What does it mean to have a “weekly” payment frequency?

Weekly payments are determined by taking the full sum to be paid within the next 12 months and dividing it by 52. You’ll now make a payment every week on a scheduled day (like a Friday). Some people love this option because it provides weekly consistency to their budget; so they aren’t hit with a large payment […]

Read More

What does it mean to have a “bi-weekly” payment frequency?

This payment frequency takes the total amount of payments that you are supposed to be paying in the next 12 months, and divides it by 26. (52 weeks in a year, with a payment every 2 weeks = 26 payments). This can be helpful for those who want to have their mortgage payments aligned with their […]

Read More

What does it mean to have a “semi-monthly” payment frequency?

Instead of one big payment during the month, bi-monthly payments allow you to make 2 half payments each month (the sum adding up the monthly payment). Typically, people arrange this so that the 1st and 15th of every month is a half payment, allowing them to achieve some minor savings (by paying some of the […]

Read More

What are my “payment frequency” options?

The two most common payment frequencies are monthly and accelerated bi-weekly payments, although the option does exist to do semi-monthly, bi-weekly, weekly and accelerated weekly. Here’s a quick run through of each. Monthly Semi-monthly Bi-weekly Accelerated bi-weekly Weekly Accelerated weekly Phew! Take a break and reward yourself if you read all that 🙂  

Read More

How soon can I get a mortgage after I’ve claimed bankruptcy?

The day after you’ve been discharged. Booyah!  Here’s what you’ll need: minimum of 25% down a property located in a major urban centre a steady, provable income confirmation that there was no property claimed in your bankruptcy Can’t meet the above criteria right now? It’s ok…here’s what you need: minimum of 5% down minimum of […]

Read More