Richards Mortgage Group Articles

Choosing the correct mortgage term can help reduce the lifetime cost of your mortgage financing. The wrong term could cost you!

Amortization refers to the length of time over which a debt is repaid. Your maximum amortization period on a mortgage is capped, but you can shorten it if you want to save on interest expense. The amortization period on a mortgage is the total length of time it will take you to pay off your mortgage. If your down payment is less than 20 percent of the purchase price of your home, the longest amortization period allowed is 25 years. Longer amortization periods are allowed for non-insured mortgages of 30 to 35 years, and - with some specialty loan products - interest-only payments are available.

It helps to have an expert on your side. Working with a professional mortgage broker can save you thousands over the duration of your mortgage, but what you might appreciate most is that it saves you headaches as well. An in-depth understanding of the mortgage industry and a personalized approach means that mortgage brokers are able to guide you through the mortgage application and selection process allowing you to make informed decisions that are right for you! Table of Contents 10 Ways a Mortgage Broker Helps Mortgage Broker vs. Bank How to Work with a Broker Return 'Can I Get a Mortgage' overview

First-time homebuyers who are Canadian residents can now withdraw (as of March 2019 budget) up to $35,000 from their RRSP TAX FREE. If you have a partner, that means that you can each withdraw up to $35,000 for a total of $70,000 to build or buy a qualifying home.

My spouse and I have been Tangerine Bank (formally ING Direct) customers since early 2001 when they first came out in Canada and often recommend one of their automatic savings tools without any hesitation as a truly great financial management tool. This is especially true now that I am a mortgage broker helping people get into homes. It helps you save your money and earn interest considerably higher than the average of the major banks.