1. REFINANCING - WHAT DOES IT ALL MEAN?

Refinancing is replacing an existing debt obligation such as a mortgage, with a debt obligation bearing different terms. Some people also refer to refinancing as switching or transferring. It all pretty much just means that you are swapping out an old mortgage for a more favourable mortgage.

So why should you consider refinance/switching your existing mortgage?  Here are the most common reasons for refinancing:

2. NO FRILLS - WHAT DOES IT MEAN?

What Does it Mean? Is it Right for You?

So you’ve noticed the amazingly low mortgage rate on the front page and you’re wondering to yourself, “what’s the catch”? Then you see the caption 30-Day No Frills. “Ahhh that’s where they get you…but what does it mean?”

3. PRE-QUALIFICATION VS PRE-APPROVAL

Before buying a home, many of us would like to know how much we can afford or borrow. So what we do is go off to a bank/mortgage broker/lender to get more mortgage information. Now armed with a whole bunch of info and the amount of money the lender will loan, you run off and call your realtor to look for your dream home…

But, wait a minute…

 4. 3 THINGS THAT AFFECT YOUR CREDIT SCORE

1)      Approaching or surpassing your credit limit on credit cards;

2)      Missing payments on credit cards or other bills;

3)      Car loans or lines of credits balances.