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Latest News & Blogs

The Concerning Rise of Senior Mortgages

Posted by Sherwood Mortgage Group on 25 September 2018
The Concerning Rise of Senior Mortgages
While consumer debt growth has slowed overall, Globe and Mail finance columnist Rob Carrick says that the really concerning growth trend is the rise of mortgage debt among seniors. According to a TransUnion report, new mortgages borrowed by seniors between the ages of 73 and 93 have risen by a whopping 63 per cent year-over-year. According to Carrick's sources, this astonishing rise is due largely to seniors capitalizing on home equity through reverse mortgages. Though he says ...
Posted in: News  

Variable Rate Mortgage vs. Fixed Rate Mortgage

Posted by Sherwood Mortgage Group on 10 September 2018
Variable Rate Mortgage vs. Fixed Rate Mortgage
One of the most important things to consider when applying for a mortgage loan with a certified mortgage agent is whether a fixed rate mortgage or a variable rate mortgage better fits your financial future. While fixed rate mortgages are generally more expensive than variable rate mortgages, they're more secure in the long run, as you don't have to worry about interest rate increases raising your monthly payments to unsustainable levels. However, if interest rates decrease ...
Posted in: Residential Mortgages  

How Does Credit History Affect My Mortgage Application?

Posted by Sherwood Mortgage Group on 31 July 2018
How Does Credit History Affect My Mortgage Application?
When you apply for a mortgage, the keys to better mortgage rates in Canada are a strong credit profile and an equally steady debt ratio. Showing lenders you're able to manage your debts and make payments on time suggests a low risk borrower, and that the mortgage loan will be repaid in full. While a good credit score puts you in a favourable position to qualify for a mortgage, lenders don't stop there, examining the entirety of your credit history to determine your mortgage...
Posted in: Residential Mortgages  

Income Verification - What do you need to provide?

Posted on 14 June 2018
Income Verification - What do you need to provide?
Personal income today comes in so many different forms and structures. If you're thinking of applying for a mortgage, below you'll find a quick summary of the different types and what's generally acceptable as verification. Permanent Salary Employee -  Usually requires 2 of the following: Employment letter, paystub, direct deposit into your bank account, tax returns, notice of assesment. Contract employee -  Considered a form of self employment as the employee...
Posted in: Mortgage News  

Why you NEED a mortgage agent/broker?

Posted on 6 June 2018
Why you NEED a mortgage agent/broker?
You hear the word 'mortgage', and the first thing that pops into mind is 'my bank'. While this is a correct answer, it's not the best answer. The mortgage broker industry in Canada is gaining market share from the well identified big banks because of the value in the service it offers. First of all, a mortgage agent/broker WORKS FOR YOU. Not for a specific bank or financial institution. This translates into getting you the best deal in terms of rates, pre payment option...
Posted in: Mortgage News