Money saving tips
Do You Have to Pass the Stress Test to Switch Lenders at Renewal?
When your mortgage renews, you are free to switch to any lender you want. The key question is whether the new lender puts you through
How Mortgage Penalty Calculations Work at Renewal in Canada
The biggest myth about mortgage penalties: you pay one at renewal. You don’t. When your mortgage reaches maturity, you can walk away, stay with your
Does Breaking Your Mortgage to Buy a Rental Make the Interest Tax-Deductible?
When you borrow money to buy an income-producing asset such as a rental property, the interest on that borrowing is generally tax-deductible under CRA rules.
Is It Worth Breaking Your Mortgage to Get a Lower Rate?
Breaking your mortgage is worth it when the interest you save over the remaining term is greater than the penalty you pay to break. That
Should You Switch Lenders at Mortgage Renewal?
Switching lenders at renewal often saves you money, because your current lender rarely offers its best rate on the renewal letter. Moving your mortgage to
Do Mortgage Brokers Charge Fees in Canada?
For most residential mortgages in Canada, the borrower pays nothing to use a mortgage broker. The lender pays the broker a commission when the mortgage
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Can You Get a Mortgage in Canada as a Permanent Resident with Foreign Income?
Yes. You can get a mortgage as a permanent resident with income earned outside Canada,
Gifted Down Payment Rules in Canada: What Lenders Actually Require
Yes, you can use a gift from an immediate family member for your down payment.
Should You Pay Down Your Mortgage or Invest Before Renewal?
Paying down your mortgage earns you a guaranteed result equal to your interest rate. Investing
Self-Employed With a Dropped Income: Can You Still Switch Lenders at Renewal?
Renewing with your current lender usually does not require you to prove your income again.