Richards Mortgage Group Articles

Last updated: May 2019 Before I was a mortgage broker, I worked for years in the wholesale natural gas (and power) marketing and transportation industry. The two energy forms are very closely related, hence why you, as a home owner or tenant, might get someone knocking on your door trying to get you to sign a "retail energy contract" to secure natural and/or power supply. Usually the offer sounds like you will save a bunch of money. The reason I am writing is, too often - as a mortgage broker - I hear stories or see client's credit reports wrecked by collections from these energy retailers, and the client's plan to buy a home is delayed trying to sort things out. In most cases, the client didn't know what they were signing and missed the part about the big early contract termination penalty. So, if you don't want to read this blog to the end, here's the punch line. DON'T sign things you don't understand (RTFC*). There are NO real savings to be had in the first place. You will do better to simply take the "default regulated-energy supplier" for your area, who - by law- can only pass through the actual market price they pay for energy to you, with no price mark-up.

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...

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:

Last updated: May 2024

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!

(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.