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After a marital split, arranging a mortgage can be difficult. Some people find it hard to qualify for a mortgage when they are on the hook for child or spousal support. The reason is most mortgage lenders consider these payments as a monthly liability, just like a car payment or other loan facility, and this effectively...
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Vancouver house prices fell 17% for detached homes in one month. A cool $294,000! That is the cost of a single family home in many smaller markets in Canada. It’s hard to believe this is not a misprint! We are talking about Vancouver Real Estate – the hottest market in the country for several years. You...
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The difference between down payment and deposit First time buyers can sometimes get confused by terminology. For example, they understand you have to make a deposit when your Offer to Purchase is accepted, but may not be sure if this deposit is included in or separate from their down payment. This came to light recently when their...
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35 year am may reduce mortgage payment by ten percent The thirty five year amortization period mortgage is a topic which attracts a lot of inquiries from our website visitors. It makes sense – with home prices climbing so rapidly these days, affordability is becoming a bigger issue than ever. You do have to have a down payment of...
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  New down payment rules in February On February 15, 2016, minimum down payment rules are changing in Canada – for homes worth more than $500,000. The change is straightforward: for any portion of the house price over $500,000, buyers will need to provide 10% down payment for an insured mortgage. The minimum down payment...
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Not salaried and not 2 years self employed needs mortgage Earlier this week, a real estate agent asked me to help his self employed buyer qualify for a high ratio mortgage. The challenge here is he has been incorporated only one year, and before that he was salaried in the same line of work. To be...
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Mortgage interest rates finally rising Mortgage interest rates are still incredibly low by all historical measures. Nevertheless, we have seen frequent rate changes and increases in the past few weeks. The two rates we tend to focus on are the five year variable rate mortgage (VRM)  rate and the five year fixed rate mortgage rate....
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