What Is an Interest Rate Differential (IRD) Penalty?
If you’re a homeowner or potential homebuyer in Canada, understanding interest rate differential (IRD) is crucial when dealing with mortgages and refinancing. The IRD penalty is an essential concept that comes into play for borrowers who wish to break their mortgage contract early or refinance. In this article, we’ll dive into the intricacies of IRD, […]
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Co-Borrower Mortgages
The decision to buy a home and get a mortgage can look different for everyone. If you want to own a house with friends or family, one way to share the financial load of homeownership is to apply for a co-owner mortgage. But how does a co-borrower mortgage work? Let’s explore everything you need to […]
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Multigenerational Mortgages
Multigenerational homes are a great way to keep a property in the family. This arrangement is not new to our society; intergenerational living has existed since early human history and continues to be a cultural norm in many parts of the world — and it’s gaining popularity in Canada. This shift raises questions about home […]
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Can You Get a Mortgage without a Home Inspection?
The mortgage approval process can be an exciting albeit tumultuous journey. It’s an opportunity for you to evaluate your finances and ensure they are in order before you purchase a home. With plenty of paperwork, it’s easy to get caught up in the process, and you might be worried you are missing a step, such […]
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