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Important Mortgage Planning Tips You Can Use

Posted onAugust 29/2014By

It’s not uncommon for new homeowners to settle in and accept the terms, rates and anything else that comes their way without argument. Most people are either simply happy to have their own home, or they don’t know that there are options which will better make their mortgage work for them financially. Keep in mind that even though you purchased the house, you still have 20 or 25 years of payments to make before it completely belongs to you. Now is the time to start managing your mortgage. Here are some tips to help you out: Don’t Just Consider the Maximum Mortgage pre-approval is a wonderful tool to help narrow your search and stay within your limits, but you don’t have to focus solely on the maximum amount. It’s possible that the maximum amount may not work with your lifestyle and other expenses. Yes, you’ve been pre-approved, but only you…

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What to Expect After Making an Offer on a House

Posted onAugust 25/2014By

Whether you use a real estate agent or do it yourself, making an offer to purchase a home is never as simple as it seems. If you watch any of those real estate reality shows that are so popular, it may seem like finding the right house is what it’s all about. And while that part is obviously crucial, it isn’t the only factor that needs to be considered. What’s In An Offer? Then we made an offer and they accepted it scenario is ideal, but it doesn’t often happen that way. Your offer to purchase is a legally binding document, so it’s wise to have your lawyer look it over, even if your agent has already done so. A lawyer may pick up on small legalities that can effect your offer that your agent may have overlooked. Within your purchase are details such as the price you’d like to…

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Mortgage Amortization Mistakes You Never Want to Make

Posted onAugust 21/2014By

Mortgage amortization is a term that confuses a lot of people, which is probably why so many homeowners make mistakes with it. To keep it simple, mortgage amortization refers to paying off your mortgage over a specific period of time. In Canada, the most common amortization periods are 20 and 25 years, with 25 being the maximum allowed. A proper amortization schedule shows how long it will take you to pay the mortgage, how much from each payment goes toward interest, and how much goes toward the principal. The process seems straight forward, and it is as long as you avoid making the following mistakes: Choosing the Wrong Lender Some mortgage lenders out there are a lot more flexible than others, and choosing the wrong one could affect your amortization. Some lenders will try to limit your ability to prepay or increase payments, and you will pay for that over…

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Is It Easier to Get a Mortgage for a Cottage?

Posted onAugust 18/2014By

Cottages are a big part of summer life for many people. Since they are typically smaller and cheaper than houses you live in full-time, it’s easy to think that getting a mortgage for a cottage is somehow less involved. This may be the case sometimes, but those instances are generally the exception to the rule. Here is some more information: Same Principles Apply When you set out to get a mortgage for a cottage property, the same Canadian mortgage principles that govern any mortgage still apply. Your credit score is still a factor, as are your income and down payment. You’ll also hear the same terms, rates and conditions that you heard when purchasing your principle residence. However, the word “cottage” can vary quite a lot these days. The tiny little cabin in the woods is a cottage, as is the waterfront multi-million dollar chalet-style dwelling. The type of cottage…

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I Have My Mortgage Pre-Approval…Now What?

Posted onAugust 15/2014By

Congratulations: You have your mortgage pre-approval! Many prospective homeowners concentrate on that one element so much that they lose focus once it’s accomplished. Now’s the time to shift your attention to the business of actually buying a house and moving in. There are a lot of different ways to go about this part, but below is a basic order of events for you to follow. List Your Needs Some people do this right at the beginning of house hunting, but you won’t really know your price range until you have that pre-approval in hand. Once you do, make a list of needs and wants, including: Type of house you prefer Lot size Indoor and outdoor features Square footage Type of neighbourhood Property tax levels School districts (if applicable) Your list will likely differ as everyone has different aspects that are important to them, but this is a good list to…

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