A Home Equity Line of Credit or HELOC, is a secured loan against your home. This is just like a mortgage but with the features of a line of credit. It is completely open(paid down at any time without penalty) and is also revolving (can be paid down and then used again). The loan is always available until closed out. A Secured Line of Credit can be added alongside a mortgage as s separate product. For example, if a client has equity in their home a lender will allow the client to borrow up to 80% of that equity when adding on a secured line of Credit. This can be applied on the purchase or refinance of a home.
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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.

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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 look at location and recent sales around the property at question and provide anywhere from 3-4 comparables in order to better determine the value. These properties have to be very similar to the property being appraised; to specific components such as: lot size, square footage, garage type, finished or unfinished space, etc.
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Subprime (B) and private lending options available to clients.

In Canada there are three lending tiers.   The top tier or A lending as it sometimes called refers to clients who can qualify on income and credit and go through banks and other A type lenders.  This type of lending would represent the majority of mortgage lending in Canada.  There is however two other lending options available to consumers, B and private lending.  This source of lending represents a large portion of the overall Canadian mortgage lending market.
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The current market rates are low and definitely to take advantage of. Here are a few mortgage tips you may want to consider with your current mortgage and save money for the future.
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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.
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Toronto and Vancouver have now reached the international class in the real estate market that is attracting foreign investors. The real estate market has blossomed and the housing prices have risen to surpass Milan and Italy. According to a report done by CBRE the prime residential property in Toronto is $1225 per square foot and $1368 per square foot in Vancouver making the pricing very close to that in Paris which is $2000 per square foot. The most expensive city in the study was London coming in at $3636 per square foot.
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Many individuals in the city are considering all their investment options. But what would be the best for you if you had to decide? Questions you should consider when deciding what investment best suits your needs are the following:
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Mortgage Pre-Approval

A mortgage pre-approval allows for the home buyer to know their borrowing power. It is a great option for those looking to buy a home to get an idea of what price range they can afford. Applying for a pre-approval is very easy and absolutely free. The great thing about pre-approvals is you are not obligated to the lender or mortgage broker from whom you received the pre-approval from.
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