What is Credit? Each person in Canada has a credit score and a credit history. Credit scores range from 0(meaning there is not enough credit history to make a report) to 850, which is considered perfect credit. Credit scores are designed to inform lenders how much of a…
In order to purchase a home, many buyers need to purchase a mortgage. If you make mistakes when it comes to your mortgage, you may be left without your dream home and probably a little bit confused. Here are the top five mistakes you should absolutely avoid with…
Obtaining a mortgage is one of the most important things you will likely need to do to purchase a home. Mortgages can cover over 85% of the cost of your home, depending on your lender. They are fundamental in helping people purchase their dream home. Unfortunately, sometimes borrowers…
When somebody is looking to buy a house, they will usually have some money saved up but require a mortgage to cover the rest. What is a mortgage and what’s the difference between mortgages from a bank and those from a broker? What is a Mortgage? A mortgage…
A Very Useful, But Often Unknown Financial Tool Quick Reference: If you are looking to take out a HELOC for some home renovations or other emergent need, please check out the home equity line of credit page. A HELOC – Home Equity Line of Credit – is a…
With Historically Low Interest Rates, It May Be Time to Refinance with Morgix! What is Refinancing? Mortgage refinancing refers to paying down your existing loan by replacing it with a new mortgage. Most people refinance so that they can change certain aspects of their mortgage, such as the…
Debt Consolidation – Not a Dirty Word Debt consolidation is the secret treasure of the debtors underworld. When we’re going out into the world on our own, we don’t necessarily know all of the financial ‘tools’ that exist, and how their existence might help our monthly budgets. For…
Understanding Home Equity What Home Equity, and How Do I Access it? If you’re a homeowner, you’ll probably have equity. Home equity is the difference between the value of your home and what you owe against it; essentially equity is the portion of the home that you “own”….
Morgix Answers Personal Finance Questions Post Summary: Morgix is a Canada wide private lender and financial services company seeking to help folks with common financing and mortgage issues. From HELOC’s to debt consolidation, and even first time mortgages, Morgix answers your questions here. This question and answer session…