A mortgage refinance and a mortgage renewal are two different processes related to existing mortgages. A mortgage refinance involves obtaining a new mortgage with changed terms, while a mortgage renewal is the process of signing a new agreement with the current lender.

Yes, but we highly recommend consulting with your lawyer on this matter. We’ve outlined some of the key considerations and costs below.

The largest benefit of a variable rate mortgage is that you will benefit from the lower interest rates, at least initially. This short-term savings will allow you to place more of your payment towards the principal, earlier in the mortgage term.

Instead of making monthly payments, consider making half of your monthly mortgage payment every two weeks. This results in 26 half-payments or 13 full payments in a year, effectively making one extra payment annually. When compounded over the life of your mortgage, this extra yearly payment goes a long way to reducing the life of your mortgage.

The term "blended mortgages" refers to a mortgage arrangement where the borrower combines two mortgages into one. Let’s assume you have one mortgage at 2.5%, and a mortgage on another property at 5%; blending both mortgages could be an excellent option for you.

A first home savings account (FHSA) is a registered plan that allows you to save for your first home, tax-free. (up to certain limits).

Amortization is commonly associated with loans, such as mortgages, car loans, or personal loans. It refers to the process of spreading out the repayment of a loan or the cost of an intangible asset over a specific period of time.

Multifamily real estate and commercial real estate are two popular types of investments that clients come to the Mortgage Agency for. It’s important to understand the key differences in both investment vehicles.

Term Length: A 5-year commercial mortgage has a fixed interest rate and repayment schedule for a period of five years. After the initial term expires, the borrower typically has the option to renew the mortgage at prevailing market rates or refinance the loan.

As licensed mortgage brokers, we provide commercial mortgages to clients across the province. The commercial lending space has changed greatly over the past 24 months, so it’s important to speak with a licensed mortgage broker.

A reverse mortgage is a financial product designed for homeowners who are typically 55 years of age or older. In Ontario, you must include all individuals listed on your home’s title, and all individuals must be at least 55 years old to be eligible. 

The prime rate is the interest rate that commercial banks charge their most creditworthy customers for short-term loans. It serves as a benchmark for various lending rates in a country's economy. 

Financing investment properties in Ontario is similar to obtaining a mortgage for a primary residence, but there are some key differences and considerations to be aware of. Here are some essential points to keep in mind before considering investing in real estate in the province of Ontario.