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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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What Is A Mortgage Discharge Fee?

Posted onMay 02/2016By

With some vendors, there can be ‘hidden’ costs in mortgages. These include fees that you’ll pay when you discharge your mortgage, and if you break your mortgage contract early. Make sure you consider these fees when negotiating your mortgage.

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How To Effectively Use A Mortgage Calculator

Posted onNovember 22/2015By

Mortgage calculators are great tools that give you a snapshot of what you’ll be paying each month to finance your home. These calculators let you see how much your mortgage payments will be so you can get an idea of how much you need to budget each month. When using a mortgage calculator it’s important to be honest and current. If you are expecting the property’s value to drop or increase before you buy it, but it hasn’t yet, don’t bank on it. The more accurate you are when you use the calculator, the better your results. Below you’ll find examples of the information you’ll need on-hand to use mortgage calculators. Mortgage Qualifier This will let you know how much funding you will qualify for. Asking price: This is the asking price of the property you are looking to buy. Do not round up or down. Put the exact asking…

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What is the CMHC?

Posted onApril 22/2015By

No matter if you’re looking to purchase a home or not, you’re probably familiar with the CMHC. You may hear their name pop up in news reports or read about them online in real estate journals. You may have even dropped these four letters nonchalantly in conversation. Nevertheless, do you know what it stands for and how this concern relates to the Canadian housing landscape? The Canadian Mortgage and Housing Corporation is a crown corporation of the Government of Canada. A crown corporation is a legal, government-owned entity that undertakes commercial activities on behalf of a proprietor government. The CMHC is the largest crown corporation in the country. The CMHC plays many roles to help the Canadian Mortgage landscape run smoothly. For instance, the CMHC manages the federal Mortgage Insurance Fund. This fund provides a shield for banks who are reluctant to enter the lending market. However, the most important…

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