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What to Look for When Getting Your Mortgage Rate

Posted onMay 30/2022By

Finding the right mortgage rate can be difficult, especially if you’re a newcomer to the industry. While there are several tools and services available for newcomers to the mortgage market, they don’t cover everything, and many will have plenty of questions that they’ll need to be answered when looking for a great rate. In this article, we’ll provide you with the knowledge you can use to narrow down your search and get the best rate possible. Let’s begin. 1. Use a mortgage calculator Mortgage calculators are fantastic tools for estimating the cost of your monthly mortgage payments. A mortgage calculator…

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Is It Better to Buy or Rent in Toronto?

Posted onMay 23/2022By

Toronto is a city of often sky-high real estate prices and limited housing options, particularly for those just arriving in the city or foreign citizens trying to put down their roots. This begs the question: is it better to buy or rent real estate in Toronto? The answer depends on who you ask, as well as various personal financial considerations that you’ll have to resolve in order to establish if it’s better to rent or buy under your current financial situation. While buying a home provides the obvious benefit of giving you shelter and a place to live, there are…

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Everything You Need to Know About Fixed-Term Mortgages

Posted onMay 16/2022By

While there are tons of mortgage options all across Canada, one of the most common in Toronto is the fixed-term mortgage. There are several different reasons for this rate type’s popularity, with the main draw being that the mortgage holder’s interest rate remains the same for the entire term of their mortgage. This differs from variable-rate mortgages, which can sometimes offer low down payments or better insurance premiums but have flexible, changing mortgage rates. For those with a set budget and who may live paycheck to paycheck, a fixed-rate mortgage might be what works best for you. Before we dive…

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What Is a Conventional Mortgage? Everything You Need to Know

Posted onMay 09/2022By

There are many different types of mortgages available to homeowners, but one of the most common in Toronto is the conventional mortgage. Conventional mortgages do not carry high-ratio or lender insurance premiums, and they often are tightly controlled by the finance industry due to the Bank Act of Canada. Because of this law, no chartered bank may offer financing without insurance that covers a certain percentage of the property’s value. As of 2007, this amount is 80% for residential single-family mortgages. Conventional mortgages also differ from what is known as a high-ratio mortgage, which often has rates that can exceed…

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