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What is a Mortgage Amortization?

Posted onNovember 18/2014By

Your mortgage amortization period is the total length of time over which your entire mortgage will be completely repaid. It might be helpful to compare this with your mortgageterm, which is the length of time you have a mortgage agreement with your current lender. Typical Canadian mortgages are 5-year terms with 25-year amortizations. Mortgage term Your mortgage term is usually from between 6 months to 10 years, depending on your lender and your financial situation. During this term, you receive the same rate. When your mortgage term is up, you will renew your mortgage either with your current lender, or with a new lender. Mortgage amortization Mortgage amortization periods affect your monthly mortgage payments. Longer amortization periods mean you have lower monthly payments, but because you are repaying the loan over a longer period, you will pay more in interest rates by the time your mortgage is paid off. All…

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How to Get a Mortgage with Bad Credit

Posted onNovember 14/2014By

Are you worried that your credit history will prevent you from owning the home of your dreams? Although a poor credit rating will affect your mortgage rate, you may be able to get a mortgage even if you have bad credit. What is your credit score? Your credit score is a number that indicates how likely you are to repay future debts, which is calculated by a credit bureau. In Canada, your credit score will probably be assigned by either Equifax or TransUnion. This score is based on your credit report, which is basically a summary of your credit history. Your credit history includes personal financial information, credit account information, and your employment history. If you suspect you have bad credit, you should make sure you know your credit score. You can pay a fee to Equifax or TransUnion for a copy of your credit report, or you could obtain…

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7 FAQ’s About Renewing Your Mortgage

Posted onNovember 11/2014By

When your mortgage term is up, you will have to renew your mortgage to cover the outstanding balance you owe on your home. This can be a stressful time, so make sure you are fully informed. Here are some FAQs about mortgage renewal: When is my mortgage term due? The maturity date will be on your mortgage contract. You have to make sure you know when your mortgage matures, so you can make plans in advance of this date. What is a mortgage renewal slip? Your lender will send you a renewal slip at least 21 days before your existing term matures, if your agreement is with a federally regulated financial institution. You will be offered a new term offer with a new mortgage rate. You can choose to sign the slip to accept the offer, or renegotiate your mortgage. You might not get the best terms if you simply…

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Have you ever heard of the Dower Act?

Posted onOctober 28/2014By

Don’t be embarrassed if you haven’t, because most people don’t have a clue what it is even though it’s very valuable information to have– especially if you’re planning on getting married one day. The textbook definition of The Dower Act is: “a provincial legislation that prevents a married person from disposing of the homestead without the consent of the other spouse. This includes the right of the surviving spouse to a life estate in the homestead as well as the personal property of the deceased married person.” History of the Dower Act The Dower Act was founded in the early twentieth century by a Canadian feminist named Emily Murphy. Murphy met a woman one day who had been left homeless after her husband abandoned her and her children, and sold their family farm. Seeing the injustice in this, Murphy devoted several years to appealing to MLAs. Eventually the Act was made a law…

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What are Industrial Mortgages?

Posted onOctober 23/2014By

When you see the word ‘mortgage’, you may think of the residential kind or the commercial kind, but any type of property that you buy requires a mortgage. This includes industrial properties. Types of Properties An industrial mortgage is a mortgage that has been taken out on an industrial property. These mortgages are for properties like manufacturing plants, warehouses, factories, storage units and various industrial workshops. Most towns and cities have areas that have been designated as “industrial areas,” and these are typically where industrial mortgages are in place. Reasons for an Industrial Mortgage When you set out to get an industrial mortgage, you may want the property for an active business venture or for investment purposes. You may want to buy into an existing business, create one from scratch or just buy up an abandoned building in order to sell it later on. Finding Your Spot Industrial properties are…

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