Top 10 mortgage articles on Whichmortgage.ca

Font size : Incorporating your property business makes sense when... Just because you can incorporate, doesn't mean you should - and vice-versa. Weigh the advice of several professionals - a lawyer, an insurance agent, a lender and an accountant.

At a minimum, you'll need five per cent of the purchase price of your home, along with high-ratio mortgage insurance. If you can afford to put down more, you can reduce the amount you have to borrow, and how much you have to spend each month on a mortgage payment.

By WM Font size : Applying for your first home loan is a little like opening up your underwear drawer to strangers. You can take some of the unpleasantness out of the process by knowing what lenders are looking for.

"There are costs that just don't exist anywhere else," says Phil Soper president and CEO of Royal LePage Real Estate Services, Toronto. There are often costs involved that many first-time buyers have never heard of, particularly if they didn't do their homework or seek good advice during the transaction.

It's fitting that Trevor Ellis, an RCMP Peace Officer, wanted to do what was right when it came to selling his home privately. That's why the 37-year-old decided to get his home appraised. "We wanted to find out the market value because we had some potential buyers lined up and we wanted a fair price," says Ellis.

Most borrowers - real estate investors included - think of private lenders as a last-resort option if they can't secure financing anywhere else. But private funds are gaining traction as a financing option due to the new mortgage rules set by the federal government and the continued post-crisis caution being exercised by institutional lenders.

The gap between variable- and fixed-rate products has narrowed in recent years. And while fixed rates are starting to rise they offer certainty in a monthly payment. On the flipside, variable rates remain low, but are the riskier of the two choices - so how do you choose?

Cash back mortgages are becoming increasingly popular among borrowers, particularly those who have limited down payments. Various lenders offer cash back programs, allowing a percentage of the property's value to be rebated to the borrower upon closing.

Before you peruse online house listings or start viewing homes with a Realtor, it's crucial to know what you can afford. While simple calculations can be done to determine what price range you should be shopping in, most Realtors and loans officers will encourage you get pre-approved for a mortgage loan by a lender.