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Recent Trends in Mortgage Renewals

Posted onDecember 26/2018By

As recently as a decade ago, many people had something to look forward to during their mortgage renewals in Ontario. Following the recession and financial crash of 2008, falling interest rates soon became the norm. An entire generation of new home buyers was told that they could reduce their payments by renewing their mortgage. However, a lot can happen in a decade, and 2019 will usher in a new wave of higher mortgage rates when Ontarians decide to renew their mortgages. Read on for some recent trends and tips so that when it’s time to renew your mortgage, you’re informed…

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4 Reasons Why You Should Get Pre-Approved for a Mortgage

Posted onOctober 03/2018By

The first thing to do before deciding on whether or not to buy a home is to set aside a budget., however, trying to set up a budget by yourself can prove to be a very taxing and difficult task. The amount of debt your holding, your down payment amount, your credit score, as well as your job history are all factors that you need to take into consideration before creating a budget for your new home. As such, it is highly recommended that you consult with a qualified lender in order to be pre-approved for a mortgage. Then and only then should you set-up a consultation with a real estate broker. Getting pre-approved for a mortgage can be used to your advantage in a financial situation. Below are 4 reasons why you should get pre-approved for a mortgage, and how doing so can be leveraged to your benefit. Boost…

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5 Mortgage Tips for First time home buyers

Posted onApril 09/2018By

A first time home buyer might be confused or nervous about getting a mortgage. They might not know exactly what it takes to obtain mortgages and they might not know what lender is the best for home buyers. The good thing is that there are some things that you can do in order to be more ready for the entire process! These things are discussed below. Check Your Credit Score The first thing you want to do before applying for a mortgage is check your credit score. Since many lenders require you to have a minimum score, knowing yours will result in going into the situation more prepared. You don’t want to have a credit score of 600 for a lender that requires 700 and higher. Not only is this embarrassing, but they might not appreciate the waste of time! Look at Assets and Liabilities The next thing you want…

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3 Things To Know About Mortgages For Overseas Properties

Posted onDecember 20/2017By

There are many good reasons to invest in property overseas. You may want to use the property as a vacation rental or as a vacation home for yourself and your family. Your child may be going to university overseas, and you may be thinking about buying a property as an investment where they are studying. Getting a mortgage for an overseas property is different than getting a mortgage in your country of residence, however, and there are some things to consider. Hire an Expert Even if you are experienced in buying real estate, the rules are often quite different when it comes to buying overseas. The best thing to do would be to find a local real estate agent in the country where you want to buy, who is experienced when it comes to dealing with overseas buyers. By working with a local agent, you can better understand the local…

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Got A Mortgage Offer? Here’s What To Do Next

Posted onNovember 13/2017By

Navigating mortgage applications is a complex process, especially for first-time home buyers. Applying for a mortgage requires a detailed and thorough examination of your income, financial situation, and credit score; the process can be exhausting. There’s never a guarantee you’ll be accepted either, so it can be a big relief once you receive your mortgage offer. Your mortgage offer will be sent either to you or to your solicitor. This offer should be read very carefully. It will contain the amount of money the lender is willing to lend, the length of the mortgage term, and the amount of monthly payments required. You should go over this offer with your lawyer in order to make sure everything is in order. Legal fees are a significant part of mortgage closing costs, but the consequences of not examining the offer carefully enough can cause even bigger problems. Keep in mind that this…

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