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What Factors Can Derail Your Mortgage Approval?

Posted onApril 08/2019By

Mortgages are tricky transactions, partly because banks and lenders are cautious about giving approvals for a second mortgage. The will be equally cautious about making the final transfer of funds to a bank account. Various checks need to be performed, reports filed, and legal work completed. Second Mortgages Even if you have been approved for a second mortgage, your application can be derailed if your circumstances change at the last minute. That means you may not actually receive the funds. Remember that even if you have been approved for a mortgage, your bank or lender is still monitoring your financial…

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What Is a Variable Rate Mortgage? Is It Right for You?

Posted onApril 01/2019By

Deciding what kind of mortgage to get is often complicated, especially if you’re a first-time buyer. Even experienced buyers take their time to the fixed-rate mortgage and the variable rate mortgage because there are so many influencing factors. Things like the current economic circumstances, your employment situation, amount you want to borrow, and your credit rating will all influence your decision on your mortgage. There are two main types of mortgages. Fixed-rate and variable rate mortgage. In this article, we are going to look at the variable rate mortgage so that you can learn more about this product, what it is,…

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What You Need to Know About New Mortgage Rules in Ontario

Posted onMarch 28/2019By

In January 2018, Canada’s new mortgage rules came into effect. These new terms mean that borrowers may be burdened with the need to prove they are capable of paying higher interest rates than those in their lending contract. This stress test will apply to borrowers who have a smaller down payment and those in need of mortgage insurance. Research by the Bank of Canada showed that about 10 percent of Canadians who were approved for a mortgage without insurance between 2016 and 2017 would not qualify under the new rules. That works out to about 100,000 home buyers, according to…

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5 Things to do Before Applying for a Commercial Mortgage

Posted onMarch 20/2019By

Applying for a commercial mortgage is different from a regular home mortgage because there is a piece of commercial property involved that acts as a piece of collateral to secure the loan. This property could be an office, warehouse, apartment building, mall, etc. In these types of arrangements, borrowers can often get a lower interest rate because the loan is seen as secure. Commercial mortgages can also come with longer terms and a bigger loan amount because the property is considered a fixed asset, which means it does not depreciate over time as with other items, such as a vehicle.…

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Renew Your Mortgage the Right Way

Posted onMarch 12/2019By

If you are contemplating renewing your mortgage then you should really consider the opportunity that is before you. There are many things that may have changed since you first took out the mortgage. You may be looking to use your home equity to fund a renovation project on your home. Alternatively, you may want to use that equity in other ways, such as purchasing a cottage or holiday home. You may also want to make some long-term investments to secure your future. There is also the option of putting your other high-interest debts into your mortgage when it is up…

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