Edmonton Blog

How do Second or even Third Mortgages work?

January 4, 2018

In Canada, many people take out mortgages in order to help them out financially, and this includes first, second, and sometimes even third mortgages. We all know how a first mortgage works; you contact your bank, work out the details, and begin the process of paying the mortgage back. But what about a second mortgage? How does a second mortgage work and how does it differ from a first mortgage? An...

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Pros and Cons of Mortgage Refinancing

January 4, 2018

You find out that mortgage interest rates are pretty low, but you’ve committed to a fixed rate mortgage. With that in mind, the question of whether or not you should refinance your mortgage comes up. Refinancing a mortgage means that you get a new mortgage – you finance it again, with an altered payment plan. Here are the basics of how a mortgage works. When you make a payment, some percent...

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Why a Borrowed Down Payment Will Be Right for You

January 4, 2018

If you are having trouble trying to save for a down payment, not to worry, it’s been announced that home buyers now have a greater choice in what they can use for a down payment. Now down payment sources can include lender incentives and borrowed funds. What this essentially means is that you can buy a house with no money down. A borrowed down payment is also called “Flex Down” and is ava...

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How Do You Refinance a Mortgage?

November 23, 2017

A mortgage pre-approval shows you what value of home you can afford, and the mortgage payments associated with it at various purchasing prices. It will guarantee a mortgage rate for a period of time, which will protect you against any potential rate increases. Reasons to Refinance Your Mortgage Take advantage of low interest rates Don’t let the penalties of breaking your contract dete...

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How Much Mortgage Can I Afford?

November 21, 2017

When you find yourself browsing real estate listings for a new home, the first thing you must do is figure out exactly how much you can afford. Mortgage affordability is based off of several things such as: The total annual household income of the applicants purchasing the home The personal monthly expenses of those applicants (such as car payments, credit expenses etc.) The expenses as...

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What is the Process of Verification to get Your Mortgage at Collin Bruce?

November 21, 2017

A verification of mortgage is a documentation of your mortgage payment history. The verification of mortgage is often required when applying for a loan, and is used to verify your balance and monthly payments, as well as to check for any late payments on the account. This verification is one of the documents that you need to prove that you are capable in paying back the money that is loaned and pr...

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