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Which Factors Affect Mortgage Rates?

Posted onMarch 13/2017By

When it comes to mortgage rates in Canada, there are so many factors involved it can be hard to keep track. You’re probably aware that the Bank of Canada is a top player in how mortgage rates are determined, but there’s more to it than the BoC simply deciding what rate to set at any given time. Everyone is looking for a low mortgage rate, but the factors that affect variable mortgage rates are different than those that affect their fixed rate counterparts. Below, we’ll explore the differences. Variable mortgage rates A variable rate mortgage is a loan where the interest rate may change during the mortgage’s term. As the borrower, your monthly payment will be same, but if there is a low interest rate, you will still be able to take advantage of it. For example, if the interest rate increases, the amount of your monthly payment that is…

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The Difference Between Fixed Rate Mortgages And Variable Rate Mortgages

Posted onFebruary 09/2017By

One of the first questions that homebuyers ask when taking out a loan is: Should I get a fixed rate mortgage or variable rate mortgage? It’s not something that should be taken lightly, because the difference between the two loans could translate into thousands of dollars over time. One is not necessarily better than the other. The one you eventually choose will depend on your personal taste, financial situation, and the prevailing economic climate. Fixed Rate Mortgages Fixed mortgage rates are as the name implies: fixed. The interest that is established when the loan is first taken out is the interest you will pay for the duration of the loan. This is regardless of the prime interest rate, which could be higher or lower than what you are paying on your mortgage. Advantages: Fixed rate mortgages are a good choice for those who are seeking peace of mind when it…

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How To Get The Best Mortgage Rate

Posted onSeptember 05/2016By

Getting a good mortgage rate depends on factors such as your personal circumstances, the institution you are dealing with and who is handling the mortgage transaction. Being in good financial shape and having steady, reliable income are major factors that can work in your favour when shopping for the best rates. Also, you need to have an experienced, knowledgeable professional who can negotiate on your behalf. If you are dealing directly with a financial institution that is providing the loan, you will have less negotiating power and you won’t be aware of all the loopholes. Here are a few steps you can take to secure the best rates. Improve Your Credit Score Ideally you should be debt-free when trying to secure a mortgage, but if you are in debt and managing it well (making your monthly payments and paying off small loans), then that will have a positive impact on…

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How To Find The Best Mortgage Rate

Posted onFebruary 16/2016By

Buying a house can be intimidating, especially for first-time homebuyers. But whether you are buying your first, second, or even third home, you should practise due diligence when seeking out a mortgage. One of the most important aspects of a mortgage is the interest rate. Contrary to popular belief, banks do practise discretionary pricing in their interest rates, so it pays to be aware of what your options are before signing off on a mortgage. Here are a few tips to keep in mind when trying to find the best mortgage. Don’t Take The First Offer That Comes To You People are often comfortable dealing with the same financial institution with which they bank regularly, and banks know this. But instead of giving the best rates to their loyal customers, banks (ironically) often offer them to new customers as an incentive to join. That means you should try another institution…

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How To Find The Best Mortgage Rate

Posted onFebruary 16/2016By

Buying a house can be intimidating, especially for first-time homebuyers. But whether you are buying your first, second, or even third home, you should practise due diligence when seeking out a mortgage. One of the most important aspects of a mortgage is the interest rate. Contrary to popular belief, banks do practise discretionary pricing in their interest rates, so it pays to be aware of what your options are before signing off on a mortgage. Here are a few tips to keep in mind when trying to find the best mortgage. Don’t Take The First Offer That Comes To You People are often comfortable dealing with the same financial institution with which they bank regularly, and banks know this. But instead of giving the best rates to their loyal customers, banks (ironically) often offer them to new customers as an incentive to join. That means you should try another institution…

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