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Mortgage FAQ’s
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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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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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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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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No credit history qualified for a mortgage Five months ago, Arun Kumar  from Right at Home Realty referred his clients Raj and Nindy to me for a pre-approval for a mortgage for their first home. Raj has a good job making $71,000 per year, and Nindy was about to re-enter the work force and take a job...
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Give your kids an inheritance with warm hands According to HomEquity Bank almost 5% of their clients aged 55 and over arrange reverse mortgages as a way to gift money to their adult children. “What we hear from some of our clients is that they want to see their loved ones enjoying the results of their...
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Ten facts about reverse mortgages There’s a lack of information around reverse mortgages, and as more seniors look to this type of financing to help their adult children as well as finance their retirement – it’s time to set the record straight on some misconceptions. That’s according to HomEquity Bank, a Schedule 1 Canadian Bank...
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Mortgage portability can be a borrower’s lifeline A buyer called me recently to pre-approve him for a $490,000 mortgage as he is upgrading the family home. Today he  has a $250,000 mortgage  with a major chartered bank.  I am able to comfortably approve him with practically any lender, but I suggested he first go back...
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