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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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Should I Get a Second Mortgage in Toronto?

Posted onMay 03/2021By

Homeowners who find themselves a little short of cash to complete a project or help a child through college might be wondering if a second mortgage is the answer. If you have equity in your home and want to take advantage of it without losing your property, then taking out a second mortgage in Toronto could work for you. What is a second mortgage? A second mortgage is a loan you take out using your current home as collateral. It is also called the home equity line of credit. Your first loan will remain the primary mortgage on your home…

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5 Things You Need to Know About Mortgage Investing

Posted onApril 26/2021By

Since the beginning of the pandemic, the real estate market in Ontario has experienced fluctuations in interest rates. This has many Canadians curious about mortgage investing. Mortgage investment services in Ontario include mortgage investment corporations (MICs), which are considered private lending institutions that manage your investments. First, let’s take a closer look at how MICs operate, and then we’ll list 5 important things you should know about mortgage investing. How do mortgage investment corporations work? Think of mortgage investment corporations (MICs) as one big pool of capital where you and other people invest money in private mortgages in Canada. The…

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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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