Edmonton Blog

Advantage of Refinancing a Mortgage with the Same Lender

May 4, 2020

There are several benefits to refinancing your mortgage, including obtaining a lower interest rate and cheaper monthly payments, which will provide you with additional cash flow to help pay off any debts and enjoy your life a little more. Refinancing is essentially creating an entirely new mortgage, which means there is no obligation to refinance with your existing lender. If you enjoyed your ...

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How Long Should it Take to Pay off a Mortgage?

March 13, 2020

Paying off a mortgage in a short amount of time is extremely difficult without significant and stable income and very few expenses. Smaller, regular payments spread out over the amortization period, which is the total amount of time required to pay the mortgage, is usually an expensive route to take. That is because mortgage payments usually cover the interest and very little of the principal unt...

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Short-Term Vs Long-Term Mortgage

February 26, 2020

Mortgages are available in different terms and contrary to what many people think, a term does not mean the total length of the mortgage or the amount of time it will take for someone to pay their mortgage in full, which is actually called a mortgage amortization. A term is an agreement in which the interest rate and other inclusive mortgage features are established over a set period and term...

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Latest Trends in Real Estate Mortgage

February 18, 2020

The real estate market changes often and if you’re thinking of buying a home or investing in property, it’s important to know and understand the latest trends regarding real estate and mortgages to determine whether the timing is right for you. Affordability is something you need to think about, which is why you’ll need to check on all the trends related to housing and real estate so that y...

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Take Advantage of Low Interest Rates – Refinance Your Mortgage Today!

January 31, 2020

With record low interest rates for mortgages, it’s no surprise that borrowers are happy and homeowners even more so because they can benefit quite a bit from such low rates. It’s worth looking into refinancing your mortgage because you never know when you’ll see such low rates again. If you purchased your home a few years ago, there’s a very good chance you can benefit by refinancing y...

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Is It A Good Idea To Use Your RRSP For A Downpayment On A House?

January 10, 2020

One of the biggest hurdles you have to overcome when planning to buy a home is coming up with the downpayment. With average house prices starting at $520,000, you will be looking at at least a 20% downpayment. The Home Buyer’s Plan (HBP) is a federal plan that was created to help first-time home-buyers get into the real estate market. Those who qualify are able to withdraw up to $25,000 from th...

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How Home Equity Can Be Used to Payoff CRA Debt

November 29, 2019

Any debt can have serious legal consequences if it goes unpaid. The Canada Revenue Agency (CRA) charges compounded interest on a daily basis on your unpaid debt until you pay off the full balance. Turning a blind eye to your CRA debt does not make it go away. It’s better to do everything you can to pay up in full now than struggle with increasing debts later. Sometimes, the debts are not a ...

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Home Equity: Everything You Need to Know

November 18, 2019

If you’re not entirely sure what home equity is, here is the simplest way of breaking it down: it is the amount of your home that you actually own.  Your home equity will increase over time because as you continue to pay off your loan, you will own more and more of it. It will also build over time due to other factors, including the rise of the market value of the house as well as a...

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Pre-Qualify vs. Pre-Approve: What’s the Difference?

October 17, 2019

It’s important to understand that pre-qualification and pre-approval are not the same and knowing which option you should go with can make a big difference in a competitive real estate market. The right choice will help you get your dream home, while the wrong one will cause you to lose it to another buyer. If you are pre-qualified, it means that a lender has been informed of your income, as...

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Don’t Fall For These Four Common Mortgage Myths

October 16, 2019

Whether it’s your first home or one of many, buying a home is a significant investment that requires a mortgage. As exciting as this milestone in your life is, you may be vulnerable to mortgage myths and misinformation. These falsehoods can make the home buying process more challenging, so it’s imperative to be aware of them. The Collin Bruce Mortgage team is here for you, which is why we...

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