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FIXED VS VARIABLE RATE MORTGAGE – WHAT’S THE BETTER CHOICE AND WHY?

In today’s market, variable and fixed rates are not too far apart. This makes most people think that the fixed rate is the way to go as it’s often viewed as the safest option. Many believe that variable rate mortgages are for the daring and at any time your rate could double leaving you high …

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What is the difference from a Bank to a Credit Union? This difference saves you $10,000’s!

What is the difference from a Bank to a Credit Union? This difference saves you $10,000’s! Bank and Credit Unions are virtually identical, with respect, to the services rendered. They both provide daily banking, investments, loans, mortgages, credit cards, business financing, commercial lending, etc. However, the major difference lay in the business model itself. Each …

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Are the New Mortgage Rules applicable to all lenders?

Many people are aware that Canada’s mortgage landscape has changed significantly over the past year or so. Most recently, there were (January 1st, 2018) major mortgage rule changes that affect borrowers who sit to purchase property or refinance their existing property. The new rules require a borrower with more than 20% equity or downpayment to …

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Life changing Mortgage Rules – January 1st, 2018

The most ground shaking mortgage rules to date will be affective on January 1st, 2018 for all federally regulated financial institutions in Canada. This includes both purchase and refinances! OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages (mortgage consumers with down payments 20% or greater than their home price). …

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