How To Effectively Use A Mortgage Calculator

Posted onNovember 22/2015By

Mortgage calculators are great tools that give you a snapshot of what you’ll be paying each month to finance your home. These calculators let you see how much your mortgage payments will be so you can get an idea of how much you need to budget each month. When using a mortgage calculator it’s important to be honest and current. If you are expecting the property’s value to drop or increase before you buy it, but it hasn’t yet, don’t bank on it. The more accurate you are when you use the calculator, the better your results. Below you’ll find examples of the information you’ll need on-hand to use mortgage calculators. Mortgage Qualifier This will let you know how much funding you will qualify for. Asking price: This is the asking price of the property you are looking to buy. Do not round up or down. Put the exact asking…

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Five Keys To Smart Home Shopping

Posted onNovember 16/2015By

Buying a home is a big deal. If you’re a first-time homebuyer, there are so many things to learn about homeownership that it can seem daunting. Rest assured, there are ways to buy a home without any issues. Before you start looking at properties in search of your dream house, there are five things you should know to make your home shopping experience a smart one. Don’t settle on the first house you see: If the first home you visit on your house shopping tour seems like a dream, it may be too good to be true. No matter how beautiful the property is or how great the neighbourhood is, you should look at other homes before you commit. The home may seem like it’s in order but could end up being a fixer-upper. Homes like that cost more money than they’re worth and you’re looking to buy a house,…

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Loan Officers VS Mortgage Brokers

Posted onNovember 13/2015By

If you’re looking for a mortgage you may not know if you should work with a broker or a loan officer. There are many differences between the two professionals, and before you commit to either, you should understand what each one does. What is a mortgage broker? A mortgage broker is a trained mortgage professional who represents your best interests to the lender. When you work with a broker, they work to ensure you get the perfect mortgage package to suit your needs. Mortgage brokers will get you the best rates and terms because they work with various lenders and are not tied down to one lending institution. Brokers are licensed and regulated by the province they operate in. They are paid by the lenders only when the mortgage closes, which means they will work hard to make sure you get what you need. They also often adapt to your…

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What Is Mortgage Fraud?

Posted onNovember 09/2015By

Mortgage fraud is a criminal offence and should be taken very seriously. Mortgage fraud occurs when a person purposefully misrepresents his/herself and information in order to get a mortgage under false pretenses. Mortgage fraud can come in many forms. For instance: Forging documents Inflating your income, length of time spent with your employer, commission amounts, position, etc. Lying about debt and other mortgage obligations Not disclosing how you received your downpayment Purchasing a rental property and claiming it to be owner-occupied without living in it Misrepresentation property value, details or leaving important information out Adding co-borrowers to the mortgage who will not be living in or using the home Tampering with the property’s actual value through sales and re-sales This fraud is not limited to home purchasing, it is also present in renewing and renegotiating a mortgage. Furthermore, people with good credit can be duped into using their clout to…

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How To Save Money While Renewing Your Mortgage

Posted onNovember 06/2015By

When it comes to mortgage renewals, we’re often at a loss. Do we stay with the same lender? Do we switch from a variable to a fixed rate? Most importantly, how do we save money? It is possible to save money while renewing your mortgage if you follow our three simple rules: Don’t let your renewal date creep up on you: If you remain passive with your mortgage, it will be automatically renewed and you won’t save any money. Stay up-to-date with your mortgage so that your renewal date doesn’t seem to come out of nowhere. You can start looking into renewing your mortgage a couple months before your renewal date. You don’t have to wait until the last minute. The longer you wait, the less chance you have of saving money. Your lender will send you a notice right before your renewal date but don’t wait until you get…

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