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How Do Mortgage Calculators Work?

Posted onOctober 16/2014By

If you’ve paid attention while going through the process of getting a mortgage, you know there are a lot of different variables to consider. Before the internet became such an integral part of daily life, you’d have to go in and sit with a lender while they made the calculations for you. Now, you can visit one of the many websites that features a mortgage calculator and do the preliminary calculations yourself. How They Work A mortgage calculator is an automated tool that allows you to enter numbers such as your income, the total amount of the loan, mortgage rate and amortization period to get instant feedback on different aspects of the mortgage. As an example, you can find out how much your monthly payments will be, how much interest you’ll pay, and how changing different variables slightly affects these numbers. The idea is to help you find out if…

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Can You Get a Mortgage With No Down Payment?

Posted onOctober 09/2014By

The thought of buying a home with no down payment is the ideal situation for many prospective homeowners. A lot of people know they would be able to make the monthly payments and keep a mortgage going, they just don’t have the means to come up with anything on the front end. This was never really an issue, as zero down payment options were offered by many lenders. However, the rules have changed and no down payment is just one of many things that has changed when getting a mortgage. Five Percent Minimum Today, there is a minimum down payment amount of 5% of the purchase price. If you are planning to purchase a home but not live in it, the minimum down payment is at 20%. These changes were made by the federal government and the five per cent rule has caused some anxiety to many first-time homebuyers. Changes…

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What Are The Advantages of A Collateral Mortgage?

Posted onSeptember 30/2014By

A mortgage is the biggest debt that most Canadians will ever incur. For this reason, it’s of utmost importance that you do you research and know what your options are to minimize the damage to your bank account before you sign any dotted lines. You’d probably like to think that you can trust your mortgage broker to make sure you get the best deal, but the only way to guarantee that is by doing your homework beforehand and being fully informed about the different types of mortgages. One of these options is a collateral mortgage. Not familiar with the term? Luckily, we’re here to walk you through to explain all the ins and outs of collateral mortgages and help you decide if this is the right option for you and your mortgage rate. What is a Collateral Mortgage? The online definition of a collateral mortgage is: “A mortgage that secures…

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Who Gets a Better Mortgage Deal: Men or Women?

Posted onSeptember 26/2014By

By now, men and women should get the same treatment when it comes to getting a mortgage, right? Money is money and both men and women make it in a lot of different ways. That being said, men and women’s differences do extend to matters of money and debt. Some Debt Differences Men tend to carry more debt than women, and women tend to use less available credit than men. They will leave some room on those cards and lines of credit, where a man is more likely to run it up to the limit. The fact that men are more comfortable taking on higher levels of debt also leads to a higher rate of money troubles. Men are more likely to fall two or more months behind on mortgage payments than women. Men tend to seek out financial help later than women, too. Of course, men tend to ask…

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Should You Pay Off Your Mortgage Before Retirement?

Posted onSeptember 22/2014By

Many homeowners both young and old have grown up with the notion that paying off your mortgage before retirement is the best way to do things. If everything is timed just right, the mortgage will be completely paid off before the age of 65, and retirement will be a lot more manageable. This concept works well, but more and more people still carry mortgages past the retirement age. The question of whether you “should” pay your mortgage off before retirement or not is a personal one, but here are a few reasons for and against it. Reasons to Pay It Off One reason to pay it off early is because if you are focusing your financial efforts on the mortgage, you’re probably spending less in other areas. You’ll be able to figure out your needs and wants a lot easier and saving money will be easier, too. Choosing a shorter,…

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