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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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When Should You Get a Mortgage Broker?

Posted onApril 29/2022By

For first-time home buyers and those not used to the mortgage system, enlisting the expertise and assistance from a mortgage broker is a great way to not only improve your knowledge of the housing industry but to also find the best contracts and rates available to you. While there has been some speculation in recent years that some brokers may not act in their clients’ best interests, as a whole the industry is beneficial and often a necessary step many homeowners take during their first purchase or mortgage. Today, we’ll cover some of the advantages and disadvantages of mortgage brokers…

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The Best Time to Get an Open Mortgage

Posted onApril 27/2022By

Depending on your financial status, credit situation, and a variety of other factors, there may not be a one-size-fits-all mortgage that works for you or your family. Thankfully, there are a number of different ways for potential homeowners to take out a mortgage, and one of these options is known as the “open” mortgage. Understanding an Open Mortgage Open mortgages are unique for many reasons. For one, they allow you to make pre-payments of any amount and whenever needed without the risk of receiving a prepayment penalty. However, with open mortgages, this can lead to higher interest rates than closed…

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Breaking Your Mortgage Early: What to Know and What to Avoid

Posted onApril 15/2022By

Did you know that more than half of Canadian mortgage holders will break or renegotiate their mortgage before maturity? This can happen for a number of reasons, such as trying to find a better interest rate, accessing home equity for renovations, having a family expansion, needing to move for work, or your children leaving home. One common drawback of breaking a closed mortgage in Toronto before your term ends is needing to pay a penalty. There’s a lot you can learn about ending your mortgage and when it makes the most sense, as well as how to go about the…

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