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Should You Do a Mortgage Refinance Despite a Penalty?

Should You Do a Mortgage Refinance Despite a Penalty?

There are some who say to never do a mortgage refinance if there is a prepayment penalty involved. Others will steer you toward one anyway, regardless of the terms of the penalty. The right answer is to perform a financial analysis to see which path makes financial...

Watch Out for Restrictions When Reviewing Lower Rate Mortgages

Watch Out for Restrictions When Reviewing Lower Rate Mortgages

There are few among us who haven’t taken advantage of something that looked like a great deal only to find out that the fine print made it less desirable than we hoped. That’s not always a huge problem when it is a relatively small investment, but when it comes to...

What You Need to Know About a Self-Employed Mortgage

What You Need to Know About a Self-Employed Mortgage

One of the underwriting standards most homebuyers face to qualify for a mortgage is to prove their income. This is relatively easy when you are an employee as you will have pay stubs to use for this purpose. It is a bit more challenging when you are self-employed as...

Is a Second Mortgage Right for You?

Is a Second Mortgage Right for You?

When property values are on the rise, it is tempting to consider taking out a second mortgage so you can put the equity in your home to use. While this can be an excellent plan, it isn’t the right path to take for everyone. It is important to take a close look at your...

Fixed-Rate vs. Variable-Rate Mortgages: Which is Better?

Fixed-Rate vs. Variable-Rate Mortgages: Which is Better?

Whether you’re getting a new mortgage or renewing for another term, you’ve probably thought about whether a fixed-rate or a variable-rate mortgage is the way to go. Both of these mortgages are different in how they work and what impacts their rates. And even though...

What You Need to Know About Rising Inflation in Canada [infographic]

What You Need to Know About Rising Inflation in Canada [infographic]

You have probably noticed that prices for just about everything have gone up in the past several months. Canadian inflation has climbed to the highest rate in two decades, and consumers are paying more for goods, with wages failing to keep pace. Here are a few things...

Key Things to Understand About Mortgage Renewal

Key Things to Understand About Mortgage Renewal

Here at Donna Mullen & Associates, we want to help more people become homeowners, and we want to help current homeowners make the best possible choices when it comes to their mortgages. If you own a home and are approaching the time for mortgage renewal, we...

Are Rising Rates Right Around the Corner?

Are Rising Rates Right Around the Corner?

While the phrase “what goes up must come down” technically refers to the force of gravity, it is a phrase that has been on the mind of most people, especially real estate investors and those with variable-rate mortgages, in regard to interest rates. Every time the...

Is a Mortgage Refinance Right for You?

Is a Mortgage Refinance Right for You?

At Donna Mullen & Associates, we want to help you make the best possible decisions when it comes to your mortgage, and one of the biggest decisions that homeowners face is whether or not to refinance that mortgage. In this article, we’ll go over a few key factors...

Self-Employed Mortgage Myths

Self-Employed Mortgage Myths

Here at Donna Mullen & Associates, we want to help people buy homes, but we also understand that this poses more of a challenge for some people than for others. For instance, if you are self-employed, the process of applying for and securing a mortgage is likely...

What You Need to Know About Mortgages

What You Need to Know About Mortgages

Our team at Donna Mullen & Associates specializes in all things mortgages, and we want to help you get the right mortgage for your needs. We also understand that the topic of mortgages can be somewhat confusing to those who are learning about them or preparing to...

What to Look for When Choosing a Mortgage Broker

What to Look for When Choosing a Mortgage Broker

If you are looking to buy a home or refinance the one you have, you’ll need to talk to an expert in mortgages, such as a mortgage broker. We at Donna Mullen & Associates have been working as mortgage brokers for many years, and we know a thing or two about what...

What You Should Know About Pre-Approval Mortgages

What You Should Know About Pre-Approval Mortgages

Here at Donna Mullen & Associates, we are passionate about sharing as much information with our clients in the Barrie, Ontario area as we possibly can, so we are always on the lookout for articles that discuss key factors about mortgages. One topic that we wanted...

What You Could Be Giving Up with a Lower-Rate Mortgage Refinance

What You Could Be Giving Up with a Lower-Rate Mortgage Refinance

Have you ever heard the phrase “tripping over dollars, picking up pennies”? In essence, this phrase refers to missing expensive details because you focused on something else. That is what can happen when you only look at the interest rate when doing a mortgage...

What You Should Know about a Second Mortgage

What You Should Know about a Second Mortgage

With mortgage interest rates low, it makes sense to consider a second mortgage if you have equity in your home. It is a desirable solution if you have credit card debt and other high-interest debt to pay off using those funds. Before you run down to your bank to...

How the New Government Stress Test Affects Mortgages

How the New Government Stress Test Affects Mortgages

Canadian homebuyers who are renewing or applying for mortgages are now required to go by the stress test rules put in place on June 1, 2020. These new rules can make it more difficult for some borrowers to qualify for a mortgage, or at the very least, reduce the...

A Mortgage Broker’s Take on Variable vs. Fixed-Rate Mortgages

A Mortgage Broker’s Take on Variable vs. Fixed-Rate Mortgages

It might seem that, with the incredibly low mortgage interest rates these days, it would be a simple decision to choose a fixed-rate mortgage over a variable-rate one. Is it really a slam dunk? It might surprise you to learn that many a mortgage broker is cautioning...

What Makes a Self-Employed Mortgage Different?

What Makes a Self-Employed Mortgage Different?

All mortgage lenders need assurances that your income is sufficient to repay the loan. It is easy enough for them to have confidence that an employer accurately reports your wages, but it gets a bit murky when self- reporting of income is in play. When you are...

Breaking Mortgages: Is it Worth the Penalty?

Breaking Mortgages: Is it Worth the Penalty?

With mortgage rates becoming more competitive, it is common for many families to wonder if they would be better off breaking their current mortgage and obtaining a new one at a better interest rate. On the surface, that sounds like an excellent strategy, but it is...