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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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Can I Afford a Mortgage on My Salary?

Posted onOctober 14/2019By

Many people who are thinking of buying a home will wonder if they will be able to purchase the home of their dreams with their current salary. They may then turn to a local mortgage qualifier to determine if they can buy a home with their current income. It should also be noted that every person’s situation is different. Some people may have more stringent budgets due to financial dues and substantial expenses, while others may have a large amount of capital to work with from the beginning. Here, we will help you determine if you can afford a mortgage on your salary using a mortgage qualifier in Toronto. The First Step When you decide to buy a home, many steps are involved, and it is a lengthy process. The first thing you should do is determine how much capital you can borrow for your mortgage. The goal is to…

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Reasons for Denying Commercial Mortgages and Startup Business Loans

Posted onSeptember 26/2019By

If you are thinking of obtaining a commercial mortgage in Ontario or a business loan to open the business of your dreams, then you may be faced with a few obstacles. Trying to secure a mortgage or loan of any kind can prove to be challenging if you do not know where to go or where to start. There are also many reasons why you or your business partners may be denied for a commercial mortgage in Ontario or a startup business loan, which we will discuss in this article. Why Lenders Reject Commercial Mortgage Applications If the loan underwriter or the bank’s loan officer is not satisfied with your business proposal, then they may deny your application. For your business plan to be accepted, they need to feel that the plan firmly supports the requested loan amount, meaning they need to be confident in your business plan. Also, if…

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