interest rate is calculated.

Amortization period

The amortization is the total time it will take to pay off your loan fully. A longer amortization period ultimately results in smaller monthly payments, while a shorter amortization period will lead to higher monthly payments. Longer amortization periods also end up with higher overall interest paid as the payment period is longer. The mortgage payment calculator will help determine the best amortization period for you.

Interest rate


The interest rate is a percentage of the loan price that the homeowner pays each month. The interest rate is the cost of borrowing and represents the profit of the mortgage lender. Most lenders offer either fixed interest rates or variable interest rates to their customers. Fixed interest rates are unchangeable rates that remain the same throughout the payment period. Variable interest rates are adjustable rates that only stay fixed for certain periods. Variable rates are adjusted due to factors such as market conditions.

Variable interest rates are generally believed to result in lower monthly payments than fixed rates. With a mortgage calculator, you can determine what types of rates, down payment amounts, and amortization periods suit you best.

How to Use a Mortgage Payment Calculator

Different mortgage calculators may have different interfaces for how they work. However, no matter what calculator you use, there will be constants.

Firstly, you will have to put in your home price. This works whether you are buying a home for the first time or you already own a home and you’re looking to refinance your mortgage.

The next step is to put in the amount you are willing to pay as a down payment. For mortgage refinances, the down payment field may ask for the amount of equity you own instead. Down payment can be entered as a percentage of the home amount or as a dollar amount.

Once you’ve put in your down payment amount, the calculator may ask for your preferred amortization period next. You can put this in yourself, or the calculator may suggest an amount of time for you. A typical mortgage amortization period may last about 30 years, but you are free to put a different amount, like 20 or 15, into the home loan calculator.

Finally, the calculator will ask for your interest rate. Here, you can put in the interest rate that you feel you will be comfortable paying or the rate you know your lender will request.

With all of this information put in, the calculator will give you new values for interest rate and loan price. These are the best rates that are available to you based on the information you put in. you are free to adjust your down payment amount of amortization period if you want to see alternate results from the calculator.


Mortgage calculators are easy to use and incredibly beneficial for anyone interested in buying a home. With a mortgage payment calculator, you can enter into your mortgage plan with a clear idea of how much your mortgage will cost. Mortgage calculators are free and offer reliable results. Instead of jumping into a mortgage blind, make use of a home loan calculator to get a good idea of the cost.

Get estimate of your monthly mortgage payment with the help of mortgage payment calculator available at Best Mortgage Online website.

Mortgage Refinance

Secrets of Debt Consolidation In Canada: What You Should Know

Debt consolidation can be an effective method of making your debt repayment more manageable. You wouldn’t be the only one with debt hanging around your neck. It is a Canadian thing, with the average Canadian debt ratio shooting above 70%. This is a remarkable departure from how things were 20 years ago.

Debt consolidation is the combination of the amounts you owe into one. This includes credit card debts on multiple accounts and other personal loans. So, instead of keeping up with multiple debts, you only focus on repaying a single debt.

You can consolidate yourself through different means depending on your choice or whether you have a property. If you have a home in Canada, you can use a mortgage to consolidate your debt. However, many Canadians find debt consolidation confusing, but you are lucky; by the end of this post, you will know everything about it.

What is Debt Consolidation

Essentially, this is when you take a large loan to replace and pay off your smaller loans. This large loan will allow you to pay your loans at a go.

So, instead of focusing on additional payments such as credit card payments, auto loans, and other personal loans. The new loan has a better interest rate than your previous loans if you are lucky. So, you get to repay the loan, and you will pay it cheaper.

One of the hallmarks of an efficient financial system is that it provides people with the ability to live above their means when the need arises.

The Canadian financial system is pretty efficient, with different loans to help people with what they need. Sometimes people need more than they can afford at that moment, and as such, they take different loans to meet up with obligations.

Debt consolidation is a way to ensure the easy repayment of these loans as you will be able to combine all you owe.

To consolidate, you have to be smart about it. You have to make sure to have a payment plan that you will follow. Asides from having a plan, there are other things that you have to note.

Things To Note about Debt Consolidation

Let your Debt Consolidation Loan Have Lower Interest

A debt consolidation loan should make repayment easier and not burden you. If you can afford it, consult a financial advisor or planner to review the debt consolidation loan you want to get.

If you can’t afford it, you have to read the terms and conditions of the loan carefully. Focus on the interest rate, fees, and duration.

Consult an Expert to Draw a Plan for You

In this situation, the advice of a financial planner or advisor can be crucial. They will use their experience to develop a plan to make repayment easier.

The expert will help you draw a budget, amount to repay monthly, and plan b for when you suffer income challenges.

Above the Monthly Fee

If you don’t want to deal with a financial advisor or planner, you should be doing. Pay above whatever your lender has set as your minimum fee. This will allow you to make your payment faster and easier. Also, it helps you keep up if you have income challenges.

Have a Payment Plan B

When consolidating your debt, you have to plan for all eventualities. One of such eventualities is a challenge to your income. So, to prevent this, pay above the minimum when you can. Also, make other plans when you can.

Different Ways to Consolidate Your Debt

You can consolidate your debt in different ways. Some of these ways could involve using your mortgage. Below we have treated these different ways. Read and choose the one that best fits you.

Debt Consolidation Loans

These loans help you combine all your loans into one you obtain from a credit union, bank, or other financial institution.

You can use this loan to complete your unsecured and secured debt payments. Getting a lower interest rate for your debt consolidation loan or even getting the loan depends on your collateral.

You can have different collateral, but your home is the best to help you get a lower interest rate. Also, your credit score is an added advantage. Institutions could only need you to have collateral or a good credit score. Sometimes they could require both.

It is not compulsory to use your home as collateral, but as we have said, it could be essential to get you a cheaper interest. So, if you don’t want to use your home as collateral, approach a bank, but it would be crucial to have an excellent credit score.

Using Mortgage Refinance

You can use your existing mortgage to consolidate your debt. However, there is a catch. You would have to break your current mortgage early, and breaking your mortgage early usually comes with a penalty.

Refinancing your home mortgage gives you access to 80% of your home value after deducting the remaining mortgage. With this 80%, you would combine your mortgage and other amounts owed into a single one.

Home Equity Loan

This allows you to access the available equity in your home. You can calculate the available equity by removing your home’s current market value from the remaining amount you’ll pay as a balance.

You will use this available equity to consolidate your owed amount and pay all of them at once.

Using your First Mortgage to Consolidate your Debt

If you want to consolidate your owed amount and want to get a mortgage, you can do everything at once. However, you must be ready for the lender to scrutinize you thoroughly for this to be possible.

The lender will examine your loan to value ratio or LTV. This ratio will allow your lender to determine how big of a risk it is to lend you your mortgage sum. If your LTV ratio is below 80%, your mortgage lender could allow you to combine loans.


Debt consolidation could help you solve your money problems. However, as we have mentioned, you have to plan excellently.

Best Mortgage Online can help you with your debt. Call us right now at 1-855-567-4898 for consultation.

Mortgage Refinance

Everything You Should Know About Mortgage Refinancing in British Columbia, Canada

Mortgage Refinancing is a smart financial move that allows you to pay off your existing mortgage loan in exchange for a new mortgage, either with the same mortgagee or a different mortgage institution. The concept of “mortgage refinancing” may seem slightly difficult to comprehend at first, but it is essential to acquire adequate knowledge about the concept before delving into it.

In this article, we will provide you with everything you need to know about mortgage refinancing in British Columbia and the process involved if you are considering it.

Ready to learn? Dive in.

Mortgage Refinancing Explained

Mortgage financing is the act of taking out a larger mortgage to pay off your existing mortgage. Doing this enables you to access up to 80% of your home’s equity in funds, and you can use this money to cater to other financial obligations.Mortgage refinancing is an option for many mortgagors getting close to their amortization date or needing money to cater to some expenses.

Why Do People Get Mortgage Refinancing?

There are several reasons people get mortgage refinancing, but we will examine some common reasons among people in British Columbia, Canada.

1. Affordable Interest Rate

People often go for mortgage refinancing as these loans have lower interest rates than existing mortgage loans. This will help reduce the amount you have to pay every month.

2. Access to Home’s Equity

Mortgage refinancing gives you access to your home’s equity. You can take up to 80% of your home equity in mortgage refinancing, and this is one of the key areas mortgage refinancing differs from a normal mortgage. The benefit of this is that you can get the monetary value of your house for temporary use and gradually pay it back.

3. Amortization Period is Close

Another reason people get mortgage refinancing is if their amortization period is close. This is one of the most common reasons. When the deadline to finish payment on your mortgage is getting too close, and you realize that you may not be able to complete the payment in due time, you may consider mortgage refinancing. This will help you keep your credit score within a reasonable limit and calmly pay the new loan over a fixed or varying period.

4. To Consolidate Debt

People often go for mortgage refinancing to consolidate their debts. If you have several debts across different places, you can use your home to get a mortgage refinancing and use the money to settle those debts. Then, you can focus on paying back the new mortgage as your only debt. Although you have to be careful when doing this as many people have fallen into greater debt due to a lack of discipline in repaying their mortgages.

5. Access to Funds for Other Projects

If you have an emergency or long-term project to pay for and have no means of getting financial support, you can consider getting your mortgage refinanced. Many people do this by leveraging their home’s equity and using the remaining money after paying the current mortgage to secure some financial backup. This method has proven better in some instances than getting short-term loans.

Benefits of Mortgage Refinancing

More people are considering mortgage refinancing these days, and there are several reasons for this trend. Mortgage refinancing offers many opportunities for borrowers that many people find appealing. We will explain some of them better:

1. Reduced Interest Rates

Good mortgage refinancing always comes with a reduced interest rate compared to the old mortgage. It offers a way out for those who struggle to pay the high interest on their mortgages. It may take a long while to finish paying up, but the monthly or yearly payment will reduce enough to ease the burden on the borrower.

2. Helps to Consolidate and Reduce Debt

With credit card debts, short-term loans and several other financial burdens hovering over many Canadians in British Columbia, many take out mortgage refinancing to improve their situation. The loan is used to offset others, and borrowers can focus on the single debt before them.

3. Gives You More Autonomy Over Your Mortgage

Mortgage refinancing allows you to change details of your current mortgage that you do not like. You can go for one that suits your desire regarding interest rate, amortization date, and others.

What are the Disadvantages of Mortgage Refinancing?

As with every other good thing out there, mortgage refinancing has its downsides. We have examined some of them below:

1. Severe Penalties When Defaulted

Mortgage refinancing comes with many perks, but the consequences can be dire if you default on the repayment. It may affect your credit score badly and prevent you from getting other loans later on.

2. High Tendency to Acquire More Debts

Getting mortgage refinancing requires great discipline. First, you need to manage your finances properly to ensure that you do not end up in more debts from the interests accruing on your mortgage. The figures on mortgage arrears keep increasing yearly, which does not bode well for borrowers.

What is the Process Involved in Refinancing Mortgage?

Contrary to what you may have believed, getting mortgage refinancing is no rocket science. The process is straightforward once you have the right guidance.

1. Apply for a New Loan

The first thing to do is shop around for a better mortgage for your home. Compare rates and requirements before making your decision. Once you do that, contact the bank or finance company, and fill out the necessary forms. You will have to meet their eligibility criteria which include being up to 18 years old, being a citizen of Canada and possessing a government-issued ID. Once you fulfill all those, fill out the forms and wait for your request to be processed.

2. End Your Current Mortgage

Once you have your new mortgage ready, you have to cancel the old one. That usually requires you to pay a cancellation fee, among other penalties. Ensure that your new mortgage is enough to cover all the costs you will incur. The moment you are released from your old contract, you only have to focus on repaying the new mortgage and putting the remaining money to good use.

3. Get a Professional to Walk You Through

This step is not emphasized enough. To get the best deal out of mortgage refinancing, you should get a professional to walk you through the process. You can speak to your lender, get a lawyer, or contact other mortgage and insurance experts such as the professionals at  Insurance Direct Canada.


Mortgage refinancing is fascinating for people looking to improve their financial situation and have their homes as their biggest asset. If you are one of these people, you must have learnt the fundamentals of mortgage refinancing and know how to make the right decision. Remember to consider the costs you will incur and how the mortgage will affect your credit score. If you do not know much about mortgages and all they entail, you can reach out to experts like Insurance Direct Canada for guidance.

Talk to our experts regarding Mortgage Refinance or Visit our website home page Best Mortgage Online.

Mortgage Refinance

What Are the Risks of Refinancing A Mortgage?

If you are a homeowner in Canada, especially on your first mortgage, it is common for you to hear people talking about “refinancing a mortgage.” According to the Canadian Mortgage and Housing Corporation (CMHC), refinancing a mortgage means securing another loan as a homeowner to pay off the prior mortgage. What this means, in essence, is that the new loan is used to get rid of the original mortgage.

Refinancing allows you to completely pay off the old mortgage fee and go for different loan terms. You can get a refinancing deal from the same mortgage company from which you got the original one or work with a completely new lender. A refinancing deal allows you to get a loan as much as 80% of the original value of the house purchased.

There are several reasons why homeowners opt for refinancing their mortgage, and some of these reasons can be of advantage. However, despite the benefits associated with a refinancing deal, it still comes with quite a few risks you might want to watch out for.Best Mortgage Online has put together some of the reasons for going for refinancing and the risk of refinancing a mortgage.

Why do Homeowners Refinance Mortgages?

Among the different reasons available why people opt for refinancing deals, here are some of the most common reasons why Canadian homeowners refinance their mortgage deals:

· Have access to equity in the home: Refinancing your mortgage gives you access to equity in your home. It allows you to access up to 80% of the total home value as a lump sum. The extra money can be diverted into other investment opportunities or for carrying out a capital project. Some of the ways of accessing this equity include breaking your mortgage or getting a Home Equity Line of Credit (HELOC)

· To consolidate debt: Mortgage refinancing gives you access to equity on your home, which can be used to consolidate debts. The equity available on homes can allow you to pay off some high-interest debts and have all your debts consolidated.

· Getting a lower interest rate: This is the primary reason many homeowners go for refinancing. You can negotiate a better deal with your new mortgage lender or plan, which can save you a huge amount of money in the long run, and this depends on the size of your outstanding mortgage and pre-payment penalty.

· Change mortgage terms: There are different mortgage options, either fixed or variable rates. Both plans have pros and cons, and switching the plan can cause you to pay penalties. However, refinancing gives you the chance to switch between the two plans without any fee attached quickly.

Risks of Refinancing A Mortgage

Despite the enticing offers that are often advertised with refinancing mortgages, you might want to take a step back and think through the entire process before refinancing. There are risks and cost implications attached to the refinancing of a mortgage.

1. There is no free refinancing: Contrary to what you might have heard from friends or believed, there is no free refinancing. The process of refinancing involves you breaking your old mortgage earlier than you bargained for, and it comes with penalties.

Breaking the mortgage earlier than agreed will involve you paying a pre-payment penalty, which is equivalent to three months of interest charges. If you are not careful, you can pay more in penalties than the amount you will save from the lower interest rate.

2. Consolidating debt can put you into more debt: The usual catchy phrase for mortgage refinancing is “consolidating debt,” which means you can pay off your high-interest debt by refinancing.

While this might be true, there is also a catch to it. Although most of the high-interest debt paid off by the refinancing plan includes credit card debt and car loans, paying them off with this plan means you are transferring your unsecured debt into your mortgage plan, which is backed with collateral – your home.

The consequence of this is that if you default on payment, you can lose your home since it serves as collateral. The consequence of non-payment of credit card debt is often limited to a bad credit score, but it can be as terrible as a foreclosure in the case of a mortgage.

3. Longer duration: Another grey area of refinancing you need to watch out for is the term involved with the new mortgage. Most mortgage plans normally last for 30 years, and refinancing involves you merging the old mortgage into the new 30 years plan. If you have fewer years to go on your old mortgage and you refinance for a new 30-year plan, you might pay higher interest rates overall. This is not a good saving strategy.

Also, if you do not plan to stay in the house for a long time, refinancing might be a terrible idea for you as you get a longer mortgage time and breaking it will cost you more money. Therefore, you need to calculate and weigh your options before deciding if refinancing your mortgage is the best bet for you.

Is There Any Bright Side to Refinancing?

Despite the risk of refinancing a mortgage, it does not make it terrible financial advice. On the contrary, there are several pros attributed to refinancing, among which are getting equity on your home or being able to consolidate your debt. Through refinancing, you can also switch easily between fixed or variable mortgages without worrying about paying any fee.

The hack to refinancing a mortgage is to take well-calculated steps towards it and ensure that you get the best deal out of the mortgage. In most cases, homeowners can negotiate better deals for their new mortgage than the previous deal. This is more efficient when you get your new mortgage from a different lender with lower interest rates and better terms.

Lastly, remember to look before leaping into a refinancing plan!

Best Mortgage Online got you covered if you need further assistance with refinancing your mortgage or getting a new lender for your refinancing plans.

You can check out more information at

With our more than 20 years of experience in Mortgage and finance industry, Best mortgage online can help you in reducing the risk involved in Mortgage refinance.

Mortgage Refinance

TD Bank Mortgage Rates

TD Canada Trust is a leading bank based in Canada. It is one of the top 10 North American banks, and for a good reason. TD Canada offers multiple professional financial services, intending to change the lives of their customers and community. Mortgage services are amongst their many services.

With TD Canada, you can get a mortgage on your home, whether you are a new homeowner or you are making a switch from a different bank. Their mortgage services are comprehensive, affordable, and flexible. Read on to learn more about TD’s mortgage rates and options.

Canada’s Mortgage Rules

TD Canada adheres strictly to the mortgage laws of Canada as a country. Any customer who wants to apply for a mortgage with TD must be familiar with these rules. While your mortgage consultant might run over them with you, there is no harm in knowing some of the basics of Canada’s new mortgage rules. So here they are.

Stress Test: Customers who apply for mortgages are required to pass the qualifying criteria, also known as the stress test. This will determine whether they can afford a mortgage if interest rates increase. A TD mobile mortgage specialist can shed more light on the qualification criteria for individual customers.

Uninsured mortgage rates: Customers should know that the Office of the Superintendent of Financial Institutions has raised the qualifying rate for uninsured mortgages. From the previous 4.79%, it has now been increased to 5.25%. For customers with down payments over 20%, the stress test either uses the new qualifying rate of 5.25% or the customers’ mortgage interest rate plus 2%, depending on which is higher.

Insured mortgage rates: For customers whose down payments are less than 20%, the stress test uses the insured qualifying rate or the customers’ mortgage interest rate plus 2%, depending on which is higher.

These are just a few things to know about the current mortgaging laws before applying for a mortgage loan with TD.

TD’s Mortgage Options

At TD Canada Trust, they offer many different mortgage plans and options for customers. This allows them to cater to the individual needs of customers. Their options include:

First-time homeowners

TD understands the pressure and confusion that accompanies purchasing a home for the first time. This is why they offer mortgage services specifically for first-time homeowners. These services help customers decide on the best home and mortgage plan to suit their budget and tastes. The TD mortgage rate Canada for first-time homeowners varies.

First-time homeowner mortgage services include:

– Helping customers make smart financial decisions on how much they can afford to spend on a mortgage, including their current and future expenses.

– Assisting customers with pre-qualification for loans by assigning them to a loan officer.

– Walking customers through the process of mortgage application with sound financial advice.

– Educating customers on the real estate market, especially as new home buyers, and how to make offers on homes.

Home Loans and Down Payments

TD Bank offers mortgage plans for customers who can only afford to make low down payments due to money shortages. Their home loan options and their features include:

FNMA Home Ready: 3% minimum down payment and flexible underwriting.

TD Bank Right Step Mortgage: 3% minimum down payment and payments can come from gifts or grants.

FHA Mortgage: 3.5% minimum down payment with no income limits.

FNMA 97 Mortgage: 3% minimum down payment and only applicable for first-time home buyers.

Veterans Administration Mortgage: no down payment or mortgage insurance required.

FNMA Refi Now: high debt-to-income ratios and no cash back at closing.

You can get more information about all these home loans and down payment options at TD Bank’s official website.

Construction Loans

TD construction loans offer services to customers that are building new homes or renovating their current homes. TD construction loans offer the following features:

– Flexible down payments

– Both fixed and adjustable-rate options

– Interest-only payments during construction

– Initial loan payment

– Fixed-rate mortgage after construction.

The application requirements for construction loans can be found on TD Bank’s official website.

Mortgage Refinancing

TD Bank also offers mortgage refinancing services. These are applicable for customers who want to change their mortgage plan, lower their monthly payments or make significant purchases.

To apply for mortgage refinancing, customers will have to fill out a mortgage application and submit documents like credit reports. Closing costs will apply and can be up to 1-3% of the new mortgage cost. TD also offers a mortgage refinance calculator to give customers an idea of the probable cost of their new mortgage loan after refinancing.

Mortgage Affordability Calculator

TD offers the opportunity for customers to calculate a range of affordable house prices. This information is useful as customers enter the real estate market and trustworthy as it gives them a price range. All that customers have to do is fill out a questionnaire survey with some key information that will allow the calculator to give you a value for a home you can afford. This information includes details such as your desired location, annual income, monthly expenses, and others.

TD Mortgage Rate Canada

TD mortgage rates in Canada are as follows currently:

Fixed-Rate Mortgages:

I year fixed closed – 2.79%

2 year fixed closed – 3.54%

3 year fixed closed – 3.69%

4 year fixed closed – 4.14%

5 year fixed closed – 3.99%

6 year fixed closed – 5.24%

7 year fixed closed – 5.35%

10 year fixed closed – 5.06%

1 year fixed open:


6-month convertible mortgage:


5-year variable closed:

TD mortgage prime rate – 0.70%

5-year variable open:

TD mortgage prime rate + 1.00%

Annual percentage rates apply and vary and can be viewed on TD’s website.


TD Bank is a versatile and highly rated bank that offers services of all kinds. The mortgage plans create avenues for all classes of customers to suit their unique needs. The TD mortgage rate in Canada is affordable and can be fixed or variable, depending on what is most convenient to customers.

Whatever your mortgage needs may be, TD bank has an option for you.

TD Mortgage Interest Rates – Frequently Asked Questions.

What is the TD mortgage prime rate?

The TD mortgage prime rate is the standard TD mortgage interest rate for variable rates. Customers that apply for variable interest rates pay in terms of ‘TD mortgage prime rate + or – interest rate’. The TD mortgage prime rate is currently 3.35%

What is the difference between a fixed and variable interest rate?

TD mortgage interest rates can be fixed or variable. Fixed rates remain constant throughout your mortgage payment time. Variable rates may vary monthly depending on changes in the TD mortgage prime rate.

Can mortgage rates be negotiated?

While TD bank has a very vast array of mortgage options, in certain situations, customers could negotiate better rates.

Compare and get the best mortgage rates in Canada. Visit Best Mortgage Online website and find answers to your mortgage related queries.

Mortgage Refinance

GDS, TDS and Why You Need Them For Your Mortgage

When applying for a mortgage for the first time, there are several terms and principles that you may need to familiarize yourself with. They can be factors that affect your eligibility for a mortgage loan. Lenders look into aspects of your financial statements such as your GDS and TDS to determine whether you are eligible for a mortgage loan and how much you can afford to borrow. Without proper knowledge of these financial concepts, you may end up going in blind to your mortgage deal. This can result in a person being denied a mortgage.

Besides their importance to mortgages, it is also important to know these concepts as they aid customers in understanding their finances comprehensively and making better financial decisions.

This article will guide you through what your GDS and TDS ratios are and what roles they play when you are applying for a mortgage loan.

What is Your GDS Ratio?

GDS stands for Gross Debt Service. It is a debt service measurement recorded as a ratio that is integral to determining whether a person is eligible for a mortgage as well as other financial endeavors. The GDS ratio is also known as the front-end ratio or housing expense ratio, and it represents the ratio of debt or expenses a homeowner has in contrast with their income.

In simple terms, the GDS ratio compares homeowners’ monthly expenses with their monthly income. Of these expenses, their mortgage is usually listed as the primary expense. Other expenses include taxes, utility bills, insurance, and other fixed expenses relating to your home. The expenses are then divided by the homeowners’ monthly income, which gives the ratio.

Most lenders require that customers have a GDS ratio of 32% or less to be eligible for their loans.

What is your TDS Ratio?

TDS ratio or Total Debt Service ratio is another debt service measurement. Instead of calculating the ratio of debt to income, the TDS ratio helps to determine the percentage of income spent on both housing and non-housing payments by the homeowner.

When calculating TDS, the customer’s mortgage and taxes are added up alongside other bills like student loans, alimony, and credit card debts. These are then divided by the customer’s income to determine the ratio. The TDS allows lenders to ensure that customers will be able to pay their mortgages consistently.

Mortgage lenders rarely offer loans to customers with TDS ratios that are higher than 43%.

The main difference between the GDS and TDS ratios is that the TDS ratio takes non-housing bills into account as well as housing-related bills.

Importance of GDS and TDS Ratios

Your GDS and TDS ratios are two of the most important factors that lenders use to determine whether or not a customer is eligible for a loan. These two best service measurements play many roles in your mortgage plans. The GDS and TDS ratios serve several purposes, which are discussed below:

● Lenders use these metrics to determine how much they will be able to lend you. When a customer’s financial state has been thoroughly examined using the GDS and TDS ratios, lenders can then decide on how much they can afford to lend out on a mortgage, based on the customer’s finances.

● The GDS and TDS ratios give lenders a comprehensive idea of the financial state of the homeowners which helps them make informed decisions on mortgage requests. Because the GDS and TDS ratios are displayed in plain terms, lenders can easily and quickly decide whether a person is eligible or not for a loan without too complex a process.

● GDS and TDS ratios break down the financial situation of customers to the barest minimum so that even the customers can understand their situations. It is not only the lenders that benefit from GDS and TDS calculations. Customers too can benefit from examining their GDS and TDS ratios so that they can have an idea of where their finances are and are better suited to make good and profitable financial situations, as well as make adjustments where needed.

● With the use of a person’s GDS or TDS ratio, lenders can determine whether or not they can afford to repay their loans and how much they can afford to lend to the customer so that they can comfortably repay. Lenders would not want to give mortgages to customers who will end up unable to repay them on time. The GDS and TDS ratios give lenders an idea of where customers’ money is going monthly and whether they can afford to add any more expenses to their finances.

How to Calculate Your GDS and TDS Ratios

For the GDS ratio, the formula is:

Principal payment (i.e. mortgage payments) + Property Taxes + Utilities / Gross Annual Income

For calculation of GDS, it is also often required to include 50% of the monthly fees of the home.

The formula for TDS ratio calculation is:

GDS + All other debts / Gross Annual Income

These other debts include student loans, credit card debts, car payments, insurance, child support, and any other fixed debts that a person may have.


When it comes to mortgage loans, one should never step in blind. Knowledge of how your GDS and TDS ratios affect your mortgage plan is essential to understanding how the process works and securing the best plan for yourself.

Both the GDS and TDS ratios have their importance and roles to play when trying to secure a mortgage plan. A customer with an unsavory figure on either of these is at risk of being rejected for their mortgage loan. Often, people assume that only a stable income or a strong credit score is required to be eligible for mortgage loans, which is wrong. The GDS and TDS ratios are only a few more metrics that are used to measure eligibility for mortgage loans.

Ensure that you understand the full scope of these concepts before taking the next steps in applying for a mortgage.

Mortgage and Financial experts at Best Mortgage Online helps you in every stage of mortgage, new home buying, refinance. If you also need help regarding mortgage protection plan visit sister website Insurance Direct Canada.

Mortgage Refinance

A Guide to Mortgage refinancing in Ottawa, Canada

There comes a time when, for certain reasons, you may have to refinance your mortgage in Ottawa. This simply means paying up your current loan before the term expires to change specific details of your loan. Or it could be to get a lower rate or change to a different lender in Ottawa. Whatever reason you may have for refinancing your mortgage, you must know that it comes with certain risks. Especially in the capital city, Ottawa, where there are many firms offering mortgage refinancing services, there are risks and penalty costs.

Therefore, before you fully decide to take the path of mortgage refinancing, you should read this guide on mortgage refinancing in Ottawa, Canada. We will discuss what a mortgage refinance is, its purpose, its major reasons, and its costs, risk, and rates. Thus, you do not want to skip this.

What is a Mortgage Refinance?

In simple terms, mortgage refinance refers to acquiring a new loan on your house by ending your current loan before the expiration of its term. It works in a way where you pay off your current loan and replaces it with a new one. The new mortgage might have different details from the old one, such as term length, lower interest rates, higher mortgage balance, and much more. You could also pay off your current mortgage and get a new loan with a different lender for extra benefits. This is especially so in Ottawa, where some mortgage firms offer rewards and gifts.

What is the Purpose of Mortgage Refinancing?

Moving on, there are several purposes for mortgage refinancing. Some purposes are central to the essence of refinancing a loan. Refinancing mortgages occur because homeowners seek to make a change. This change could be in terms of the loan term, rates, and many others. But for these changes to occur, the current loan needs to be paid off and refinanced with a new one.

Therefore, some major reasons for refinancing mortgages in Ottawa include;

Borrow More Money

Mortgage Refinancing

One main aim of mortgage refinancing in Ottawa is to borrow more money by accessing the equity on one’s property. Assuming the balance of your current loan isn’t much and you need money for other investment opportunities or your children’s education. You can refinance your mortgages, which gives you access to up to 80% of the appraised value of your property. This means that you get more money from refinancing in Ottawa.

To Change Interest Rate

Mortgage refinancing is also aimed at reducing interest rates. This is because this type of loan has a lower rate than other types of loans. So, when homeowners notice that interest rates have dropped in Ottawa, they often opt for the option of refinancing their loans to get a lower interest rate.

To Change Term Length

Mortgage refinancing is also used to change loan terms. The new loan often has different details from the previous one. And one such detail that has changed is the term length of the loan, giving homeowners in Ottawa, Canada, a longer period to pay off their mortgage.

To Change Lender

Homeowners also choose to refinance their mortgages to change lenders. Perhaps there is a lender in the capital city who offers certain benefits that you desire. You can change lenders through mortgage refinancing.

But note that there are penalties or prepayment fees attached to ending your current mortgage before the term ends, which are legally binding.

What are the Reasons for Mortgage Refinancing?

There are many reasons for refinancing a mortgage, some of which are part of the purposes of mortgage refinancing. A big city like Ottawa comprises diverse individuals, each acquiring mortgages for different reasons and equally acquiring mortgage refinancing for various reasons. Some of these include;

· It could be to borrow more money to offset a financial burden such as school fees, pay off debts, or engage in new investment opportunities in the capital city.

· To get lower interest rates that reduce your mortgage costs in the long term. There might be rumors about a potential hike in rates. So, you might want to take advantage of the current low-interest rates by paying off your current loan and getting a new one at a lower rate before the hike.

· It could be to change the mortgage type. Mortgage refinancing allows you to change your type of loan from a variable rate to a fixed rate, or from a higher monthly payment plan to a lower monthly payment plan, and so on.

· If you plan to renovate your house or want to purchase a new property. Then mortgage refinancing could provide the needed funds for these and other expenses that may arise.

· You might want to consolidate your debts by acquiring a mortgage refinance that helps you pay off all your pending debts. Then, you can plan effectively to have a better, more stable financial state and credit score.

· You may want to revisit the prepayment penalty on your loan and, thus, get a mortgage refinancing to change this detail.

How to Refinance Your Mortgage?

In the capital city of Canada, there are several ways that you can refinance your mortgage.

Break Your Current Loan

You can break your current loan to refinance your mortgage. This is done by paying off your existing mortgage. Then, acquire a new loan with any lender of your choice at a lower interest rate. But ending your loan before the expiration of the term attracts prepayment penalties.

Blend or Extend Your Current Loan

You can also extend your current loan with your current lender at a blended rate. But only if your current lender allows blending loans, which simply means combining your existing loan with a new one. It allows you to blend your current rate with a new market rate. But in comparison to other options, this is often more expensive.

Get a Home Equity Line of Credit

Individuals can also access mortgage refinancing by adding a home equity line of credit, which means they get access to their home’s equity at their discretion. This is possible in Ottawa.

Rates for Mortgage Refinancing

The rate at which firms refinance mortgages varies based on their offer. Some firms offer fixed rates for refinancing over a fixed period, while others offer lower variable rates. So, you should do proper research on the rates of mortgage services to refinance before you jump into it. Or you check out the rate of your current lender to refinance.

Best Mortgage Online allows you to compare rates of various firms across Ottawa. It also places the shopper’s interest at the centre of its activities, by ensuring that homeowners get the get best deal based on their terms, saving cost and time.

Best Mortgage Online offers various rates from banks, brokers, and even private lenders. You can get a;

· 2.64% broker rate on a 5-year fixed loan.

· 2.94% banks best rate on a 5-year fixed loan.

· 8.49% lenders rate on a 1-year renewable loan.

These rates are some of the best available in the capital city.


In summary, mortgage refinancing has lots of benefits for homeowners, especially in the capital city, Ottawa, where there are more opportunities in terms of mortgage services. But know that it comes with risks. The prepayment penalty for variable mortgage rates in Ottawa is often three months of interest, while that for fixed loan rates is over three months of interest.

So, you need to evaluate your ability to cover this cost of refinancing before you choose it. Also, know your reasons as the main aim is to have a better financial life overall. So, you do not want to refinance your mortgage for a cause that will only depreciate and leave you in debt.

Get to know more about Mortgage in Canada with Best Mortgage Online

Mortgage Refinance

The Complete Guide to Mortgage Rates for 2022

A mortgage is an important subject for every homeowner or potential homeowner. Getting a mortgage for your house can be one of the biggest financial decisions you will make, and it is necessary to have the right information needed to make the best choice when it comes to what mortgage type to choose. Different mortgage rates and terms depend on the type of house you want to acquire and your credit score.

If you are a newbie planning to get your first home through a mortgage, relax; the journey is exciting, and this post will also guide you in understanding how a mortgage works and how to get the best mortgage rates possible. In simple terms, a mortgage is a repayable loan that you can get from the bank or a broker to purchase a home; most times, the loan is often secured by collateral and paid back monthly. In Canada, you must make a down payment on your property to qualify for a mortgage.

Best Mortgage Online has highlighted the mortgage rates available in Canada for 2022 and how to ensure you get the best mortgage rates for your home financing.

Mortgage Rates in Canada

The current mortgage rates in Canada have experienced a significant reduction since the period of the COVID-19 era in 2020 and parts of 2021. Although there are experts’ projections that the mortgage rates will increase before the end of 2022, the increase will still be low or at par compared to what we had before COVID. If you plan to get a house, this might be your best chance of getting the best mortgage rates.

A mortgage rate is determined by the terms agreed upon by the lender. The term means the period where factors like interest rates and payment frequency of the mortgage are in effect. There are differences in the rates that apply depending on the type of lender and the duration of payment. Although mortgage terms are flexible, Canada’s most common term is five years. The mortgage rule is that the lower the number of years, the lower the rate applicable.

Fixed vs Variable Rates

The fixed vs variable mortgage rate is one of a home buyer’s major decisions. A wrong choice can cost you thousands of dollars or save you thousands of dollars if you make a favorable choice. To get the best mortgage rates in Canada, you need to choose between fixed or variable rates. It depends on the type of house you want to mortgage and the duration you propose for completing the payment. Here are the significant differences between fixed and variable rates:

Fixed rates:

  • The interest rates on a fixed mortgage remain unchanged for the entire duration of the mortgage term
  • The rate of a fixed mortgage can be typically high, but it provides a stable repayment plan and amount
  • Breaking the mortgage attracts a high penalty called Interest Rate Differential Penalty

Variable rates:

  • The interest rates on variable mortgages are not fixed and can go lower or higher depending on the current market rate set by the Bank of Canada
  • The initial rate of a variable mortgage is often lower than that of a fixed, but the rate can also be higher at a certain period.
  • The penalty for breaking the variable mortgage is far lower, and you can switch to a fixed rate at any time without breaking the mortgage.

We have put together some of the mortgage rates provided by top lenders in Canada:

LenderFixed MortgageVariable MortgageDuration
Laurentian Bank3.54%2.45%5-year
TD Bank4.59%2.60%5-year
Desjardins Group4.74%2.45%5-year
Home Trust Company4.79%2.45%5-year
National Bank of Canada4.79%2.45%5-year
Royal Bank of Canada4.79%2.45%5-year
Banque Scotia4.79%2.65%5-year

How to Get the Lowest Mortgage Rates in 2022

For most individuals, the variable rate is always the best choice due to the many advantages compared to fixed rates. Here are some reasons why variable mortgages might be the best way to get the lowest mortgage rates in 2022.

  • Variable has historically cost less than fixed-rate: The expert report provides that in 90% of most cases, a variable mortgage always has a lower rate than a fixed mortgage. The common fear about variable rates is that they can also increase when the market price surges, but history has proven to us that this rarely occurs. You can save more money by going for a variable mortgage.
  • Effect of COVID19 on mortgage rate: Despite the health challenges that have occurred because of the pandemic, it has a different effect on the mortgage rate. The pandemic has greatly impacted the economy, and one of the mechanisms of the government to stimulate the economy is to control the interest rates through the Central Bank of Canada. From all indications, the rates will still be kept relatively low in 2022 to continue stimulation.

Comparing Mortgage Rates

Another way of getting the lowest mortgage rates even after selecting a variable mortgage is to compare different mortgage rates. Different lenders offer mortgage services and offer different rates for their services. It is often recommended to compare the different lenders’ rates and select the lowest one with great options.

When comparing mortgage rates across lenders might be tricky for first-time home buyers. The first thing to do is compare the annual percentage rates and not just the interest rates. The annual percentage rates are more comprehensive and include interest rates, fees and other associated costs. A lender might have a low-interest rate but a higher annual percentage rate cumulatively. Calculating the total rates will make your choice of lender much easier.


Mortgages are highly important when it comes to home buying. It is even more important to understand how a mortgage works if you try to save costs. There are commonly two forms of mortgage with different rates. One of the best forms of mortgage rates in Canada is the variable mortgage; it has lower interest rates and allows you to save more money than the fixed rate.

The variable rate is even more advantageous in 2022 since the market has an even lower rate due to the impact of COVID-19 on the mortgage rate. To effectively save cost when it comes to home buying, you can compare the rates offered by different lenders and select the one most appropriate.

Best Mortgage Online is focused on helping residents of Canada to acquire homes with the best mortgage rates. For more information, you can check

Mortgage Refinance

When Is the Right Time to Refinance Your Mortgage in Canada

If you look at the latest state statistics, you can see that home-ownership has been rising in recent years. At the moment, nearly 3/4 of families in the country have a fixed mortgage rate.

With prices of homes soring, many people have to build up equity in their homes. However, they still may feel they’re cash-squeezed. If that is the case for you, refinancing your mortgage may be an excellent strategy to lower the total monthly payments.

But is it the right time for you to refinance your mortgage? That’s what we’re going to try and answer.

The Basics of Mortgage Refinancing in Canada

If you’re like most Canadians, your existing mortgage is on a closed, five-year term and of a variable rate. That means that the interest on your loan is not fixed for the duration of the borrowing period. Instead, it’s subject to changes in market trends, and at times, this could result in higher monthly payments.

At the same time, if you have a five-year closed mortgage at 3%, today, it might be worth refinancing into a new loan that is also for five years but has an interest rate of just 2%. That’s because your existing equity in your home could qualify you for a lower interest rate on your next mortgage.

By refinancing your current mortgage, you could lower your monthly payment by as much as 20% or even 25%. You can also take advantage of an offer to agree to a fixed interest rate for the next five years.

Many Canadians are refinancing their mortgages simply because they feel this is the best time. As a result, interest rates are rising, but not enough to offset all of your savings.

If you’re thinking about refinancing your mortgage, perhaps these tips might help you decide when is the right time for you to refinance.

When To Refinance Mortgage When Interest is Rising

One of the best times to refinance your current mortgage is when interest rates rise. You might even be able to secure a better interest rate on your new mortgage as well as lower monthly payments if you have equity in your home.

In many cases, those who completed a refinance at the right time didn’t take no for an answer from lenders during their initial attempt.

Another thing to keep in mind is that it will take at least three weeks to approve the new loan. Then you’ll need to get your documents in order, including a copy of your existing mortgage, title search and other financial information needed by your lender to process your application.

Home Loans Canada

When To Refinance Mortgage When Interest is Going Down

People who refinance their existing mortgage when the interest rate is going down may not see as many savings as they would if rates were rising, but they could still save $100s or $1,000s over the life of your loan. You can then use that money for other financial goals that will reap future rewards, like perhaps using it to pay off credit card debt.

The other thing to consider is that you don’t have to wait until interest rates are higher before refinancing your loan because if you do, you could end up paying more interest over the term of your new mortgage. So, for example, even if interest rates fall by 2%, there might be little incentive for you to refinance your loan.

However, if you can lower your monthly payments by $200 or $300, then it’s probably worth looking into refinancing your mortgage, even if that means you will be locking yourself into a low-interest rate for the next 5 to 10 years. Or perhaps take out another line of credit using the equity in your home as collateral.

When To Refinance Mortgage When Interest is Stable

Another time when you might consider refinancing your existing mortgage is when interest rates are stable. That could make sense because with rates remaining the same, there wouldn’t be any penalty attached to closing out an existing mortgage contract and taking on a new one should interest rates decrease further still, something which seems inevitable at this time.

Another advantage of refinancing during this period is that you might be able to replace your current fixed-rate mortgage with a floating rate. That means your monthly payment could become even less expensive if rates drop further over the next few years as expected. However, if interest rates increase, it shouldn’t have as much of an impact on your loan since you will now have a floating rate attached to your new mortgage.

Most mortgages in Canada are now either variable or adjustable-rate mortgages because homeowners feel these loans offer greater flexibility and affordability. In a rising interest rate environment, especially where money becomes more expensive to borrow, these flexible loans can help mitigate the worst effects that higher rates can cause to home budgets.

Of course, if you do decide to refinance your existing mortgage when rates are going up or down, you’ll need to make sure that the new rate is a fixed one because variable rates can fluctuate dramatically and even go up as high as prime plus 9.0%.

What You Should Know Before Refinancing Your Mortgage

Another thing to keep in mind is that refinancing your mortgage could mean an increase in your monthly payment even if you’re getting a better rate. Why? Because some lenders may also require you to pay for the appraisal, title search and other legal fees associated with closing out an existing loan contract.

Before you refinance your current mortgage, it’s worth doing some research first by getting quotes from different lenders so you can find out how much money you could potentially save by refinancing. This way, there won’t be any surprises when borrowers receive their final quote following their application process or lock-in period, which typically lasts between 30 days and six months. During that time, they cannot switch lenders without paying fees.

Closing Thoughts

With more extended amortization periods now being offered by some mortgage lenders, refinancing your existing home loan may well become an even more attractive strategy today. That is especially true now that interest rates are so low and likely to remain this way for the foreseeable future.

If you do decide to refinance your mortgage, make sure before signing on the dotted line that you’re aware of all the terms and conditions involved with closing out your current loan contract in addition to any other fees that may be associated with this transaction.

You can get in touch with our Mortgage experts for loan rates and advice. We also have more articles covering different aspects of Mortgage in Canada available at Best Mortgage Online for your reference.