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Mortgage Rate Trends To Expect In 2016

Posted onDecember 21/2015By

Are you thinking of buying or refinancing a home this year? Then listen up. Having a firm grasp on the housing market and where APRs are headed is crucial, unless of course you want to spend a lot more in interest. Unfortunately, this is likely to be the case for new and current Canadian homeowners; there has recently been a lot of talk concerning whether the National Bank is planning to increase mortgage rates across the board, with a number of economists predicting prime to possibly move up by the end of 2016. Most of these experts concur the Canadian housing market rate hike will likely not peak until the third quarter. While this may not be a concern for borrowers locked into fixed rates loans, those with variable APRs are at the mercy of the market, and thus rightfully concerned. However, there are others like Scotiabank Economics and Capital…

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How To Calculate Mortgage Closing Costs

Posted onOctober 16/2015By

Are you thinking about buying a new home? The home-buying process can be confusing and difficult without the proper resources, but with the right information, you will be just fine. By now, you probably know what houses are in your price range and what areas you are interested in buying in. What’s next? Aside from your down payment and mortgage payments that cover the purchase price of your new home, you have to start thinking about closing costs as well. Closing costs come into play once the purchase of your home is finalized. These costs are different in each province and sometimes even vary city-to-city. It is important to have a good real estate agent or knowledge of the process, mortgage or lender services assistance and lawyer or notary; this way you are aware of all of the financial obligations, rules, regulations and pertinent information. What are closing costs? The…

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6 Benefits Of Buying In The Winter

Posted onOctober 09/2015By

Most people think it’s best to buy in the summer or spring, but winter can be a “hot” time to get into the market. If you don’t mind a little bit of cold weather searching – this might be the best time for you to start looking for a new home! Here are 6 benefits to consider on your house hunt: Professionals have more time to serve you. During the busier months your real estate agent will probably have many clients to deal with, during the winter, their workload is usually lighter. Other professionals such as contractors and movers may less bookings and may be able to accommodate you better. They may be able to get tasks done quicker and work with your schedule. Interest rates tend to be lower. There are many factors that influence interest rates in the Canadian landscape, but in the winter they are often lower.…

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Hurdles Towards Getting The Best Mortgage Rate

Posted onSeptember 11/2015By

Even if you try hard to get the most attractive rate and term for a mortgage, you still might only end up with the most favorable option available for someone in your situation rather than with the best option available in the marketplace. In fact, depending on various factors, the difference between your rate and a superior rate could be numerous percentage points. Since even a single percentage point difference can make a difference over the long haul, it’s in your best interests to learn about the obstacles to getting the best mortgage rates. Read on for some tips that will help you get ahead. Low Credit Score If your credit score is south of 680, you’ll fall short of the threshold needed to secure the best interest rates available. It’ll be even worse if, in addition to a low credit score, you also lack the ability to come up…

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