If your mortgage is coming up for renewal this year, you’re in good company. According to the Bank of Canada, about half of all Canadian mortgages are due to reset between 2024 and 2026, and 2025 is a peak year for renewals. The kicker? Most of these were originally taken out or last renewed when […]
In the dynamic landscape of real estate, homeowners often find themselves needing to relocate before their mortgage term concludes. In such scenarios, porting your mortgage can be a financially savvy strategy. This process allows you to transfer your existing mortgage—along with its current interest rate and terms—to a new property, potentially saving you from prepayment […]
Let’s talk about porting your mortgage. It sounds complex, but it’s actually a pretty simple concept that can make your home-buying experience much smoother. Porting your mortgage means transferring your existing mortgage—along with its current rate, terms, and balance—from your current home to the new one you’re purchasing. This can be a huge advantage, especially […]
Will a reverse mortgage affect my credit score? While a reverse mortgage doesn’t directly impact your credit score, using the funds to pay off existing debts could actually boost your credit profile and increase your score! It’s a win-win. Are reverse mortgage payments taxable? Nope! The money you receive from a reverse mortgage isn’t […]