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How To Choose Between a Variable or Fixed Rate Mortgage

Posted onSeptember 17/2018By

The difference between fixed and variable rate mortgages has narrowed over the last few years. Fixed rate mortgages have the advantage of peace of mind, as the payments are fixed monthly. However, their rates have also been steadily increasing in recent years. In comparison, variable rate mortgages tend to be lower in their rates, but also include additional risks. As a result, determining which to go with can provide a nerve-racking and daunting task. Here, we will help you choose between a variable or fixed rate mortgage by assessing your risk tolerance, lifestyle, and income. Rewards vs Risk As mentioned,…

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Start Early and Do Your Research When Renewing Your Mortgage

Posted onSeptember 10/2018By

With rising interest rates and newfound stress testing rules, mortgage refinancing has become that much more expensive and complicated. As a result, if you want to avoid unexpected expenses and headaches along the way, it is important to start early and do your research when renewing your mortgage. Check Your Options Kelly Wilson is a mortgage broker who is also the co-proprietor of the Wilson Team brokerage firm in Ottawa. According to Wilson, the vast majority of Canadians stick to the same lender as far as mortgage renewals are concerned. However, this may prove unwise in some cases as taking…

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Why Refinancing Your Property May Help Pay off Your Mortgage Sooner

Posted onAugust 13/2018By

For most households in America, debt can be a major problem. This is especially true for people who have credit card debt on top of their mortgages, student loans, and car loans. The average household in the U.S. has more than fifteen thousand dollars in credit card debt. As of 2015, an average interest rate of more than 13% was paid on this debt. There are many credit cards that charge even higher interest rates for these high unpaid balances. Refinancing your mortgage is one way to help with managing debts, both of the secured and unsecured variety. When you refinance your property, you may be able to pay off your mortgage sooner. You may also be able to pay off outstanding credit card debt and make payments on any overdue bills. Refinancing to Lower Mortgage Rates Over the past few years, mortgage rates have been at historic lows. In…

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5 Ways Credit Rating Is Vital for Small Business Financing

Posted onAugust 06/2018By

The small business market is a highly competitive sector of the economy. Securing a favourable financing arrangement is an important factor in starting the business, and in continually growing the business. One thing your business should aim for is qualifying for an interest rate on the lower end of the spectrum. As well, consider the duration of the financing arrangement and the frequency of payments. Another significant aspect is whether the arrangement allows for intermittent lump sum payments, which can lower the term length of the loan. Whichever financing arrangement you choose, these five points below will help guide you to a better understanding of how credit rating is vital for small business financing. Get funding to grow During the process of setting up your small business financing, ensure that the total amount covers not only the expenses needed to start the business, but also expenses you are projected to…

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How to Build Your Credit Rating Without Getting a Credit Card

Posted onJuly 17/2018By

Studies project that one out of every three millennials will never own a home. The projections indicate that this population segment of millennials will still be renting apartments or housing when they retire. Housing prices are soaring, which means that the sizes of a potential deposit are soaring as well, and the cost to rent a home or apartment is spiralling out of control. Millennials, the generation typically defined as the people born between the 1980s and the late 1990s, don’t have the economic means to enter the real estate market. Even more troubling, an alarming number of millennials have a poor credit score — or no credit rating at all. This can add yet another barrier to potential homeowners. Some millennials have poor credit scores even though they are consistently making monthly rent payments. An Explanation of Credit Ratings A credit rating, in its simplest definition, is a number…

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