Category

Mortgage Renewals & Refinances
Text:Rising Interest Rates And Your Mortgage Background: Well-lit home in the evening
Since the summer of 2017 we have seen the Bank of Canada Prime interest rate increase five times – from a low of 2.7% to the current 3.95%. This means that most homeowners with variable rate mortgages have seen their mortgage payment increase five times in eighteen months! At the same time, five-year fixed mortgage...
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What if I told you your mortgage renewal might offer a shockingly high-interest rate? Or that now, some mortgage lenders require a property appraisal at renewal time, and some even check your credit or confirm your income and employment prior to renewing your mortgage? Bad News for Mortgage Renewals in Canada Last month we received...
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The convenience of auto-renewing your mortgage is compelling but may be a very poor financial decision on your part. The mortgage industry is changing rapidly, and for strong borrowers, it really is a buyers’ market. It just takes a little extra effort on your part, and you may save yourself thousands of dollars. Important Announcement:...
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Top 7 Reasons to Take Equity From Your Home One of the nice things about being in the real estate industry for so long is I have seen lots of examples of Canadians boosting their net worth dramatically by virtue of building equity in their home. When I look back five, ten years ago, I...
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Three Ways to Take Equity Out of Your Home One of the benefits of our bullish real estate market is many of you have accumulated substantial equity in your homes. Some are content to think of this as a core part of their retirement plan, while others are itching to put this equity to good...
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Why refinancing makes sense What is mortgage refinancing? Refinancing is the process that pays the existing mortgage and/or any other legal claims against the property and sets-up a completely new mortgage. Refinancing can save you lots of money when market interest rates drop one or more percentage points below your present rate. Mortgage refinancing can...
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