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Elliot Gordon Homes

Mortgage Corner

How To Kill Your Home Financing

Does this situation sound familiar? You’ve found your forever home. You’ve been approved and completed all your mortgage paperwork. You think you’re done and now you want to buy a whole bunch of furniture for the new abode. Perhaps you’ve been eyeing a new car or even a new job at the same time. It…

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Breaking Up (with your mortgage) Is Hard To Do

It’s hard to look past what’s right in front of you. That can be said for a lot of things in life, including a mortgage. So it should come as no surprise that roughly 6 in 10 homeowners with the standard five-year fixed rate mortgage break their terms within three years. There are those who…

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Improving Your Credit Score Isn’t As Hard As You Think

Does your credit score keep you up at night? For some, this one detail in their life doesn’t pop up in their mind very much, because they know they’re making good money and paying all the bills on time. When you’re in that boat, it feels pretty good. But when you miss a payment or…

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Should You Go Fixed or Variable?

It’s the first and only thing anyone usually asks when you talk about your mortgage: What’s your rate? While everyone can recall their rate off the top of their head, it’s the only detail of the mortgage they remember or care to know. Though the rate is obviously important, your mortgage is so much more…

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The Impact of OSFI’s Mortgage Changes

When – Jan 1st, 2018 – Lenders may adopt new policies sooner due to the date selected Who is affected by these upcoming changes? #1 Nobody renewing an existing mortgage. #2 Nobody purchasing a home with LESS than a 20% down payment. OK, so who then? People with more than 20% to put down on…

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Ten Things to Know About Prime & Your Mortgage

1. Fixed-rate mortgage holders are not affected by Bank of Canada rate changes during their current term. Only those in either adjustable-rate or variable-rate mortgages need read on 2. On July 12 lenders increased variable-rate borrowing costs by 0.25% to match the Bank of Canada increase of the same amount on the same day. 3.…

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Is My Mortgage Portable?

The question: ‘Is my mortgage portable?’ The answer most often given: ‘Yes.’ This answer is increasingly wrong. In reality, you may qualify to move 80% or less of the current balance. The proper question: ‘Do I need to re-qualify for my current mortgage to move to a new home?’ The proper answer: ‘Yes, your mortgage…

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A Mortgage Pre-Approval – It’s Not What You’d Expect It To Be

Although going through the pre-approval process is more important than ever, the actual term ‘pre-approval’ is often misleading. It really addresses just a few variables that may arise once in the middle of an actual offer. The pressure in many markets has never been greater to write a condition-free offer, yet due to recent changes…

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What About My Mortgage Pre-Approval?

Although going through the pre-approval process is important, the actual term ‘pre-approval’ is often misunderstood. An important point to be clear on is that while you may be pre-approved for a certain mortgage amount, there are several variables that can derail a final approval once you write an offer on a property. As such it…

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Residential Mortgage Rates as of April 4, 2017

Term Fixed Closed Rate 6 months 3.95% 1 Year 2.29% 2 Year 2.09% 3 Year 2.34% 4 Year 2.49% 5 Year 2.39% 7 Year 2.98% 10 Year 3.89% Prime = 2.70% Variable Closed (5 yr) = Prime minus 0.70% = 2.00% Variable Open = Prime plus 0.80% = 3.50% Secured Credit Lines = Prime plus…

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