When it comes to mortgage agents, you have to make sure you are working with someone you trust. One of the challenges that many people faced was that mortgage agents would provide them with information and schemes based on what they thought made sense without understanding their situation.
Five Tips To Help Increase Your Credit Score
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How This New Mortgage Trend Could Affect You
With an endeavor to ensure borrowers can afford to pay their mortgages if interest rates were to suddenly rise, the Office of the Superintendent of Financial Institutions (OSFI) has increased the stress test rate in Canada to 5.25%. The new rate came into effect on 1st June 2021. The change is estimated to cause an up to 4% reduction in the principal amount of the borrowers buying power. So depending on the borrower’s circumstances, it can significantly decrease the amount of mortgage they are potentially able to afford.
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Home Equity Loans Explained By Canadian Tailored Mortgage Solutions
A home equity loan is a loan that is available to you against the equity in your property. It is a type of loan in which you use your home’s equity as collateral. A home equity loan is also known as a second mortgage or a home equity installment loan. It is available for any purpose like renovations or medical treatment, and it is available against both residential and non-residential property. The loan amount is calculated based on the current market value of the property.
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Top Four Things To Look For When Hiring A Mortgage Broker
When shopping for a house, the first thing you need to do is figure out if you are going to hire a mortgage broker. A mortgage broker acts as a bridge between borrowers and lenders. They save you time and money by doing all the legwork to scope out the best financing options for you. However, finding the right mortgage broker can be as hard as finding the right mortgage product. Fortunately, once you find the right broker, the latter then becomes very easy. To help you find the right person for the job, here’s a list of the top four things to look for in a mortgage broker.
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Interest Rates Are Low, It’s Time To Refinance!
When you are drowning in debt, keeping track of multiple payments can be exhausting. At times like this, refinancing your mortgage in order to consolidate debt is very common and in most cases, a smart thing to do. For many, the ideal outcomes for refinancing and consolidation are the same, better interest rates, lower payments and more favorable terms for the debt overall. Its purpose is to help you be able to increase your monthly cash flow, pay off high-interest loans and debts, do home renovations, buy an investment property, etc. The experts at Canadian Tailored Mortgage Solutions want you to know that even if you have been turned away from your financial institution, you can contact us. As experienced mortgage brokers, we can consolidate your high-interest debt and get you in touch with lenders who will look at the equity in your house and offer competitive rates to get your business. We understand that sometimes for whatever reason, debt starts to accumulate, pile up, and get out of control. The important thing to realize is there are solutions to help you get back in control of your finances.
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Announcing The New Website
We are delighted to announce the launch of our new website!
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New Website Under Construction
New Website Coming Soon!
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