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3 Mortgage Budgeting Tips

Posted onAugust 10/2020By

One of the best ways to start saving up money for a mortgage is to see where you can cut back. If you haven’t already done so, figure out your net monthly income and your fixed expenses. Fixed expenses are ones you can’t change, such as rent, student loan payments, or child care. After that, figure out what your variable expenses are. Variable expenses are irregular; they can happen from as little as once a year to as often as every other week. They are also expenses that you have more control over. Here are some examples: See where you…

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How Can You Renew Your Mortgage While Unemployed?

Posted onJune 01/2020By

A mortgage renewal can be stressful, even at the best of times. But how do you renew your mortgage if you have suddenly become unemployed? Or, underemployed or injured with limited income to deal with in this time of crisis? Your bank will reject your mortgage renewal if you are unemployed based on your lack of capacity to pay the mortgage. In that case, turning to a mortgage broker who has many options available is the best course of action. Brokers work with lenders to help the mortgage renewal process for the financially challenged, and in most cases, brokers are…

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Mortgage Mistakes You Should Never Make

Posted onMarch 23/2020By

Mortgage qualification is usually something that first-time homebuyers worry about, and neophytes will often make mistakes that can cause stress and financial ruin down the line. However, mortgage qualification issues can be avoided, as can many common mortgage mistakes that many first-time homebuyers make in attempts to own the home of their dreams. Here, we will discuss the most common mortgage mistakes that you should never make. Becoming Impoverished Over Home Ownership Many new home buyers will make the mistake of investing most of their money into home-related expenditures to pay it off faster and increase its real estate value…

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Things to Consider When Retiring With a Mortgage in Ontario

Posted onAugust 28/2019By

While retiring is something that many Canadians look forward to, the celebrations can be cut short if they have a substantial amount of debt to deal with in their twilight years. For instance, many Canadians may worry about retiring with a mortgage. In fact, a recent Equifax study found that Canadians over the age of 65 have accrued debt at a much faster rate when compared to other Canadian demographics. As such, many Canadians may need to turn to innovative commercial and residential mortgage solutions in order to deal with their rising debts. Here, we will focus primarily on the things you will need to consider when retiring with a mortgage in Ontario. Focus on Paying Off Your Debts Many middle-aged people will focus on helping their children pay off their student loans or car payments, or will prioritize the growth of their investment portfolios, while they slowly but surely…

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Mortgage Solutions for Buying Rural Properties

Posted onJune 10/2019By

If you are thinking of buying some real estate then you will likely need to seek out a mortgage so that you will be able to finance such a large investment. However, there are several different types of mortgages available to most Canadians, so you will need to determine which mortgage solution is right for you. Here, we will discuss some of the obstacles that you may come across while trying to obtain a rural mortgage as well as what obtaining a rural mortgage actually entails. The Challenges of Obtaining a Rural Mortgage   The truth of the matter is…

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