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Things You Should Pay Attention to While Going for a Mortgage Renewal in Ontario

Posted onDecember 14/2018By

When it comes to renewing your mortgage there are numerous factors to consider. And with so much financial jargon and so many changing dynamics, your mortgage renewal can seem pretty overwhelming. Sometimes, having a few key pieces of information can be crucial, and arming yourself with just a little bit of industry knowledge can ensure that you’re in charge of your financial future. If you are planning on a mortgage renewal in Ontario, then the tips below should provide some of the extra help you need. Perform the Proper Rate Research Take the time to compare and contrast what you…

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Things You Should Know Before Going for a Second Mortgage in Toronto

Posted onNovember 07/2018By

If you own a home in Canada then you have probably have heard of a second mortgage at some point in your life. A second mortgage is similar to a first mortgage, in that it is a loan secured by your property. As time passes you will accumulate more and more equity on your property. A second mortgage is primarily intended to use the equity that you’ve accumulated over the years. According to a report by Business Insider, almost 2 million Canadians have a second mortgage, and nearly as many that have a HELOC. Some Canadians will use their second…

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7 Mortgage Facts You Need to Know

Posted onJuly 10/2018By

When it comes to your first mortgage in Toronto, there are many other costs and expenses that arise which are above your monthly mortgage payment. There are a number of one-time, hidden expenses referred to as “closing costs” that your mortgage experts should inform you of so you are fully prepared. Many potential home buyers are blindsided by a number of things that come their way when buying a home, but you don’t need to be one of them. To help you navigate the world of mortgages, here a few fundamental key points about the mortgage industry such as APR, rapidly fluctuating mortgage rates, refinancing, and low down-payment mortgage loans. It’s a lot to take in, and these seven mortgage facts might just give you the advantage you need when shopping for your perfect home, or looking to refinance your mortgage. Fact 1: APR is an acronym for “annual percentage…

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Mortgage VS. Deed Of Trust: What’s The Difference?

Posted onDecember 27/2017By

While a mortgage and a deed of trust do work similarly, it’s important to know there are significant differences between the two. These differences are especially important in the case of foreclosure, The biggest difference between the two are the amount of parties involved in each contract. In a mortgage, there are just two parties: the borrower, and the lender. In a deed of trust, however, there are three: a borrower, a lender, and a trustee. In a traditional mortgage, whether fixed rate or variable, the borrower holds the title to the property, though the home is still collateral in the mortgage loan. In a deed of trust, the trustee temporarily holds the title on the property and hands it over to the borrower once the loan is repaid in full. A mortgage and a deed of trust will only really affect the homeowner should the homeowner default on their…

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Owning VS. Renting: Which Is Better For You?

Posted onDecember 06/2017By

It’s quite common to get frustrated when renting. After all, you’re paying often expensive rent each month, sometimes even putting work into the property, and while it does cover your accommodation, once you move out you’ve got nothing to show for it. If you own your home however, your monthly mortgage payments are similar to paying rent except they are going directly towards your own home: your own investment. Once you own your home outright, it’s a huge asset, especially in a city with such a high and competitive real estate market. Many people, if financially able, would choose owning a home as the money they put into accommodation goes directly into the property, their own investment. There are, however, considerations to take into account whether renting or owning. Depending on your lifestyle, owning may not be right for you even if you do have the cash for a down…

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