You may have heard the term “no frills mortgage” thrown around when mortgage shopping. No, we’re not talking about the No Frills grocery chain here… So what exactly does “no frills mortgage” mean? Generally speaking, a “no frills mortgage” is one offered by a lender that usually has a lower rate, but also comes with… Continue reading No Frills Mortgage
Tag: penalties
Government Releases a ‘Mortgage Prepayment Code’
Yesterday, the federal government published a ‘Mortgage Prepayment Code‘ which basically guides all (federally regulated) lenders how they communicate the IRD (Interest Rate Differential) to borrowers. Yay! This has been a long time coming. For years, banks and lenders have been obscuring penalty descriptions with vague, complicated formulas for calculating prepayment charges. A link to… Continue reading Government Releases a ‘Mortgage Prepayment Code’
NHL Trade Deadline Day
I have to admit – I’m a huge hockey fan, and every year I take “NHL Trade Deadline Day” off to lounge around and watch sports TV all day. I’m self-employed (I work under a brokerage – Real Mortgage Associates – but not for them), and one of my favourite benefits of being my own… Continue reading NHL Trade Deadline Day
What is an IRD (Interest Rate Differential)?
The world of mortgages and real estate is filled with an excessive amount of acronyms. If you were to overhear some of our conversations, you would swear we were speaking a different language – LTV and PMI this, and IRD and ARM that, API, BPS, and it goes on and on. While most people don’t… Continue reading What is an IRD (Interest Rate Differential)?