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8 Tips for a Mortgage Renewal

Posted onFebruary 22/2021By

Most homeowners will need to renew their mortgages at least once before they fully pay off the loan. This just means you take the money you still owe on your mortgage and renew it for another term. Going for an auto-renewal option may seem like the most convenient way to handle it, but it is not always the right decision. Renewing your mortgage is an opportune time to try and get a lower interest rate or added options to your mortgage. Sometimes, this involves a little extra effort on your part. Here are 8 tips you can use when it…

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Mortgages 101: Where Do I Start?

Posted onJanuary 11/2021By

Buying property can be a complex and confusing process for first-time buyers, but it doesn’t have to be. Here are some of the answers to the most critical questions about mortgages and buying a home. What is a mortgage? A mortgage is a loan, usually given by a bank or other financial institution, large enough to be used to pay for real estate. You can get different mortgages, such as: Open mortgage. These are ideal for the short term and can be paid off as quickly as you want. Closed mortgage. With a closed mortgage, there are penalties for paying…

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Are You Too Old to Get a Mortgage? Mortgage Myths Debunked

Posted onDecember 07/2020By

If you are looking to downsize your home, refinance your current loan, or tap into your equity to help fund your retirement, it is important to know that no one is ever too old to apply for a mortgage. Age is not a factor that loan providers consider during the application process. In fact, it would be unethical for mortgage providers to discriminate in that way. However, there are some things you should know before you apply for a mortgage no matter what your age. Mortgage Myths Debunked The mortgage application process can be overwhelming and confusing. This is probably…

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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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