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What Do Present Interest Rates Tell Us About the Real Estate Market?

Posted onMay 12/2014By

The real estate market is driven by mortgage rates and house prices together. The past decade has seen a gradual decrease in interest rates, and increase in house prices. Interest rates are predicted to rise. Is the real estate market sound? Mortgage rates can be either variable rate or fixed rate, and these rates depend on the central bank and the financial market. Variable rates and fixed rates explained Variable rate mortgages change with the lender’s prime lending rate changes. This rate is linked to the Bank of Canada’s overnight lending rate. If you have a variable rate mortgage, your relationship to prime will remain constant though the prime rate itself will fluctuate. There is a great deal of financial uncertainty, though variable rates can lead to considerable savings over time. Fixed rate mortgages will remain constant for the entire duration of your mortgage. Fixed rates depend on bond yields,…

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Using The 3-Legged Stool Method To Save Money On Your Mortgage

Posted onMay 09/2014By

Becoming a homeowner is an exciting prospect. But rising house prices means that Canadians are taking out large mortgages. Interest rates are projected to rise, which can put extra pressure on the homebuyer. However, there are some effective ways to save money on your mortgage. One such money-saving method is known as the 3-legged stool method. The three-legged stool is a symbol for the three factors which influence your mortgage, and the three-legged stool method involves taking each of these three factors into account when working out how to save money on your mortgage. Mortgage amount The first leg of the stool is your principal, or mortgage amount. Clearly, choosing a cheaper home means you will need a smaller mortgage. However, house prices are rising. In addition to ensuring you are not overextending yourself when choosing your home, you will have to consider the other two legs to save money.…

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What to Look for in a Home Inspector

Posted onMay 05/2014By

Buying a home is the biggest investment most Canadians make. But new paint and and sparkling windows can conceal problems—expensive problems. It’s therefore essential that you have a thorough, professional home inspection before you purchase your home. If there are any problems you must discover them before the contracts are signed. In some cases, the home inspector’s report will help you negotiate a lower purchase price. Hire a professional home inspector Do not just hire a contractor to do your home inspection. Make sure they are professional home inspectors, and see if they have any credentials or certifications. See if they are members of the Canadian Association of Home and Property Inspectors. You should also check the Better Business Bureau to see if there have ever been complaints against them. Home inspectors should be independent Ensure the home inspector you hire is not affiliated with your real estate agency, bank,…

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What To Consider Before Refinancing Your Home

Posted onMay 02/2014By

Mortgages should be re-examined every year. There are options which could save you thousands of dollars, especially if your current mortgage has a high interest rate. Refinancing your mortgage is an option which could improve your financial situation. What is refinancing? Refinancing is setting up a new mortgage: transferring your current loan balance to another one with a lower rate. If you refinance, you will pay the existing mortgage and any legal claims against the property. You should do plenty of research and consult a mortgage specialist to ensure refinancing is the right step for you. Refinancing means you will cut down on interest charges. It is a good option if your new interest rate is at least 1 per cent lower than your current interest rate. Over the life of your mortgage, this will save you thousands of dollars. Are you ready to refinance? You must analyze your financial…

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Getting a Mortgage with Poor Credit What are Your Options?

Posted onApril 30/2014By

If you have gotten to a point where your credit score resides in the “poor” range, it’s logical to think that you won’t be getting a mortgage anytime soon. After all, who would want to give a mortgage to someone with poor credit? Depending on the actual state of your credit, this belief may be true, but you probably aren’t without options.  Find the Right Lender Not all lenders are interested in helping you if you have poor credit, so the first step in your quest is to find one that will help. If your credit score is low enough, the big banks won’t lend you anything, but there are still trust companies and other “sub prime” lenders who are willing to give you a mortgage. This may end up being an exhausting search, but if you work with a mortgage broker, they should have a list of potential lenders…

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