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Top Techniques to Get the Lowest Mortgage Rates in Canada

Posted onOctober 28/2019By

For many Canadians who are interested in buying a home, the first thing they will be worried about is their credit score. Some will also comparison shop to try and secure the best mortgage rate. However, there is more to lower mortgage rates than your credit history or comparison shopping. In fact, there are a plethora of different factors that lenders will look at before determining whether or not you qualify for a mortgage, as well as what your interest rate will be. You can use our mortgage qualifier to find out what you’re likely to be offered and learn some techniques that will help you get a lower rate on your mortgage in Canada. Income and Job Stability Most mortgage lenders will prioritize borrowers that can prove that they have a stable job and income for at least the last two years. Having a steady job will help your…

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Steps to Follow Before Signing a Mortgage Renewal

Posted onOctober 21/2019By

For the vast majority of Canadians, the biggest monthly expense will be their mortgage payments. Despite that fact, many Canadians—roughly 25%—will renew their existing mortgage once the term has ended. Instead, what they should be doing is taking the time to explore the various options at their disposal. Here, we will go over some things that you should do before a mortgage renewal, which could save you thousands of dollars in the process. Start Early The first thing you should do is start exploring your options about five months before you are up for a mortgage renewal. By doing so, you will be guaranteed a discounted rate by various lenders before time expires. If your current lender decides to increase their rates, then you can fall back on the guaranteed discounted rate. However, if your current lender were to drop their rate, then you negotiate a lower rate and stick…

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Can I Afford a Mortgage on My Salary?

Posted onOctober 14/2019By

Many people who are thinking of buying a home will wonder if they will be able to purchase the home of their dreams with their current salary. They may then turn to a local mortgage qualifier to determine if they can buy a home with their current income. It should also be noted that every person’s situation is different. Some people may have more stringent budgets due to financial dues and substantial expenses, while others may have a large amount of capital to work with from the beginning. Here, we will help you determine if you can afford a mortgage on your salary using a mortgage qualifier in Toronto. The First Step When you decide to buy a home, many steps are involved, and it is a lengthy process. The first thing you should do is determine how much capital you can borrow for your mortgage. The goal is to…

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