Making Informed Decisions Starts With Understanding Mortgage Terms
It’s starting to feel a little like doomsday around here. We knew that the Bank of Canada was going to raise mortgage rates and there’s currently a truckload of speculation over whether or not it’s going to be in June or July and how many points it could be.
The world of inexpensive mortgage money is changing and it’s time for us to make sure that we’re all caught up on our mortgage lingo. Recently, the Canada Mortgage and Housing Corporation circulated a primer on household borrowing so that potential and current homeowners can ensure that they’re making informed decisions. The full text can be found here.
A house is the largest purchase you’ll make for yourself, and it pays to be up on your terminology. Understanding the terms of your mortgage can pay off for you in the future. Questions? Your mortgage broker can go through the different options with you.
