Richards Mortgage Group Blog (14)

Short-term mortgage vs. longer-term mortgage - which one?

A common question I hear from mortgage clients is how to decide between a shorter term mortgage and a longer term mortgage. Here's a response to one of my recent mortgage customers. Regarding term, take a term today based on your expectation of available rates at renewal time. This is called your "renewal risk." For example, at the time of writing...

Can I Get a Mortgage? - Down Payment Ideas

Last updated: May 2019 If you are a first time homebuyer wondering what where you can get your down payment, and how long the money has to be sitting in your bank account, here's a source list applicable to all Canadian mortgage borrowers:

Down payment requirements for residential mortgages in Canada

What Are the Down Payment Requirements for an Alberta Mortgage?

Last updated: May 2024

Scanning Documents for Your Mortgage Broker the E-Z Way

Updated Feb 17, 2021 One of the things about getting a mortgage in today's mortgage market is the amount of documents you have to provide your broker or lender to prove your income, down payment, property details, etc. I guess when you're borrowing hundreds of thousands of dollars, the lender has a right to make sure everything is legit!

Money can't buy you happiness, but it sure helps to get a mortgage!

(Last Updated: 2019) Money can't buy you happiness, but it sure can help you reach some of your life goals. But your money won't manage itself. Reaching your first goal as a first time home buyer takes planning, and sometimes guidance from an outside source, like a mortgage planner. Here are five basic steps for reaching your financial goals.

Mortgage-Break Penalties Don't Need to Be So Complicated!

I ran across an article in a Canadian Mortgage Trends blog about an ongoing problem the Canadian mortgage industry has regarding calculating fair mortgage-break penalties, which apply when you need to break your "closed" mortgage contract before the term expires. The main issue is that the playing field is not always level, often tilted when certain banks distort the calculations in their favour!

Richards Mortgage Group Articles

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