Fixed Rate Mortgage vs. Variable Rate Mortgage

Fixed Rate Mortgage vs. Variable Rate Mortgage Which mortgage is the better way to go? Most people go for the fixed rate mortgage because it is the safe choice; it provides stability and gives the feeling of comfort knowing exactly what you will be paying on your mortgage for the fixed term. Even though it may feel like you are taking a gamble going with a variable rate mortgage, because it can...

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How to pay down your mortgage faster !

The main objective of any mortgage borrower is to pay down there mortgage as soon as possible.  Naturally coming up with the money to do this is not that easy.  Two ways to chip away at your mortgage is to take an accelerated payment frequency and take advantage of the automatic payment increase allowed on your mortgage by your mortgage lender.  Here is an example. A $300,000.00 mortgage at a...

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First Time Home Buyers

Income Qualifications and Supporting Documentation required; when you are obtaining a mortgage for the first time, you will need to provide specific documentation in regards to your employment situation. For salaried individuals, typically an employment letter, recent pay stub, and 2 years notice of assessments are usually enough. If you are self-employed, the lender will require 2 years notice...

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Appraisals

Appraisal is simply an expert opinion from a state-licensed professional on how much the value of the property really is. An appraiser uses many factors when determining the property value. They do a full detailed report and explain on how they came up with the property value. The first step is to physically examine the property inside and out to see which features bring up the value. They also...

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Why use a mortgage broker?

If you asked your bank representatives how are fixed and variable mortgage rates calculated and did not know how to answer your question, what would you think? If you asked your bank representative how they calculate their fixed rate mortgage penalties and they did not know, would you still want to work with them? Majority of people still do. In Canada we are brain washed into believing that...

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Purchase Plus Improvements Mortgage

This mortgage product allows the purchaser of a primary or investment property to add immediate renovation costs onto the new mortgage.  The renovations must improve the value of the property such as new flooring, roof, windows, kitchen or bathrooms. Part of this process includes obtaining a quote/estimation of the cost of the renovation. This can be obtained from a professional contractor or...

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