Know what you can afford – get a mortgage pre-approval. When it pertains to securing a mortgage, people would like to be aware of the amount of money they are able to borrow. The following are a few quick formulas to assist you to determine exactly what you are able to afford. Loan to Value (LTV) Lenders will only allow … Read More
Bidding War: How To Survive
Do you have what it takes to win a bidding war? Bidding wars occur when multiple offers are placed on a house. The seller can take any offer, depending on the best conditions proposed. Do’s and Don’ts. Be careful not to allow multiple bids steer you into a spiral of “ignorant bidding”. Do your financial homework and know your limits. … Read More
How Do Consumers Feel About the Market?
Economists and mortgage experts are always quick to analyze the Canadian housing market. However, these industry leaders often forget to ask for consumer opinions and insights. Luckily, there’s the CMHC Annual Mortgage Consumer Survey to help fill this gap. Conducting in February and March of 2012, the CMHC Mortgage Consumer Report surveyed 3,502 recent mortgage consumers in order to better … Read More
Which Term Is Right For You?
Before you set out to secure the lowest mortgage rate available, you’ll need to make an important decision concerning your payment term. Almost every new mortgage customer struggles when it comes to deciding their amortization schedule. While some customers prefer the lower monthly costs of a long-term mortgage, other’s want to pay off their loan as quickly as possible. So, … Read More
Half of Canadians Prefer Fixed Rate Mortgage Products
Fixed or variable? If you’re thinking about buying a home, it’s one of the most important decisions you’ll make. According to a recent poll conducted by CIBC, 50 percent of Canadian’s prefer to go with a fixed rate mortgage product – an increase of 39 percent over last year’s numbers. And while this isn’t surprising, given the convergence of fixed … Read More
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