If you’re finding your family has grown out of your current home or your house could use a makeover to better fit your changing needs, renovating is a great option to examine. Instead of putting your home on the selling block and heading out shopping for a new home right away, it may be worth considering using some of your home equity to renovate so you can remain at your current address. The first consideration is whether your home can be adjusted to meet your needs. Is your lot big enough for an addition? Will your foundation handle the weight of an extra floor?
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Be it fully loaded or all the bells and whistles, as savvy consumers we want to know that we got every bit of extra awesomeness available to us and your mortgage should be no different. Sure you want the best rate, that’s a given. Wouldn’t you also like the extras which will make your mortgage even better with none of the yucky stuff? Of course you would! Today we are going to look at what the mortgage extras are that you should be looking for and those you should beware of. 1. Portable – Most mortgage lenders offer a portable mortgage. This is where you can take your mortgage with you from property to property without penalty. Not all porting policies are
If you are thinking about selling your current home and financing a new one, you should really consider exploring your mortgage options before you list your home. Don’t just assume you are going to qualify for your next purchase! - unless being homes doesn’t bother you much.
As many homeowners, you are most likely making the assumption that because you qualified for a mortgage before, you will qualify again. Unfortunately, that may not be the case. Over the past couple of years there have been many changes to how people qualify for a mortgage and lots of products and programs are no longer available. Mortgage qualifications and lender guidelines simply aren’t what they used to be. It’s a lot harder to get a mortgage now compared to what it used to be several years ago, and there is still a chance you might not qualify going forward. The key is ..... Since the Bank of Canada dropped the overnight rate to 1/2 a percent on July 15th 2015, I have been receiving quite a few phone calls and emails from clients curious to know what this means to them. So let start by defining what an overnight rate is: The Bank of Canada sets what is called the “overnight rate” which has more to do with how banks borrow money among themselves than it does have a direct impact on consumers. To make is short and simple: The prime rate is not the overnight rate. The change to the overnight rate has no direct impact to mortgage rates. According to the Bank of Canada: “Changes in the target for the overnight rate influence other interest rates, such as those for consumer loans and mortgages.” In other words the overnight rate can influence the prime lending rate, but it doesn’t have to, and ultimately the banks are in charge of making that decision. A drop in the overnight rate does not mean banks will pass this savings to us. Although for the past several years the Banks have followed the prime rate drop, they didn’t do so on January 21st 2015, when the overnight rate fell by .25% while the banks only dropped by .15%. As we expected, the next time the overnight rate dropped in mid July, the same thing happened, overnight dropped by .25% while the banks lowered by only .15%.... |
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