Schaffer, which discusses the various aspects of mortgages in Canada. It begins by exploring some of the common misunderstandings people have about mortgages and how they can be problematic when making decisions. From there, it dives into the different types of mortgages and their associated pros and cons. This includes fixed-rate mortgages, adjustable-rate mortgages, variable-rate mortgages, and hybrid mortgages. Other elements of mortgages such as prepayments and penalties are also covered.
The article then moves to the importance of researching the various mortgage types before making any decisions. Schaffer suggests reading up online, talking to a broker, or consulting a financial professional. He stresses the importance of having a good understanding of the market conditions and the terms and conditions of a particular mortgage before signing on the dotted line.
From there, the article covers the different fees associated with mortgages, such as origination fees, closing costs, appraisal fees, and title insurance. Schaffer cautions readers to read the fine print about each of these fees as they can add up quickly. He then tackles the role of credit score in determining the viability of a mortgage application.
The article concludes by listing some of the key points readers should keep in mind when shopping for a mortgage. These include understanding the mortgage product, evaluating the fees and penalties associated with the loan, looking for pre-payment options, and having an understanding of the overall market conditions.
Mortgage Byte #1-13 written by John W. Schaffer is an informative and comprehensive article discussing mortgages in Canada. The article begins by exploring some of the misconceptions people may have about mortgages and how these can lead to issues. Schaffer then dives into the different types of mortgages and explains the advantages and drawbacks associated with each type. Additionally, he explains the various fees involved with mortgages and the role of credit scores in mortgage applications. To conclude, he highlights several key points to keep in mind when considering a mortgage, such as understanding the product, evaluating fees, looking into pre-payment options, and understanding market conditions. All in all, this is a great resource for anyone looking for more information on mortgages in Canada.
This article was contributed on Oct 19, 2023
