You do not pay Michael,

the lenders do.


Fixed Rate vs. Variable

The answer depends a lot on your personality and tolerance to risk. If you are conservative and do not like the potential ups and downs of the mortgage market, locking in can give you peace of mind. But, if you are open to rates fluctuating and are not flustered by the changing rates, variable mortgages historically beat fixed options in the long run.

Mortgage Preapproval

When you work with Michael, he can get your rate approved up to 120 days – while you look for a new property. This ensures you rate protection in a rising rate environment. If rates lower before completion, you will get the lower rate available.

Understand Your Credit Report

There are only two companies in Canada that keep record of your credit: Trans Union and Equifax. Both have records on anyone in Canada that has borrowed money. Credit Scores range from 300 to 900 and you need a score of 650 or more for best pricing. The higher your credit score, the more flexibility you have in the lending process.

The Right Term

Picking the right term for your mortgage truly depends on your financial position and where we sit in the Interest rate environment. If you are younger and your mortgage payment takes a substantial part of your monthly income, a fixed rate may be a good fit for your monthly budget to start as a homeowner. If your income is consistent or you can handle changes to your payments, a variable or adjustable-rate mortgage could be the answer for you.

Pay Off Your Mortgage Faster

There are three common ways to pay off your mortgage faster.

Make payments more often. Example: Half a monthly payment every 2 weeks pays 13 months a year.

Increase your regular payments every year as you can afford to do to pay more towards principal.

Make lump sum payments with tax refunds or other windfalls.