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Variable Rate Mortgage – Definition & How it Works

Posted on March 24th, 2016 by admin

variable rate mortgage definition

If you prefer flexibility in your mortgage rate, a variable rate mortgage is exactly what you are looking for.  from time to time a variable rate mortgage will save you money and free up cash flow which allows you the ability to put money back into your home, your future. Today we take a closer look | Read More »

Mortgage Broker Rate – What You Should Know Before Shopping Around

Posted on November 21st, 2014 by admin

pre qualified vs pre approved questions

Approximately 10% of your credit score comes from company inquiries. This is an important fact to consider when rate shopping. The main reason is that a borrower with many recent credit inquiries may be perceived to be a higher risk by lenders. If multiple applications are filed and denied, the prospective borrower is in danger | Read More »

Changing Lenders? How to Calculate Mortgage Penalty Accurately

Posted on October 17th, 2014 by admin

fish jumping from one tank to another

When it comes to mortgage terms there is often confusion and a lack of clear standards when calculating a lender-switch penalty. Aside from the three months interest penalty, lenders can charge a mortgage penalty based on something called the interest rate differential (IRD). The IRD is the difference between interest rate of an existing mortgage | Read More »

Free Excel Mortgage Amortization Schedule

Posted on September 5th, 2014 by admin

mortgage amortization schedule

Mortgage amortization schedules are important for clear communication between lenders, borrowers and interested third parties, such as tax authorities. A free excel tool mentioned below helps interested readers make sense and experiment with mortgage amortization schedules and borrower payment plans. What is a Mortgage Amortization Schedule? Every mortgage entails an amortization schedule. This schedule specifies | Read More »

Overnight Rate: What it is and why it should matter to you!

Posted on October 11th, 2013 by Connie

overnight rate chart

What is the “Overnight” interest rate? The Bank of Canada (BOC) carries out monetary policy by influencing short-term interest rates. By raising and lowering the target for the ‘overnight’ rate they are able to do this. Financial institutions borrow and lend between each other, doing so they charge interest on funds exchanged, this is called | Read More »

47,999 Reasons To Use Your Mortgage Prepayment Privileges

Posted on May 23rd, 2013 by Connie

Mortgage closing costs

OK, I admit the title is a little misleading. We’re obviously not talking about forty seven thousand different reasons,  just one – BIG SAVINGS! Often when I meet with a client and go over the terms of their mortgage approval I can see the excitement building. When I show them prepayment privileges we’ve structured, their | Read More »

Are You Putting Your Credit At Risk Playing The Rates Game?

Posted on April 1st, 2013 by Connie

rate risk

Did you know that approximately 10% of your credit score comes from company inquiries. Why is this important when rate shopping? Picture this. You decide to buy a new home and start shopping for the best rate. You have a strong A+ application: great income; few debts; many assets; large down payment; and pristine credit | Read More »

Fixed Rate Versus Variable Rate Mortgages

Posted on March 19th, 2012 by admin


The decision of whether to opt for a fixed rate mortgage or a variable rate mortgage can easily be answered by one question: how much risk are you willing to take? Anyone who is new to all these terms may find it quite confusing, however, the long and short of getting the right mortgage interest | Read More »

The content provided on this website is presented or compiled for your convenience and is provided for informational purposes only. The information provided on this website should not be construed as offering legal, financial or other advice to be relied on by the reader to make or refrain from making any decision or to take any action. Please consult us first before making any decisions. Although we make every effort to ensure accurate mortgage interest rates on Mortgage Approval, rates are subject to change without notice at any time. Some rates may be subject to minimum credit score, loan amount and may only be available certain lending areas. Cash back mortgage Ontario residents only. Unimor Capital is a Windsor mortgage broker.