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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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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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Self-Employed? What You Need to Know About Qualifying for a Mortgage

Posted onAugust 08/2019By

If you are a self-employed worker, and would like to purchase a new property or remortgage, then you may have to deal with certain challenges that conventional “9-to-5” workers aren’t privy to. A quick way to help you get started is to use a mortgage qualifier calculator. It should also be noted that it has been more difficult, since the post-credit crunch, for freelancers, contractors, and self-employed workers to obtain a mortgage, but, as we shall see in this article, it is not impossible. What You Will Need to Qualify In order to qualify, you will need to basically prove your income to the mortgage lender that you want to apply to. In most cases, each prospective lender will ask that you provide a minimum of two years’ worth of tax returns or accounts. However, providing more than two years of accounts may actually help your case. In any event,…

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What’s the Difference With a Commercial Mortgage?

Posted onMay 09/2019By

If you live in a part of Canada which has low rental vacancies, you might be tempted to invest in rental properties. A rental property usually generates revenue and often turns out to be a good long-term investment. However, it’s important that you understand the difference between residential and commercial mortgages Ontario. Commercial Mortgages Ontario Commercial real estate is used for the location of a business or to rent out, thereby generating income for the owner. On the other hand, residential real estate is an owned residence. However, mortgage issues in both sectors can become confusing because some rental properties…

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What is a Fixed Rate Mortgage? Is it Right for You?

Posted onMay 03/2019By

The world of mortgages is complex when you are new to it. And, remember, there are no stupid questions! You might have heard the names of different types of mortgages, but were not sure what they were. Let’s start with the fixed rate mortgage. In this post, we are going to explain what it is and if it might be right for you. Always keep in mind, though, that you should talk to an independent mortgage broker before making any final decisions. A fixed rate mortgage is one that has the same (fixed) interest rate for the full-time term of…

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