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The Best Time to Get an Open Mortgage

Posted onApril 27/2022By

Depending on your financial status, credit situation, and a variety of other factors, there may not be a one-size-fits-all mortgage that works for you or your family. Thankfully, there are a number of different ways for potential homeowners to take out a mortgage, and one of these options is known as the “open” mortgage. Understanding an Open Mortgage Open mortgages are unique for many reasons. For one, they allow you to make pre-payments of any amount and whenever needed without the risk of receiving a prepayment penalty. However, with open mortgages, this can lead to higher interest rates than closed…

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6 Pros and Cons to Getting a Second Mortgage

Posted onJune 28/2021By

If you find yourself in a financial emergency and need a loan fast, one option is to cash in on the equity you’ve built up in your home. You can do that by getting a second mortgage. What is a second mortgage? A second mortgage is one of various mortgage products available. It is one that uses your house as collateral. You’ll still make payments on the primary mortgage as well as the second mortgage. However, a second mortgage allows you to use the equity in your home to your advantage. Types of Second Mortgages There are different types of…

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6 Things You Need to Know About Getting Your First Mortgage

Posted onJune 21/2021By

If you are in the market for your first home, it is important to be prepared. Doing some research ahead of time will help you make the right decision when it comes to mortgages. Here are some things you should know before getting your first mortgage. 1. Know your credit score Your credit score gives lenders an idea of your financial health. But it is just as important that you know what your score is before you apply for a mortgage. In Canada, there are five categories of scores, including: poor, fair, good, very good and excellent. The higher your…

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Save Up for Your First Home in 8 Easy Steps

Posted onMay 17/2021By

Buying your first home in Canada is one of the most important decisions you’ll make. However, it will take some effort, as you’ll need to put at least 5% of the total property cost towards a down payment. If you’re unsure how much that will be for your dream home, then you can use a mortgage qualification calculator to work it out. Saving up this money may seem like a daunting task, but it doesn’t have to be. Here are some easy ways you can start to save up for your down payment. 1. Put something away every month This…

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10 Questions You Absolutely Need to Ask Your Mortgage Broker

Posted onMay 10/2021By

Getting a mortgage can be an exciting and stressful time. Having a mortgage broker to walk you through it can help relieve your anxiety and simplify the experience. Here are some of the most important questions you should ask your broker. 1. How long have you been in the business? The mortgage industry is competitive. You’ll want to work with a broker who has several years of experience, which equates to good connections with various lenders. 2. Can I get pre-approval? Knowing how much you might be able to get from a mortgage is key to helping you find a…

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