Tips For Getting A Low Mortgage Refinance Rate

Posted onApril 17/2017By

If given the choice, every homeowner would happily choose a low mortgage rate. For those who find themselves having to refinance their home, lower rates can help out even more. There are many reasons homeowners may have to, or choose to, refinance their home. For example: To help pay off debt. To finance other investments, such as the purchase of more property or renovation costs. To pay for children’s education or other large purchases. Before you dive into hunting for the most competitive mortgage rates, it’s important you contact a mortgage professional to guide you along the way. A mortgage expert can help you plan and budget, and find the best loan for your needs and financial goals. Everyone’s needs are unique, and a mortgage expert will be able to give you personalized advice. So, what is the best way to get a low mortgage rate? Here are some ideas!…

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How To Pay Land Transfer Tax

Posted onApril 10/2017By

When it comes to buying property, land transfer tax is another element to consider. Land transfer tax must be paid to the province once the sale is closed. Once you’ve bought land, or a beneficial interest in land, then you are responsible for the payment of the land transfer tax. Land transfer tax applies to all types of property/land, whether residential or commercial. Depending on which city you’re buying property in, land transfer tax may also have to be paid separately to the municipality. In Toronto, buyers also have to pay Toronto land transfer tax, in addition to paying tax to the province. It’s worth noting that land transfer tax must be paid on the closing date, which may not be the same as the occupancy date. In many condo buildings that are still under construction, you may have to pay a builder rent during your interim occupancy period. Your…

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What Is A Variable Rate Mortgage?

Posted onApril 03/2017By

When mortgage shopping, many buyers think that a fixed rate mortgage is the only way to go. However, a variable rate mortgage may actually save buyers money in the long run, although it can be riskier. Here’s how variable rate mortgages work: As opposed to a fixed rate mortgage, which is a flat rate paid throughout the mortgage term, without fluctuating interest fees, a variable rate mortgage is based on lender prime rates, and will fluctuate with the bank’s interest rates. If you are considering a variable rate mortgage, it’s best to speak to a mortgage expert as they will have a thorough understanding of the current interest environment. While a fixed rate mortgage allows for better financial planning and eliminates the chance of any surprise, there are some reasons why a variable rate mortgage may be a better option. For one, if you know the lender’s rates are currently…

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