Blog - Page 3 of 6 - The Costa Group
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Blog

- keeping you updated on all things "Mortgage"

You are planning to get a mortgage and you hear for the first time that a credit report is required for your lender to see if you have good credit or not. How does this affect your application?  The first thing you should know is a...

When you are applying for a mortgage loan, one of the many things lenders look at and consider is your credit score.  Your credit score is a measure of your financial health, and shows lenders their level of risk if they lend you money. So, what...

An assumable mortgage is a mortgage that may be transferred without changing the terms of the original mortgage. What does this mean? What does it involve? It is a financing agreement in which a seller transfers the terms, the interest rate and the remaining mortgage...

Have you ever heard these two terms? Do you know the difference between them? As we have stressed time and again on our blog posts, the most important aspect when it comes to mortgages is to be informed and to know all the different terms...

Let’s start from the very beginning: what is a mortgage payment? Simply put, it is a regularly scheduled payment which includes principal and interest paid by borrower to lender of home loan. This payment is done according to a schedule. Depending on the lender, the...

Imagine this scenario: you are applying for a mortgage and you just found out you will not qualify on your own. So, what to do? Most people start reaching out for any option. Can they get a co-signer? Should they get a guarantor? As mortgage...

When we are talking mortgages, the term underwriting simply refers to the process of assessing the risk of providing a mortgage to a prospective borrower on a certain piece of property.  In other words, a mortgage company will assess the risk of the applicant and...

A reverse mortgage is a type of mortgage loan available in Canada that is designed for homeowners 55 years and older (if you have a spouse, both of you must be at least 55 years old to be eligible). A reverse mortgage is a means...

What exactly is a rate lock mortgage? What is the advantage of having one? A rate lock refers to an agreement between a mortgage lender and a borrower to fix a certain interest rate or a number of days between the announcement of a mortgage...

A pre-approved mortgage is also referred to as a pre-approval. Any good mortgage professional will tell you that your house hunt shouldn’t start with a call to your realtor; it should start with a call to a mortgage professional who will work with you in...