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Can You Add Renovation Costs to Your Mortgage?

  Home renovations can add a lot of value to your home both in terms of your house’s market value and in terms of your own enjoyment. Major home renovations however can be quite expensive, and if you do not have all of the money saved up, you will have to borrow it from somewhere. […]

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Five Pros and Five Cons of Reverse Mortgages

If you are a Canadian over the age of 55, you have probably heard about reverse mortgages and you may be wondering if they are right for you. Simply put, a reverse mortgage is a loan which makes use of the equity in your home. You may choose to receive that loan as a lump […]

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Almost Half of Mortgages Up for Renewal this Year

According to a report that was recently released by CIBC Capital Markets, 47% of mortgages in Canada will be up for renewal in 2018. This is a significant increase from the 25-35 per cent of mortgages that are normally up for renewal in a typical year. This comes at a time when interest rates are […]

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When does a private mortgage make sense?

If you are having difficulty in qualifying for a traditional mortgage, getting a private mortgage may be a solution to help you get into or stay in your home.  In the past private mortgages have accounted for approximately 4-5% of all Canadian mortgages, however with stricter lending rules now in effect, that number is expected […]

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New Mortgage Rules Have Unintended Consequences for Renters

The new mortgage stress test rules are starting to show their effects as more renters decide not to enter the housing market. Consequences for renters One of the unintended consequences of the new mortgage rules is that because less people are buying homes, rental prices of condos and apartments in Toronto have surged more than […]

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Things to Consider Before Getting a Second Mortgage

Taking out a second mortgage or home equity line of credit (HELOC) can be a great way to get the cash you need for things like home repairs, children’s tuition or to pay off high interest debt. It allows you to use the equity in your home without breaking your first mortgage. But how do […]

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Why It Might Be a Good Time to Choose a Variable Rate Mortgage

One of the choices you will have to make when you apply for a mortgage is whether you get a fixed rate mortgage or a variable rate. The majority of Canadians choose fixed mortgages because they like the stability of knowing their rate is not going to change – but if you’re willing to handle […]

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The Good, The Bad and The Ugly of Debt Consolidation Mortgages

Between their credit cards, student loans, and lines of credit, many Canadians are struggling with debt. If you’re reading this article, maybe you can relate. It can be frustrating to see so much of your income go to creditors and have nothing to show for it. One solution that many Canadian homeowners turn to is […]

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3 Practical Tips to Help You Pass the Mortgage Stress Test

It just got a little tougher for Canadians to get approved for mortgages. As you may know, new rules introduced the beginning of 2018 introduced a stress test – the goal of which is to make sure that homeowners are able to make their mortgage payments even if interest rates go up. But how do […]

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7 Tips on Getting the Best Interest Rate for Your Mortgage

Are you getting the best interest rate for your mortgage? Many homeowners aren’t. We all want to get the best interest rates possible and keep more money in our pockets. But too many people rush through the mortgage qualification or renewal process. Considering how much money is involved, it’s amazing how little research and effort […]

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