Frequently Asked Questions
Answers To All Your Questions
When should I refinance?
Some experts say you should only refinance when you can lower your interest rate, shorten your loan term, or both. That advice isn’t always correct. Some homeowners may need short-term relief from a lower monthly payment, even if it means starting over with a new 30-year loan. Refinancing also can help you access the equity in your home, pay off debt
Should I get a fixed rate or adjustable rate loan?
The thing is, each of these mortgage rate options works differently.
This means this question continually intrigues (or frustrates) Canadian home buyers. At Black Diamond Co we hand pick a tailored option that's right for you.
What is a sub-prime mortgage?
A subprime mortgage is one that’s normally issued to borrowers with low credit ratings. A prime conventional mortgage isn’t offered, because the lender views the borrower as having a greater-than-average risk of defaulting on the loan.
Lending institutions often charge interest on subprime mortgages at a much higher rate than on prime mortgages to compensate for carrying more risk. These are often adjustable-rate mortgages (ARMs) as well, so the interest rate can potentially increase at specified points in time.