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Closed vs Open Mortgages

Posted onAugust 16/2021By

Not every homebuyer has the same needs, which is why there are different mortgage options. One of those options is whether to get an open or closed mortgage. You’ll need to consider the pros and cons and see what option best fits your needs. An open mortgage is one that you can change at any time – refinance, pay off in full or re-negotiate – without any financial penalties. They are often for terms shorter than five years. A closed mortgage is one that you cannot pay off or change before the end of the term without paying some penalty…

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If I Have a Higher Credit Score, Will I Get a Lower Mortgage Rate?

Posted onAugust 16/2021By

A mortgage is a loan for a lot of money, usually given to purchase property, but also provided to those looking to make renovations or get extra cash from their existing property’s value. When looking for a mortgage, lenders want to know that they can trust you with that sum of money. It’s why they conduct a thorough background check during the qualifying process. One of the things they want to see is whether you have a high or low credit score. The answer to that question will impact whether your mortgage application is approved, and what types of interest…

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Do I Need Mortgage Life Insurance?

Posted onAugust 09/2021By

If you are taking out your first mortgage or renewing it, you may be encouraged to take out mortgage life insurance. Lenders like borrowers who opt for this type of coverage because it protects them. Mortgage life insurance will pay your lender if you die. While it may seem like a good way to protect your family, it is not mandatory in Canada. What does mortgage life insurance offer? Mortgage life insurance is not the same as mortgage loan insurance. Mortgage life insurance covers the loan in case you die, while loan insurance protects the lender in case you default.…

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What Is a High-Ratio Mortgage?

Posted onAugust 02/2021By

In the world of mortgages, there are many options. You can have an open or closed mortgage, fixed or variable interest rates, and high-ratio or low-ratio mortgages. Understanding the difference between your options could save you thousands of dollars over the life of your mortgage. As housing prices rise, more Canadians will likely end up with a high ratio mortgage so it’s important to know exactly what that means. What is a high ratio mortgage? A high ratio mortgage is one where the buyer has a down payment of less than 20 percent of the home’s value. Lenders calculate the…

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