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Can Mortgages be Transferred to Another Property?

Posted onJuly 26/2019By

If you are thinking of moving to another property while still having a mortgage, then you may be considering various mortgage solutions and worrying about things such as having to pay land transfer taxes. You may also not be aware of whether or not your mortgage can be transferred to another property. The good news is, you can transfer your mortgage and it is generally a fairly easy process, as most mortgages in Canada are designed to be portable. Talk to Your Lender First   If you are thinking of moving to another home then we would suggest that you first discuss the matter with either a qualified mortgage broker or your current lender. It should also be noted that most mortgages in Canada are portable, meaning they can be transferred over from one property to another. However, your lender will value the property that you wish to move to,…

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What Homeowners Should Know About Secured Loans

Posted onJuly 19/2019By

There are many advantages to owning a home, including using the equity in your home to access multiple borrowing options that you otherwise wouldn’t have access to. Examples include secured lines of credit, mortgage refinancing, and secured personal loans. Owning a home can allow you to borrow money for a myriad of different reasons. Here, we will discuss pertinent information about secured loans and why homeowners may want to look into them. Benefits of Secured Loans By obtaining a secured loan you actually improve your chances of obtaining a lower interest rate, vis-a-vis an unsecured loan. This is because a secured loan involves using your home as collateral in order to secure the loan, which greatly increases the likelihood that you’ll not only pay off your debts but also do so on time. Your lender will feel more confident in your ability to make your payments on time and will…

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Top Concerns for First-Time Buyers

Posted onJuly 12/2019By

If you are thinking of purchasing your very first home, you are not alone. Every year, thousands of Canadians take the leap and invest hundreds of thousands of dollars towards their first home. Doing so can be an intimidating task, as applying for a mortgage can be stressful, especially if it is your first. Here, we will discuss some of the top concerns that many first-time home buyers should address as soon as possible before they invest in a new home. The Down Payment   It is important to note that putting down a higher down payment may actually have long term benefits, as doing so will also lower your monthly payments. That is, the higher the down payment, the lower your mortgage amount will be because you will end up borrowing less money from your bank or another such lender. If you put down a down payment that is…

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Is a Hybrid Mortgage Right for You?

Posted onJuly 05/2019By

Despite the benefits of hybrid mortgages, only four percent of Canadians choose them. This could be because the lender doesn’t mention them in their recommendations, or because they seem a bit too complex for the borrower. What is a hybrid mortgage?   Before taking a look at whether a hybrid mortgage suits your circumstances, let’s define a hybrid mortgage. A hybrid mortgage is a mortgage that is split into a number of financial components.  Every component of the hybrid product has different rates, term lengths, and rate types. This kind of product enables the borrower to benefit from a number…

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