Posts from the ‘First-time Home Buyers’ Category

  • The Power of Prepayment

    Last Updated on November 9th, 2017

    Adding a little extra to your mortgage payment makes a big difference in the long run. Today’s post shows you just how much impact extra payments can have, and gives you some tips for making them as painless as possible.

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  • The Mortgage Qualifying Rate (MQR)

    Last Updated on November 9th, 2017

    Borrowers are often surprised to learn that qualifying for a variable-rate mortgage is harder than qualifying for a fixed-rate mortgage, even though the variable rate is lower. To find out why, check out today’s post.

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  • How to Get the Lowest Interest Rate

    Last Updated on December 12th, 2018

    A newly released report by the Bank of Canada called “Discounting in Mortgage Markets” gives us some very useful insights into how much lenders are discounting their mortgage rates and for whom. Today’s post summarizes the report and offers my interpretation of the results.

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  • Waiving Your Financing Condition

    Last Updated on November 10th, 2017

    If you waive your financing condition without a fully qualified commitment from your lender, you are taking a substantial financial risk. That said, most people still do this as a matter of course. Today’s post explains why this happens and gives you some tips on how to minimize your exposure if you decide to waive financing without a firm lender commitment in place.

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  • Budgeting for a Mortgage

    Last Updated on November 10th, 2017

    Budgeting is a lot like exercise. Everyone knows it’s good for you but most people procrastinate actually doing it. Today’s post outlines two ways to get on top of your finances: The Easy Way and The Hard Way.

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  • The Income Tests

    Last Updated on November 10th, 2017

    If you need a mortgage, your household income will be the single most important part of your application. Today’s post outlines how lenders conduct income tests and explains the standards that are used. It also examines special cases where confirming income is more difficult, and provides some tips to help you put your best foot forward.

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  • Puff the Magic Payment Frequency

    Last Updated on November 10th, 2017

    Does it matter if you pay your mortgage monthly, bi-weekly or weekly? How much does paying more frequently save you in interest over the long run? Today’s post seperates the magic from the myth.

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  • Eight Ways to Improve Your Credit Score

    Last Updated on November 10th, 2017

    When it comes to mortgage borrowing, your credit score can save you thousands of dollars. Check out today’s post to learn how to improve your score without having to turn your life upside-down in the process.

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