What Are Vendor Take Back Mortgages?
In Canada, a Vendor Take Back Mortgage (also known as a VTB Mortgage) is a financing arrangement where the seller provides a loan to the buyer to help the sale go through. The property seller would then take payments from the buyer over the agreed-upon term much like...
Open vs Closed Mortgages
There are many different types of mortgage products and lenders out on the market, each with its own terms and stipulations. When it comes to mortgages specifically, you will always have a choice between two different types of loans - open or closed. What is An Open...
What is A CHIP Reverse Mortgage?
If you are a Canadian over 55, you likely have a number of assets including the equity in your home and the money you have saved over the years. Additionally, there is a strong probability that your home, which makes up a sizeable amount of your net worth, has seen...
What is Mortgage Refinancing?
Refinancing a mortgage means replacing your existing mortgage with a new one that's more favourable with terms and rates. Ultimately, refinancing can allow a borrower to save money on interest with a newer mortgage. Whether you should refinance depends on how much...
Can You Get A Mortgage with Bad Credit?
Your chances of acquiring a mortgage may be reduced if you have low credit, and some mortgage lenders may not even let you apply if you don't meet their minimal credit score requirements. A credit score below 600 is typically seen as having poor credit. Bad...
What does Rent To Own Mean?
Certain housing markets, like Toronto, are significantly more expensive than others. This makes it increasingly more difficult for people to afford homes in more in-demand markets, with some prices just not attainable for someone with a modest income. Since prices...