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Should I Renew My Mortgage?

Posted onMay 24/2021By

Deciding to renew your mortgage can be a big decision. If you are undecided about whether the time is right, then here are some things to consider. Plan Early Don’t wait until your mortgage term is over before you make a renewal decision. Consider how your situation has changed since you first got your mortgage. The sooner you can assess your new mortgage needs, the more time you’ll have to find a product that is right for you. Remember that if you decide to switch lenders, you’ll need to go through an application and approval process, which can take some…

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Save Up for Your First Home in 8 Easy Steps

Posted onMay 17/2021By

Buying your first home in Canada is one of the most important decisions you’ll make. However, it will take some effort, as you’ll need to put at least 5% of the total property cost towards a down payment. If you’re unsure how much that will be for your dream home, then you can use a mortgage qualification calculator to work it out. Saving up this money may seem like a daunting task, but it doesn’t have to be. Here are some easy ways you can start to save up for your down payment. 1. Put something away every month This…

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10 Questions You Absolutely Need to Ask Your Mortgage Broker

Posted onMay 10/2021By

Getting a mortgage can be an exciting and stressful time. Having a mortgage broker to walk you through it can help relieve your anxiety and simplify the experience. Here are some of the most important questions you should ask your broker. 1. How long have you been in the business? The mortgage industry is competitive. You’ll want to work with a broker who has several years of experience, which equates to good connections with various lenders. 2. Can I get pre-approval? Knowing how much you might be able to get from a mortgage is key to helping you find a…

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Should I Get a Second Mortgage in Toronto?

Posted onMay 03/2021By

Homeowners who find themselves a little short of cash to complete a project or help a child through college might be wondering if a second mortgage is the answer. If you have equity in your home and want to take advantage of it without losing your property, then taking out a second mortgage in Toronto could work for you. What is a second mortgage? A second mortgage is a loan you take out using your current home as collateral. It is also called the home equity line of credit. Your first loan will remain the primary mortgage on your home…

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