An Overview of the Mortgage Refinancing Process A pre-approved mortgage will indicate to you the value of the home you may be eligible to afford, as well as the payments associated with various purchase prices. It can also guarantee your mortgage rate for certain period of time to protect you from possible rate increases. You are not obligated to the mortgage broker or the bank to whom you got the pre-approval for your mortgage. There is no cost associated with this either, so there are limited risks associated with getting a pre-approval. 3 Reasons You Might Want to Refinance Your Mortgage ...
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When you’re looking at refinancing your home, you should always do so with the appropriate background knowledge about all the costs associated with it. There are pros and cons to refinancing your mortgage and you can also discuss these and the general process with your real estate lawyer. Reasons for Refinancing Your Home You might look into refinancing your home in order to access the equity you have built inside the home or to obtain a lower interest rate. Although this might be the best financial solution for you, it is critical to consider the cost associated with opting for a refinance before determining ...
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Steps to Lower Your Mortgage Rate For most people, their monthly mortgage is their biggest expense. While a home is also an important investment and one that serves you in many ways, it’s always wise to be mindful of opportunities to decrease your mortgage rate so that you can reduce the overall amount due. Is Refinancing Right For You? To secure a low rate mortgage, you may wish to refinance your mortgage. This can help save you money over the long run. Bear in mind that before you do this, you need to understand your refinance penalty and how this ...
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Does it Make Sense to Switch Mortgage Providers? When it is time for your renewal term with your mortgage lender, you have an important decision to make. You may want to switch providers or stay with your current lender, depending on what is being offered. However, staying with your current provider might not be the right option for you. There are two primary reasons when it makes sense to switch to a new provider. Reason #1 First of all, you may be looking for different terms and conditions. If another lender is offering you better terms and conditions, you may wish ...
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Accessing Your Home Equity the Right Way One of the primary reasons that people consider refinancing their current mortgage is to tap into the power of the home’s equity. While this is the right choice for many people, it is always a process you should study carefully before initiating next steps. How to Calculate Equity The value of your home minus the balance of the mortgage is your home’s equity. You may be eligible to access your home equity, withdraw it, and invest it in several different ways, including post-secondary education, home renovations, additional real estate and more. Different Ways to ...
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Why You Should Think About the RRSP Home Buyers Plan A Registered Retirement Savings Plan can be an important method of making your down payment on your mortgage. The home buyers plan offered by the Canadian Government enables first time home purchasers to borrow as much as $25,000 from your RRSP tax rate to make your down payment. In the event that you are eligible to purchase a home with another first-time home buyer, you can both tap into $25,000 from your RRSP for a total of $50,000. Since the HBP is classified as a loan, however, you need to ...
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Additional Costs of Buying a Home That You Should Be Aware Of Many fees may surround the process of purchasing a home, and it’s valuable to know the other costs of buying a home in advance so that you are fully prepared when you identify your dream home. Most people are familiar with some of the basic costs of buying a home, such as paying for any inspections or the closing costs. In addition to the standard closing costs associated with the property, there may be additional costs of buying a home assessed to you, the purchaser, when you buy your new condo or ...
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What to Think About When Buying a House from a Builder When buying a house from a builder, you need to be aware of several key things to expect and look for, so that your interests are protected from the outset of the transaction. Satisfaction and customer service are critical when buying a new house from a builder. This means that the builder should make each step in the building and buying process as simple as possible for you. You should always be treated like a valued customer even after you move into your new home. Expect that your builder and/or ...
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How to Prepare for the Mortgage Renewal Process At the conclusion of your mortgage term, if you still owe a balance on that property, you will need to renew the mortgage for another term. This is also an opportunity to evaluate your current mortgage and compare it with any financial goals you may have recently set. Your current mortgage provider will notify you of the upcoming renewal in the mail with a slip that you can sign back, but if you want to be sure that all of your needs are properly met, you need to take a proactive approach ...
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What to Think About When Renewing Your Mortgage Your mortgage payment may be a high expense in your monthly budget, but when mortgage term comes up for renewal, lenders may tempt you to stay with them by sending you out a renewal offer that simply requires your signature in response. However, it is often in your best interest to do some research on your own. Your best offer might not be the one that shows up in your mailbox. Mortgage Renewal Tips One of the most important steps that you can take without the mortgage renewal process is to start ...
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