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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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When you co-sign, the borrower now controls your credit history I met a couple recently who want to refinance their house to pay off some debts. Their home is worth $900,000 and their current mortgage is $450,000, so with lots of equity to play with you would think this will be really easy. The debts...
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Buyer needs 35 year am to qualify for mortgage Vicky may be a single parent, but from a very early age she has been buying and selling houses; taking advantage of the strength and stability of the GTA housing market to build up a net worth of almost one million dollars, and she is not...
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Power of sales process stopped just in time Sandra has been a loyal bank customer for more than thirty years, and when she ran into financial difficulties from losing her job last year, she looked to the bank for a sympathetic ear. She was falling behind in her mortgage payments and property tax payments – she...
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Think outside of the bank Most of us have accounts with a chartered bank, so it’s natural we turn to them when we need a mortgage. “It’s convenient to have it all in one place” “They know my situation best” “My family has always done their mortgage with …..” “I don’t trust those other guys”…..these are a few of the...
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Real Estate Market Commentary Ana Inacio of First National Financial reports Vancouver ranks as the third least-affordable city in the world according to Demographia. Hong Kong and Sydney came in at one and two. Toronto did not make it into the top-10, although it ranks as the third least-affordable market in Canada. (The study uses...
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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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  Reverse Mortgages (55 yrs+) This is an idea whose time is now. Factor together our aging population, exploding home values, and the high cost of living, there is so much home equity that seniors age 55 and over can tap into. The list of possible uses is limited only by your imagination: Pay off debt Need...
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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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