Entries by Callum Greig

Never Buy the Best House

Do Not Buy The Best House in the Neighborhood 1. It’s out of your Budget The number one reason why you never buy the best house in the neighborhood is because it’s out of your budget. The best houses in any given neighborhood are typically the most expensive, so unless you have a large budget, […]

Understanding Canada Mortgage Rates

Understanding Canada Mortgage Rates: An Overview Mortgage rates in Canada vary depending on the type of mortgage, the lender and the borrower’s credit score. The average conventional mortgage lending posted rate for loans with 5-year terms was 7.18% in 2020 according to Canada Mortgage and Housing Corporation (CMHC). For those looking to buy a home, […]

4 questions to ask before you buy

What are the different types of mortgages available in Canada and what’s the best for me? Homeownership is an important financial investment and having the right type of mortgage can make all the difference. In Canada, there are several different options when it comes to mortgages. These include fixed-rate mortgages, adjustable-rate mortgages, and hybrid mortgages. […]

Winning the LOWEST Rate

  Keys to the Lowest Rate Ready to buy a house and winning the lowest rate. Your mortgage rate is heavily influenced by the characteristics lenders look for in borrowers. To get your best possible deal and make sure you meet all of their criteria. Have an impressive credit score, demonstrate stable income and employment […]

Mortgage Trends in Canada

Looking to buy a home in Canada? You’re not alone. With home prices moving downward, it makes now a great time to jump into the housing market. But what does that mean for you as a potential homeowner? Let’s take a look at the current mortgage rate trend in Canada so you can make an […]

How the CHIP Reverse Mortgage Can Help You Support Your Adult Children

A CHIP Reverse Mortgage is a great answer for seniors with Canada’s recent housing market boom.  According to the Canadian Real Estate Association (CREA), between April 2020 and April 2021, the average house price rose by a 41.9%. The average purchase price rising to $696,000 and data from previous years is similarly impressive. This is, […]

Verifying Your Down Payment When Purchasing

  Saving for a down payment is one of the biggest challenges facing people wanting to buy their first home. Verifying the down payment when purchasing a home via supporting documentation is required by alllenders. Doing so also protects against fraud and confirms that you are not borrowing your down payment, which could changes debt […]

2019 Mortgage Trends report

Here are some Mortgage Insights from CMHC’s latest national edition of the Mortgage and Consumer Credit Trends report covers the second quarter of 2019. Here are a few facts to consider from the 2019 Mortgage Trends report. Contact us at https://primemortgageworks.com/contact/ for more information. indebtedness is higher than one year ago, increasing the vulnerability of […]

How Payment Frequency Can Save Money

One of the decisions you will need to make before your new mortgage is set up, is what kind of payment frequency you would like to have. For many, sticking to a monthly payment is the default, however, other payment frequency choices can save you money in interest costs over time. Monthly Payments Monthly payments […]

First Time Homebuyers DON’T Tips

First time homebuyers tips help you to be prepared before closing but as importantly, AFTER you are pre-approved for a mortgage. In fact, buyers ruin their chances of closing by making simple mistakes once they hear the word “approval” from the mortgage broker. These are some of the most common mistakes people make and most importantly […]