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Debt

Debt is a four letter word that can really get under our skin. Yes we’ve all heard through inter-web and social media chatter that debt doesn’t have to be all bad. Debt starts with a credit card followed by a student loan and a car before we realise it to have risen enough to drown us.

First Mortgage

First time mortgage doesn't mean only the first home home that you buy. It can also mean the primary lien on the property you are planning to buy. It's not about the level of home buying but the property itself. The term mortgage is a security for the lender.

Reverse Mortgage

People nearing retirement always think about living comfortably without being worried about not being able to afford expenses. Reverse mortgage is a special kind of mortgage that will allow you to continue living in your home and use the existing value to cover up the potential expenses.

Debt

Debt is a four letter word that can really get under our skin. We’ve all heard that debt …

First Mortgage

First time mortgage doesn’t mean only the first home home that you buy.  It can also mean the primary…

Reverse Mortgage

People nearing retirement always think about living comfortably without being worried about …

Rateguru Blogs

Rateguru aims to serve Canadian homebuyers, homeowners and prospects with absolute transparent information which helps them make best decisions related to their mortgage and home financing.The blogs are written to inform and educate anyone interested in buying a home, renewing a mortgage, refinancing or consolidating debt with the most up to date news, regulation changes, and financial tips about homeownership and the mortgage industry. 

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FAQs

The rules for granting a mortgage loan for newcomers are constantly changing. A newcomer to Canada can access a mortgage by putting a down payment of approximately 35% of the cost of the property. In addition, they have to prove that they can afford payments for mortgage for the next 12 months by showing their bank statement from a Canadian bank. The amount have to be in the bank account for at least 30 days before they apply for the mortgage approval. And of course the person has to be at least a permanent resident. A proof of source of income is required to prove that the repayments will be made on time. For a self-employed person to qualify for the mortgage, they would need to prove a two year self employment history.

The most important reason for using a mortgage broker is that they are experts in their field. They represent you with the bank or lender and try to get you the maximum amount of mortgage at the best possible rates of interest. They are usually associated with multiple banks and financial institutions offering mortgage loans. They can thus find a mortgage lender that would offer you a loan based on your financial conditions. When you are buying a property, you don’t even pay the mortgage broker any fees for their services. They save you time both for researching a suitable mortgage lender as well as guiding you on the process.

Content Insurance is a type of insurance that pays for damage to or loss of your possessions while they’re located in your house or temporarily away from your home. Content insurance also applies to the things that are not permanently attached to your home. In short, it can be termed as a coverage for our prized possessions at the time when we are not at home or present at home.

 

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Debt

Debt is a four letter word that can really get under our skin. We’ve all heard that debt doesn’t have to be all bad. In fact there is good debt too. Good debt is an investment that will grow in value. Debt accumulation may hinder progression of life goals and increase personal stress levels if the borrower is purchasing depreciating assets (cars/boats etc.). The problems associated with debt occur when debt payments take up too much of the borrowers take home pay. Regular repayments towards the balance of the debt (usually monetary) are not occurring at appropriate intervals decided upon by the lender and agreed to by the borrower which ultimately causes stress. If your debt gets too high, it’s time to consider a debt consolidation strategy.

First Mortgage
First time mortgage doesn’t mean only the first home home that you buy. It can also mean the primary lien on the property you are planning to buy. It’s not about the level of home buying but the property itself. The term mortgage is a security for the lender.
Reverse Mortgage

People nearing retirement always think about living comfortably without being worried about not being able to afford expenses. Reverse mortgage is a special kind of mortgage that will allow you to continue living in your home and use the existing value to cover potential expenses. This is called a CHIP Reverse Mortgage and could be the solution for you.