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How Much Can I Borrow? a Guide to Using a Mortgage Qualifier Calculator

Posted onFebruary 20/2019By

As a business owner in Toronto, one of the most essential decisions you need to make is whether to take out a commercial mortgage to expand your enterprise. The question is, how much mortgage does your business need and can actually afford? Key considerations for taking this important step include examining current and projected income, market conditions, property taxes that arise out of the real estate value and interest rates accrued over time. Banks and private mortgage companies alike use a mortgage qualifier calculator to determine how much mortgage your business can afford to support. You can also use this…

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How to Get a Better Rate When You Go for a Mortgage Renewal

Posted onDecember 05/2018By

For most Canadians, their biggest monthly expense will be their mortgage. But did you know that over a quarter of Canadians will simply renew their mortgage once their term is up, instead of shopping around to try and find a better deal? We look for sales and discounts on clothes, groceries, gas, and almost everything else that we shop for, so why not our mortgages as well? Here, we provide some helpful tips so that you can get a better rate when you go for a mortgage renewal in Ontario. Start Looking Early The general rule of thumb is to…

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What Is A Variable Rate Mortgage?

Posted onApril 03/2017By

When mortgage shopping, many buyers think that a fixed rate mortgage is the only way to go. However, a variable rate mortgage may actually save buyers money in the long run, although it can be riskier. Here’s how variable rate mortgages work: As opposed to a fixed rate mortgage, which is a flat rate paid throughout the mortgage term, without fluctuating interest fees, a variable rate mortgage is based on lender prime rates, and will fluctuate with the bank’s interest rates. If you are considering a variable rate mortgage, it’s best to speak to a mortgage expert as they will have a thorough understanding of the current interest environment. While a fixed rate mortgage allows for better financial planning and eliminates the chance of any surprise, there are some reasons why a variable rate mortgage may be a better option. For one, if you know the lender’s rates are currently…

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Fixed Rate Mortgages: Should You Choose A 15-Year Or A 30-Year?

Posted onMarch 20/2017By

Once you’ve decided that you want a fixed rate over a variable rate mortgage, you then have to determine if you want 15 or 30 years. Taking on a loan for 15 years may seem impossible to some people, while others may think that’s just the right amount of time needed to pay it off. Generally, Canadians opt for anywhere from 25 to 30 years for their mortgages, but that doesn’t mean you have to too. Fixed rate mortgages: 15 years With 15-year fixed rate mortgages, you have the advantage of paying off the loan faster. Once you’ve paid off your mortgage, you can focus on putting money aside for other things like your retirement, children or grandchildren’s educations, vacations, etc. You’ll also save money on interest since you’ll pay more interest over 30 years than you will over 15. For example, 4% interest on a $200,000 home is $66,288…

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Should You Pay Off Your Mortgage Or Invest?

Posted onJanuary 27/2017By

Most homeowners with a little extra cash will inevitably face the dilemma of paying down their debt or investing. There is no straightforward answer to this question; you will have to look at your particular situation, the prevailing market conditions as well do some number crunching. While getting out of debt is always a good thing to do, it shouldn’t come at the cost of spending disposable income that could have earned you more elsewhere. On the other hand, if your investments don’t do well, you would actually be better off just paying down your debt. Paying Down Your Mortgage The interest on your mortgage is a big factor in whether or not you should invest. If your return on investment is less than the interest rate on your mortgage (especially if the interest rises) then the investment is not worth the money. If the interest on your mortgage is…

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