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Guide to Using a Second Mortgage Payment Calculator

Posted onSeptember 12/2019By

If you would like to know what a second mortgage entails or would like to secure one, then an easy tool, that won’t cost anything to use is a second mortgage payment calculator. A second mortgage calculator is a handy tool that will allow you to calculate the amount that you can theoretically qualify for, as well as the amount of equity that you can extract from your property as well. Here, we will provide a guide to using a second mortgage payment calculator. Basic Second Mortgage Payment Calculator There are some rudimentary second mortgage calculators that you can use online. Essentially, the only figures you will need to input are the numerical value of the home, the balance on your 1st mortgage, and the amount of the 2nd mortgage, if applicable. Then hit send, and you will get a figure that indicates the amount that you can borrow. The…

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How to Get the Best Mortgage Rate

Posted onMay 17/2019By

Everyone knows that buying property is expensive, so when mortgage renewal time in Ontario comes around, it’s an opportunity to check various deals and save money. Whether you’re looking for a better rate on a mortgage renewal or aiming to borrow for a new mortgage, it’s important to note that banks and other lenders look at a number of key factors when you apply for a mortgage. This post will highlight those factors and give you the best tips on how to get the best mortgage rate. Improve your credit score. If you don’t intend to apply for a mortgage…

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How To Choose Between a Variable or Fixed Rate Mortgage

Posted onSeptember 17/2018By

The difference between fixed and variable rate mortgages has narrowed over the last few years. Fixed rate mortgages have the advantage of peace of mind, as the payments are fixed monthly. However, their rates have also been steadily increasing in recent years. In comparison, variable rate mortgages tend to be lower in their rates, but also include additional risks. As a result, determining which to go with can provide a nerve-racking and daunting task. Here, we will help you choose between a variable or fixed rate mortgage by assessing your risk tolerance, lifestyle, and income. Rewards vs Risk As mentioned,…

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3 Reasons Why A Low Mortgage Rate May Not Be All That It Seems

Posted onOctober 18/2017By

When shopping for a mortgage, the first thing everyone wants is a low mortgage rate. While it’s easy to get tempted by low rates, it’s still very important to do your research and make sure you won’t end up regretting your choice down the road. While there are many reputable companies that will secure you a low mortgage rate, there are also those who may prey on inexperienced home buyers. Here are some things to look out for when you spot a low mortgage rate: Discounts Some lenders may advertise a very low mortgage rate to catch your eye. But once you read the fine print, you may find that that rate is subject to change. Unless you are getting a fixed rate mortgage, you are essentially at the mercy of the banks. Many lenders offer a one or two year discount, but after those first couple years you may…

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All About Fixed Rate Mortgage Penalties

Posted onJune 19/2017By

Fixed rate mortgages are the most common, and the least risky, mortgage choice. As the name suggests, having a fixed rate mortgage means that you pay the same amount each month towards the principal, over the agreed-upon period of time. Many homeowners choose fixed rate mortgages so that rising interest rates won’t affect their monthly payments. Additionally, a fixed rate mortgage offers easier planning for monthly expenses. Often, fixed rate mortgage plans last two to three years, but you can also get longer ones that last five to ten years. Although fixed rate mortgages seem simple enough, there are some things to consider when choosing a mortgage, specifically what kind of penalties you may incur with a fixed rate mortgage. Fixed rate mortgages tend to be inflexible, and there are two main types of penalties you can incur… Early Redemption Penalty You may be subject to an early redemption penalty…

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