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A Guide to Real Estate Mortgages

Posted onNovember 18/2019By

Many people struggle with the decision to buy or lease a home. It’s important to know if you want to own a home before getting yourself entrenched in the process of a real estate mortgage. But once you determine that you’re ready for homeownership, the next step is to choose a home you can afford. With each mortgage payment, you will be building equity in your own place. It’s essential to consult a mortgage professional to help you determine how much mortgage you can carry comfortably. This will help you evaluate your financial position and set achievable goals concerning the repayment timeline. Whether you’re a first-time homebuyer or you want to ensure that you’re ready for your next property purchase, here’s a simple guide for the real estate mortgage process: How much debt can you afford? A mortgage has four components that affect the affordability of a property and the…

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Different Techniques to Negotiate Your Mortgage Renewal and Save Money

Posted onNovember 11/2019By

For most homeowners in Canada, their mortgage payment is their most significant monthly expense. And unless you’re able to pay off the balance in your first time, then you’ll have to renew your mortgage. A survey by Angus Reid found that nearly 27 percent of homeowners opt for automatic mortgage renewal when the term is up instead of negotiating for a better deal to save money. With the recent changes to the mortgage market, now is an excellent time to review your mortgage terms for a better solution that is more favourable for you and your family. So, before signing your mortgage renewal and sending it back, here are a few tips to help you get a better deal: Don’t Accept the First Offer Many people assume that their bank will give them a good deal just because you’re taking the business to them, or perhaps because you’ve been banking…

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Are Mortgage Interest Rates Going up or down in 2020?

Posted onNovember 04/2019By

For the larger part, interest rate forecasts are simply educated guesses, which means that analysts may change their opinions depending on several factors, including the strength of economic growth. For instance, when economists are uncertain about the direction the economy is going, then they may predict flat rates. The Bank of Canada (BOC) tends to raise the Bank Rate (the rate at which banks borrow from the BOC) when the economy is responding positively, and lower them in times of recession as a way to stimulate the economy. While economists were expecting rates to stay flat until mid-2020, their predictions have changed; they are now expecting the rates to drop owing to an economic slowdown. Changing Economic Forecasts In the first quarter of 2019, the Bank of Canada (BOC) predictions for 2020 were somewhat optimistic with expected growth of 1.2% for the rest of 2019, and then an increase to…

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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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