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MORTGAGE INTEREST RATE TIERS Since we know that lenders can back-end insure our mortgages (please read our Mortgage Insurance Market and Wholesale Lenders article first), and that this specifically makes these mortgage investments more attractive to investors, what does it mean for borrowers (every day people like you and me)? To recap, any mortgage that […]
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REVERSE MORTGAGE – THE PROS AND CONS by Michael Hallett | Apr 25, 2018 | Blog, Homeownership, Mortgage | You may be seeing and hearing a lot more regarding the Reverse Mortgage in today’s marketplace. I have taken the time to get familiar with the program here in Canada and have been quite surprised by […]
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REVERSE MORTGAGE – COMMON USES Eliminate mortgage payment – Retired, or wanting to retire, but still have a mortgage and mortgage payment to make? Use a reverse mortgage to pay off the traditional mortgage, getting rid of that monthly payment. Unexpected expenses – Home repairs, helping children, vehicle repairs, health care/home care, etc. A reverse […]
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WHAT IS A MONOLINE LENDER? What usually follows once someone hears the term “Monoline Lender” for the first time is a feeling of suspicion and lack of trust. It’s understandable, I mean why is this “bank” you’ve never heard of willing to loan you money when you’ve never banked with them before? In an effort […]
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FIXED VERSUS VARIABLE INTEREST RATES Fixed Interest Rates This is usually the more popular choice for clients when it comes to deciding on which type of interest rate they want. There are many reasons why, but the most unsurprising answer is always safety. With a fixed interest rate, you know exactly what you are paying every […]
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THE ROLE OF THE INSURER IN A MORTGAGE Any time a down payment for the mortgage is less than 20%, it is required that the mortgage must be insured thru an Insurer. Why does this mortgage need to be insured, who provides this type of insurance, what does this insurance mean, who is the beneficiary, […]
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ARE YOU IN A VARIABLE RATE MORTGAGE? ME TOO. Are you in a Variable Rate Mortgage? Me too. If you’re in a fixed rate mortgage, this news does not impact you. Mind you ‘impact’ is too strong a word to use for the subtle shift that occurred Jan 17, 2018. Short Version The math is […]
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BANK BROKER VS. MORTGAGE BROKERS | HERE’S THE SCOOP Ask any mortgage broker and they can tell you that there are a handful of misconceptions that the public has about working with a mortgage broker. From questioning their credentials (we all are regulated and licensed with in our own province, and are constantly re-educating ourselves) […]
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IS IT TIME TO LOCK IN A VARIABLE RATE MORTGAGE? Approximately 32 per cent of Canadians are in a variable rate mortgage, which with rates effectively declining steadily for the better part of the last ten years has worked well. Recent increases triggers questions and concerns, and these questions and concerns are best expressed verbally […]
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10 THINGS NOT TO DO WHEN APPLYING FOR A MORTGAGE – BUYING A HOME OR REFINANCING Have you been approved for a mortgage and waiting for the completion date to come? Well, it is not smooth sailing until AFTER the solicitor has registered the new mortgage. Be sure to avoid these 10 things below or […]
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