The main objective of any mortgage borrower is to pay down there mortgage as soon as possible.  Naturally coming up with the money to do this is not that easy.  Two ways to chip away at your mortgage is to take an accelerated payment frequency and take advantage of the automatic payment increase allowed on your mortgage by your mortgage lender.  Here is an example.
Read More

The Government of Canada made some changes to High Ratio mortgage financing rules yesterday.  It is the fourth change since 2008.  The changes take effect July 9^th.
Read More

Mortgage amortization is the length of time that a mortgage loan is set up for.  In other words this is the maximum amount of time a borrower has to pay out the loan based on the initial mortgage payment set up.   Currently the longest amortization in Canada based on Government rules is 30 years.

What is Mortgage amortization?

When setting up your mortgage loan the mortgage amortization is the length of time the lender sets your payments at to pay back the loan.  Typically 25 year amortization is the norm when taken out a new mortgage however a borrower can choose a amortization as low as 5 years and as high as 30 years.  Over the past 3 years we have seen the amortization rules go from 25 up to 40 years and back down to 30 years.
Read More