A bridge loan, at least in regards to residental real estate, is a short term loan that is usually used to bridge the gap between the closing date of a property being purchased and the closing date of the property being sold. This can happen for a number of reasons (the seller of the new… Continue reading What is a Bridge Loan?
Category: Mortgage Monday
A weekly column written by mortgage agent Tim L. Walker that discusses a wide variety of topics in the mortgage industry.
Collateral Mortgages
As I began writing this post about collateral mortgages, I started reading through other articles on the subject (and there are quite a few of them from the past year since TD Bank moved their mortgages from conventional to collateral mortgages). Â I found a fantastic article on moneyville.ca that really said it better than I… Continue reading Collateral Mortgages
Mortgage Monday Rate Update – November 2011
As many of you know, my wife and I had our first child a couple of weeks ago (a healthy baby boy, Markus), so if you were wondering where the past 2 “Mortgage Monday” posts were – I skipped them to either a) spend time with my new son and/or b) to sleep. 😉  Needless… Continue reading Mortgage Monday Rate Update – November 2011
What is “Prime Rate”?
The Prime Lending Rate in Canada (like in many other countries) is a reference interest rate charged by banks and lenders to their most “creditworthy” customers. In reality we find that most banks and lenders in Canada base their best interest rate (usually in the form of a variable interest rate) on the prime lending… Continue reading What is “Prime Rate”?
How Much Do Mortgage Brokers Cost?
Back in the “old days,” people would usually only go to a mortgage broker when they weren’t able to find a mortgage on their own (self-employed, past bankruptcy, bad credit, insufficient income, etc) – they had usually been turned down by a bank, and needed the help of a mortgage broker to obtain financing.  The mortgage broker… Continue reading How Much Do Mortgage Brokers Cost?