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What Is a Conventional Mortgage? Everything You Need to Know

Posted onMay 09/2022By

There are many different types of mortgages available to homeowners, but one of the most common in Toronto is the conventional mortgage. Conventional mortgages do not carry high-ratio or lender insurance premiums, and they often are tightly controlled by the finance industry due to the Bank Act of Canada. Because of this law, no chartered bank may offer financing without insurance that covers a certain percentage of the property’s value. As of 2007, this amount is 80% for residential single-family mortgages. Conventional mortgages also differ from what is known as a high-ratio mortgage, which often has rates that can exceed…

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Breaking Your Mortgage Early: What to Know and What to Avoid

Posted onApril 15/2022By

Did you know that more than half of Canadian mortgage holders will break or renegotiate their mortgage before maturity? This can happen for a number of reasons, such as trying to find a better interest rate, accessing home equity for renovations, having a family expansion, needing to move for work, or your children leaving home. One common drawback of breaking a closed mortgage in Toronto before your term ends is needing to pay a penalty. There’s a lot you can learn about ending your mortgage and when it makes the most sense, as well as how to go about the…

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Getting a Mortgage in Toronto: Here’s What You Need to Know

Posted onJanuary 17/2022By

Getting a home in Toronto can seem overwhelming, particularly in today’s competitive market. It’s good to equip yourself with the knowledge you’ll need to apply for a mortgage and succeed. Here are the essential things you need to know about getting a mortgage in Toronto. Save up Homebuyers need to put some money towards the house before being approved for a mortgage. A lender will not offer you the full price of the property. You’ll need to show them you are serious and responsible—plan on saving between five and 20 percent of the sale price. Remember, the more you put…

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Choosing Between a Fixed, Variable, or Hybrid Mortgage

Posted onJanuary 03/2022By

Applying for a mortgage can be a big decision. There are many factors to consider, such as the interest rate, the term length, etc. One of the most important choices you’ll face is whether to get a fixed-rate mortgage, a variable mortgage, or a hybrid mortgage. What is a fixed mortgage? A fixed mortgage is one where the interest rate stays the same throughout. This makes it easy for homebuyers to budget their mortgage payments as the amount of interest they pay each month doesn’t change. It also protects the borrower from fluctuating interest rates, particularly when they increase. However,…

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How to Refinance Your Mortgage to Eliminate Debt

Posted onDecember 06/2021By

Living with debt can be difficult. It adds extra stress to your life and your finances. This may be why many Canadians have been using their resources to pay down their credit card debt during the pandemic. According to statistics, unpaid credit card balances dropped by an average of 18 percent in the last 12 months. If you’ve been looking for some ways to get rid of your debt, then refinancing your mortgage might work for you. What is mortgage refinancing? Mortgage refinancing involves paying off your current mortgage and replacing it with a new one. The process is the…

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