Standard Mortgage

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standard mortgageThe standard mortgage options that our parents used are very different from what most of us use today. Years ago, a house was purchased with a 25 year term mortgage at very low fixed interest rates. There were no mortgage brokers or agents because there was no need for them. Things have changed considerably since then.

 

Most mortgages today are for a 3 to ...

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Using An RRSP For Down Payment

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using an rrsp for down paymentUsing an RRSP for down payment can solve the biggest obstacle standing in the way of purchasing real estate for many Canadians. Finding enough money for the down payment on a house is an even bigger problem for people who live in larger cities like Toronto or Vancouver where real estate prices escalate at a much higher rate.

Those would ...

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How Much Life Insurance Do You Really Need

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how much life insurance do you really needPeople often ask me ‘how much life insurance do you really need’? A $500,000 policy might sound like a lot of coverage, but how do you know if it’s enough in your situation?

Here are a few questions to help you calculate how much life insurance you need. In this example, we’re estimating the ...

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Renewing Your Mortgage Should Save You Money

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renewing your mortgage should save you moneyThe large majority of Canadians who have renewed their mortgage in the past year saw their rate drop. Renewing Your Mortgage Should Save You Money!

A lower interest rate means that the interest portion of your payment goes down, other things being equal. This reduction in interest allows homeowners to either accelerate principal payments or it can provide more disposable income.

Either way, it’s good for the Canadian ...

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Pre Qualified vs Pre Approved Mortgage

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pre qualified vs pre approved mortgageWhat’s the difference between a Pre Qualified vs Pre Approved Mortgage?

A Mortgage adviser can Pre qualify you to confirm that you meet the general guidelines for a loan and can also tell you how much house you can afford, based on the information you provide.

The next step is a Pre Approval. At this stage, your information is provided to ...

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Victims of Fake Auto Insurance

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the real victims of auto insurance fraudA 73-year-old Toronto man allegedly sold fake auto insurance slips which resulted in claim payouts of more than $1 million. This brings up the question ‘who are the real victims of fake auto insurance’.

 
The man was selling counterfeit insurance cards known as ‘pink slips’ that are used as proof of valid insurance. People driving without valid insurance ...

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Renting Part Of Your Home

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renting part of your homeAs the cost of living keeps creeping up, many people ask ‘is renting part of your home a good idea’?

Renting an apartment can allow you to buy a house you might otherwise not be able to afford. It also allows many seniors to hang on to their homes while living on fixed income. You could rent a basement apartment, a renovated attic, an entire floor of your house ...

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Changes in Home Buyer Wish Lists

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changes in home buyers wish listsAccording to a recent CENTURY 21 Survey there have been recent changes in home buyer wish lists. It’s also important to note that changes in home buyers wish lists also vary depending on which part of the country you live in.

Because home buying is an emotional process it’s important to understand the shifts in where buyers place value. Location has ...

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Canadians Accused of Having No Self-Control

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canadians accused of having a self-control problemCanadians accused of having no self-control. While speaking at a pension forum in Toronto recently, Harvard economist David Laibson said the problem Canadians have with saving for retirement is a ’Self-control problem’ and education alone is not likely to bring about any change.

Liabson was responding to a comment made by Sun Life Financial CEO Dean Connor that improved ...

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The Sky Is Not Falling in Canada

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canadian mortgage debt not so badThe sky is not falling in Canada and Canadian mortgage debt is not nearly as bad as the Bank of Canada and others have feared. A recent CIBC report says Canadians have been paying down their mortgages at a much faster rate than generally reported in the past.

That means that the risk of default in Canada’s housing market has been greatly exaggerated.

The Sky Is Not ...

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