What to Expect on Closing Day

It’s arguably one of the biggest days of your life. There are moments in our lives that we will always remember vividly for the rest of our lives: our wedding day, the birth of children, graduations, and certainly the closing on your very first home. The sense of pride you will feel cannot be put into words – but before that big day, you need to know exactly what to expect. It’s a big day that should be treated as equally important. Before closing day, keep these few things in mind to ensure the process [...]

By | 2018-10-16T12:56:10+00:00 October 18th, 2018|Mortgage Information|0 Comments
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How Your Credit Score Determines Your Mortgage Interest Rate

A credit score is the magic number used to give you the best deal on some of the most important purchases in your life, like a home. Keep a good credit score and you can secure an affordable mortgage interest rate. Let's review how credit scores ultimately determine the interest rate Canadians pay on their mortgage. Low score? Expect a higher rate. That’s if you are even approved to begin with. Potential borrowers seeking a mortgage with a low credit score (ranging from poor-to-fair) may find it challenging to find [...]

By | 2018-10-03T09:56:11+00:00 October 3rd, 2018|Mortgage Information|0 Comments
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Understanding Your Credit Score

We’ll be honest: there’s nothing exceptionally enthralling about a credit score. People share them over cocktails (usually if they’re worth bragging about), they come into play when acquiring financing, buying a new automobile or home, setting interest rates, credit limits, etc.; beyond that, credit scores are usually on the backburner of our minds. Furthermore, if you have yet to make any big purchases in your life you probably have no idea what your credit score is – never mind understanding it. Even so, a credit score – ranging between 300 – 900 – deserves your [...]

By | 2018-09-25T10:00:21+00:00 September 21st, 2018|Credit|0 Comments
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What is a Home Equity Loan?

Whether you are tired of putting off the remodeling of your home or you need extra cash for your child’s college fund, a home equity loan could be the answer you are looking for. Especially if you have lived in your home for several years (and have made regular payments on the mortgage’s principal), the equity accrued allows you to borrow against the home’s value. As long as your home’s value is more than what’s owed, you can borrow a lump sum of cash to use for whatever you wish. Let’s dig a little deeper… [...]

By | 2018-09-18T13:09:31+00:00 September 18th, 2018|Mortgage Information|0 Comments
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Can Bi-weekly Payments Pay Off Your Mortgage Faster?

Easy answer: maybe. Nobody likes making their mortgage payment every month, and the thought of splitting it up and making two payments per month is enough to make many a homeowner scoff at the idea and say, “no thanks.” Yet, it’s certainly worthy of your consideration. The big question is if it’s worth your time and if it will make a dent in your home’s mortgage. Let’s find those answers out together. How this payment method works  Rather than making 12-monthly payments per year, you will be making half [...]

By | 2018-09-17T16:11:55+00:00 September 11th, 2018|Mortgage Information|0 Comments
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How Do Construction Loans Work For Homeowners?

Thinking about a remodel or building a new home? It’s a big step. Even so, if your growing family is finding your home’s spaces cramped or you finally want to bring your home into the 21st century (better late than never), you really don’t have a choice if you love your property and don’t want to move. You need a construction loans – and getting approved is all about pre-planning accordingly. This means you need to speak with the construction company conducting the build to figure out a ‘construction timetable’ that will allow your lender to [...]

By | 2018-08-28T09:15:29+00:00 September 4th, 2018|Mortgage Information|0 Comments
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Is An Interest-Only Mortgage Right For You?

“Interest-only mortgage? That… doesn’t sound like it makes sense.” If you are familiar with traditional mortgages, this is probably what’s running through your head right now. Understandably, it causes a bit of confusion and almost sounds like an oxy-moron. After all, if there’s no principal to pay how are you going to make any progress paying down your mortgage month-to-month? You won’t; rather, you don’t have to pay the principal every month only the interest. It may not make a whole lot of sense, but believe it or not there are instances where an interest-only mortgage [...]

By | 2018-08-28T09:15:14+00:00 August 28th, 2018|Mortgage Information|0 Comments
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Minimizing Bad Credit with a Short Sale

You thought you would live in your home forever, yet life has other plans and you unfortunately have to move. Most of us probably know someone in this situation – and it’s never painless. For one reason or another, selling a home can be downright stressful; selling a home because you’re drowning in debt adds an even more stressful dynamic. What can you do? Is it possible to sell your home as soon as possible while avoiding a less-than-stellar credit report? It turns out there are certain best practices you can do to make the [...]

By | 2018-08-16T15:21:42+00:00 August 21st, 2018|Credit|0 Comments
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Racing the Clock: Sell Your Home Before Foreclosure Proceedings Begin

One of the most powerless feelings is realizing that you may lose your home due to lapsed mortgage payments, yet it’s impossible to catch up. Let’s get one thing out of the way: there’s no shame in this! Life happens. Financial burdens hit hard. It doesn’t mean you’re powerless to get out of this situation with a semi-winning hand, though. If you are going to lose your home, you might as well benefit as much as possible. In a race against the clock, you need to know the best practices for selling your home before [...]

By | 2018-08-16T15:23:34+00:00 August 16th, 2018|Credit|0 Comments
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