Mortgage Blog
Working For You, NOT The Banks!
Category: Mortgages (83 posts)
So you want to buy a house that had a grow op!
October 24, 2023 | Posted by: Andrew Wade
All you need to know about buying a home that had or still has a grow op in it!There are certainly a few things we need to warn you with up front as buying a home like this is no easy task! Luckily I ...
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Co-Signor (Applicant) VS Guarantor
September 23, 2023 | Posted by: Andrew Wade
Co-Signer vs Guarantor With the current costs of homes, interest rates higher than the last few years, and stringent stress tests, first time buyers are finding it more and more difficult to qualify ...
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Bank of Canada Holds The Overnight Policy Rate Steady at 5%
September 6, 2023 | Posted by: Andrew Wade
Bank of Canada Holds Rates Steady Acknowledging Economic Slowdown With last Friday's publication of the anemic second-quarter GDP data, it was obvious that t ...
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When will fixed rates go down in Canada?
June 16, 2023 | Posted by: Andrew Wade
When will fixed rates go down? Most lenders in Canada, are currently increasing their fixed mortgage rates to catch up to increasing yields we have seen the past few weeks now. Fixed rates will ...
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OSFI Set To Tighten Banking Regulation
April 24, 2023 | Posted by: Andrew Wade
Weakening Housing Markets Pose A Risk For The Canadian Economy On April 18, Canada's national banking regulator, the Office of the Superintendent of Financia ...
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Bank of Canada Pauses Rate Hikes As US Fed Promises Further Tightening
March 8, 2023 | Posted by: Andrew Wade
The Bank of Canada Holds Rates Steady Even As the Fed Promises to Push Higher As expected, the central bank held the overnight rate at 4.5%, ending, for no ...
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Bank of Canada raises policy rate by 25 bps to 4.5%
January 25, 2023 | Posted by: Andrew Wade
No Surprises Here: The Bank of Canada Hiked Rates By Only 25 bps, Signalling a Pause As expected, the Bank of Canada--satisfied with the sharp decline in r ...
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OSFI Is Concerned About Federally Insured Lender Exposure to Mortgage Risk
January 25, 2023 | Posted by: Andrew Wade
OSFI Is At It Again Late last week, the Office of the Superintendent for Financial Institutions (OSFI) announced it was concerned about the risks associate ...
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Bank of Canada Hikes Overnight Rate 50 bps to 4.25%
December 7, 2022 | Posted by: Andrew Wade
The Bank of Canada Hiked Rates The Full 50 bps The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 50 basis poin ...
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Macklem Op-Ed says Canadian Economy 'Has Been Running Too Hot'
August 17, 2022 | Posted by: Andrew Wade
Macklem's Op-EdNational Post Comment, August 16, 2022 Inflation in Canada has come down a little, but it remains far too high. After rising rapidly to reach ...
read moreThe Bank of Canada Hikes Rates Again with Another Jumbo Rate Hike, Signalling More To Come
June 1, 2022 | Posted by: Andrew Wade
The Governing Council of the Bank of Canada raised the overnight policy rate by a full 50 basis points once again today, marking the third rate hike this year. The two back-to-back half- ...
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Pro's and Con's of getting an HSBC Mortgage
April 12, 2022 | Posted by: Andrew Wade
Pro's and Con's of having an HSBC Mortgage HSBC Bank Canada is a subsidiary of HSBC Holdings plc, the global banking giant with more than 38 million customers worldwide. The bank is currently th ...
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Rate Forecast for March 2022
March 21, 2022 | Posted by: Andrew Wade
Moscow’s malevolence and persistent inflation are changing the rate outlook weekly. Divining rate direction, even near-term, has become equivalent to predicting earthquake magnitude—al ...
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Bank of Canada Starts Hiking Rates, Signalling More To Come
March 20, 2022 | Posted by: Andrew Wade
Bank of Canada Starts Hiking Rates, Signalling More To Come The Governing Council of the Bank of Canada raised the overnight policy rate target by a quarter ...
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March Newsletter-7 steps for Mortgage Prep Work
March 1, 2022 | Posted by: Andrew Wade
7 Steps for Mortgage Prep Step 1 - Your Credit Score Whether you qualify for a mortgage through a bank, ...
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February Newsletter
February 16, 2022 | Posted by: Andrew Wade
Understanding Insurance Not all insurance products are created equal. One of the most common mistakes hom ...
read moreBank of Canada Tapers Bond-Buying Again
July 14, 2021 | Posted by: Andrew Wade
Bank of Canada 'On the Vanguard' of Unwinding Stimulus The Bank of Canada raised its inflation fore ...
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Mortgage Hacks in Canada
June 10, 2021 | Posted by: Andrew Wade
Fixed Mortgage HacksIf you have a Mortgage in Canada and you carry a Fixed Mortgage currently, than pay attention. The Bank doesn't want you to know this but the day your 5 year fixed term is up, your ...
read moreBank Of Canada Holds Overnight Rate Steady....AGAIN!
June 9, 2021 | Posted by: Andrew Wade
Bank of Canada Holds Rates and QE Steady--Asserting That Both the Upside in Inflation and the Downside in GDP is Temporary ...
read moreSecond Mortgages in Canada
June 4, 2021 | Posted by: Andrew Wade
Second Mortgages Explained Second mortgages are loans taken against a home that already has a mortgage on it. In the case of a second mortgage, you are using your own home as collateral for the loa ...
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Real Estate. Down Payment 101
May 31, 2021 | Posted by: Andrew Wade
Downpayment 101 to purchase Real EstateProving the source of your down payment can sometimes be the most time-consuming part of getting a mortgage. Even when well organized, the process can be tiring ...
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Military Mortgage Promotion till the end of the Year-Take .05% off the best rates available!
May 19, 2021 | Posted by: Andrew Wade
At Find Me A Mortgage, we want to give back to those who serve! We truly appreciate those who protect us Canadians on our home soil and abroad to keep us safe and proud to be Canadian. If you are in ...
read moreRates on the Rise- Bond yields and commodity prices surged around the world yesterday as confidence in a vaccine-induced rebound increases.
March 2, 2021 | Posted by: Andrew Wade
Canadian 5-Year Bond Yield Surges In an unprecedented move, bond yields are spiking around the world. ...
read moreLonger-term bond yields are rising almost everywhere as vaccines and fiscal stimulus have boosted confidence and triggered inflation concerns.
February 23, 2021 | Posted by: Andrew Wade
Longer-Term Yields are Rising Despite Central Bank Inaction While central banks hold overnight rates ...
read moreRates held at .25% for the rest of 2020 and likely for the foreseeable future!
December 9, 2020 | Posted by: Andrew Wade
Bank of Canada Confirms Commitment To Low Interest Rates Despite the good news on the vaccine front since the Governing Cou ...
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Beyond your down payment: Preparing for closing costs
December 4, 2020 | Posted by: Andrew Wade
Beyond your down payment: Preparing for closing costs December 7th, 2020 Costs before closing There are some expenses that come up before you make the down payment. Home inspection f ...
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How banks are working to keep your data safe
December 2, 2020 | Posted by: Andrew Wade
How Banks are Working to Keep Your Data Safe. The breakneck pace of technological change has fundamentally affected the way industries operate and innovate, and banking is no exception. Accessing fin ...
read moreMortgage Broker vs Mortgage Specialist-Believe it or not we are not the same thing!
November 16, 2020 | Posted by: Andrew Wade
Mortgage Broker vs Mortgage Specialist. broker vs specialist: what’s the difference? To most consumers outside of the mortgage space, the terms “mortgage broker” and “mortgag ...
read moreRate Holds Explained
November 14, 2020 | Posted by: Andrew Wade
Rate Holds Explained. If you shopping for a home, or have worked with a mortgage professional in the past, you’ve most likely heard of rate holds before. If not, it is something that every pote ...
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5 things to know BEFORE buying a rural property
November 13, 2020 | Posted by: Andrew Wade
5 Things to Know Before Buying a Rural Property. As cities continuing to grow bigger and busier, a rural home beyond those limits can seem like a dream come true! However, before you dive into countr ...
read moreBOC holds again at .25% overnight rate OCTOBER 28th
October 28, 2020 | Posted by: Andrew Wade
Bank of Canada Recalibrates Quantitative Easing As expected, the Bank held its target overnight rate at the effective ...
read moreBank of Canada to stop buying Mortgage Bonds-will the overnight rate drop?
October 26, 2020 | Posted by: Andrew Wade
Bank of Canada Will Stop Buying Canada Mortgage Bonds This Wednesday, the Bank of Canada will release its interest rate announcement and the Oc ...
read moreBOC holds again at .25% overnight rate-Rate Hike Unlikely until 2021
September 9, 2020 | Posted by: Andrew Wade
Bank of Canada Relies on Quantitative Easing As promised, the Bank held its target overnight rate at the effective lower bound of 25 basis points with th ...
read moreTop 7 Reverse Mortgage Myths
May 13, 2020 | Posted by: Andrew Wade
THE TOP 7 REVERSE MORTGAGES Myths How much do you really know about reverse mortgages? Maybe you know that reverse mortgages can help Canadians 55+ access the equity in their home, tax-free. Ma ...
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Pro's and Con's of a Scotia Bank Mortgage
May 1, 2020 | Posted by: Andrew Wade
Pro's and Con's of a Scotiabank Mortgage The Bank of Nova Scotia (Scotiabank) ranks as Canada's third-largest bank by market capitalization and has more than 10 million customers across t ...
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Pro's and Con's of getting a TD Mortgage
April 30, 2020 | Posted by: Andrew Wade
Pro's and Con's of getting a TD Mortgage TD routinely jockeys with RBC for the title of Canada's biggest bank (by market capitalization). It now has more than 10 million customers a ...
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Pro's and Con's of getting a CIBC Mortgage
April 29, 2020 | Posted by: Andrew Wade
Pro's and Con's of getting a CIBC Mortgage Rates Canadian Imperial Bank of Commerce, or CIBC, is one of Canada's Big 6 banks. With 40,000 employees, it services more than 11 million custo ...
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Tangerine Mortgage Pro's and Con's
April 23, 2020 | Posted by: Andrew Wade
Pro's and Con's of getting your mortgage at Tangerine Bank of CanadaTangerine is a progressive alternative bank for self-directed customers and a subsidiary of Scotiabank. Prior to Scotia's acquisitio ...
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BMO Mortgage Pro's and Con's
April 22, 2020 | Posted by: Andrew Wade
BMO Mortgage Rates BMO Bank of Montreal (BMO Financial Group) is Canada's oldest bank having officially started conducted business in 1817. It is currently the fourth-largest bank in the country by m ...
read morePro's and Con's of getting an RBC Mortgage
April 21, 2020 | Posted by: Andrew Wade
RBC is Canada's Biggest Mortgage Lender, but depending on your situation maybe not the best place to get your mortgage. RBC (Royal Bank) is the country's largest bank with more than 10 million cl ...
read moreBank vs Broker
April 20, 2020 | Posted by: Andrew Wade
Bank vs. Mortgage Broker In the past, prospective home buyers turned exclusively to their banks for their mortgage needs. Today, you have more options at your disposal with the growing presence of ...
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How a Mortgage Deferral affects your mortgage down the road.
April 2, 2020 | Posted by: Andrew Wade
What if I can't pay my mortgage? These are unprecedented, scary and troubling times. Hard-working Canadians, who are responsible people are finding themselves sick, temporarily unemployed or unable ...
read moreWhy are Mortgage Rates Rising?
March 30, 2020 | Posted by: Andrew Wade
Why Are Mortgage Rates Rising? Over the past month, the Bank of Canada has lowered its overnight rate by a whopping 1.5 percentage points to a mere 0.25%. Many people expected mortgag ...
read moreBank of Canada drops overnight rate 150Bps in less than a month!
March 27, 2020 | Posted by: Andrew Wade
The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. This unscheduled rate decision brings the policy rate to its effective lowest l ...
read moreHow to Be Competitive Buying a House with Multiple Offers
February 26, 2020 | Posted by: Andrew Wade
Now is the best time to get organized to increase the chances of your offer being accepted as the winning bid on the house of your choice. By having all your paperwork together and ready to go will en ...
read moreUninsurable Mortgages
May 15, 2019 | Posted by: Andrew Wade
3 “RULES OF LENDING” – WHAT BANKS LOOK AT WHEN YOU APPLY FOR A MORTGAGE Buying a home is usually the biggest purchase most people make and there are a lot of factors to consider. Ou ...
read moreNot the bad guy-Stress Test
May 10, 2019 | Posted by: Andrew Wade
MORTGAGE STRESS TEST – NOT THE BAD GUY Ever since the federal government regulator, The Office of the Superintendent of Financial Institutions (or OSFI) brought in the Mortgage Stress Test, the ...
read more7 steps to getting your dream home!
May 3, 2019 | Posted by: Andrew Wade
7 STEPS TO BUYING A HOME It’s important to understand the home buying process, so here’s a 7-step checklist. Step 1: Down PaymentThe hardest part to buying a home is saving the down paym ...
read moreSource of funds
May 2, 2019 | Posted by: Andrew Wade
SOURCE OF FUNDS Over the past several years, investigators have been working on an ongoing investigation relating to criminal money laundering in Canada. Looking at B.C. alone, billions of dollars ha ...
read moreWhat's included in your home purchase agreement?
May 1, 2019 | Posted by: Andrew Wade
WHAT’S INCLUDED IN A HOME PURCHASE AGREEMENT While a home purchase agreement may seem simple and straight forward, there are many differences that you can encounter that can be a big surprise t ...
read moreShould I pay down my mortgage ASAP?
April 29, 2019 | Posted by: Andrew Wade
SHOULD YOU PAY DOWN YOUR MORTGAGE ASAP? One of the top questions we get asked: Should I pay down my mortgage as fast as possible? In theory, this makes sense. The faster you pay it down, the faster y ...
read moreBank of Canada Holds Prime Rate at 1.75%
April 25, 2019 | Posted by: Andrew Wade
BANK OF CANADA REDUCES PROSPECTS OF A RATE HIKE A greater-than-expected slowdown in global economic activity has triggered a slowdown in the pace of interest rate normalization by many central banks. ...
read moreDocuments needed for your next Mortgage Pre Approval
February 13, 2019 | Posted by: Andrew Wade
DOCUMENTS YOU NEED FOR YOUR MORTGAGE PRE-APPROVAL Being fully pre-approved means that the lender has agreed to have you as a client (you have a pre-approval certificate) and the mortgage broker has r ...
read morePostponement and Standstill Agreements...some of the not so known terms in mortgage financing.
February 11, 2019 | Posted by: Andrew Wade
POSTPONEMENT & STANDSTILL AGREEMENTS. WHAT YOU NEED TO KNOW Multiple Lenders are typical Borrowers often have to access funding from more than one lender, to finance their operational requiremen ...
read morePre Approvals 101
February 10, 2019 | Posted by: Andrew Wade
PRE-APPROVALS & PRE-QUALIFICATIONS Throughout the mortgage and home buying process, there are many steps and many checkpoints a buyer will need to complete before they can move on to the next one ...
read moreAt DLC we LOVE Credit Unions and the flexibility with your local branch!
February 8, 2019 | Posted by: Andrew Wade
CREDIT UNIONS – AN ALTERNATIVE LENDER Credit Unions are often overlooked as a choice for your mortgage lender – but there are reasons why considering a Credit Union might be well worth yo ...
read moreMortgage Pre Approval Documentation Essential to getting that Home!
February 5, 2019 | Posted by: Andrew Wade
DOCUMENTS YOU NEED FOR YOUR MORTGAGE PRE-APPROVAL Being fully pre-approved means that the lender has agreed to have you as a client (you have a pre-approval certificate) and the mortgage broker has r ...
read more8 things you can do to get the best mortgage renewal
December 31, 2018 | Posted by: Andrew Wade
8 THINGS YOU CAN DO TO GET THE BEST RENEWAL With 47 per cent of homeowners scheduled to renew their mortgages this year, 2018 is a year of change for lots of Canadians.Here are the top 8 things you c ...
read moreThe Mortgage Process and How it works!
December 21, 2018 | Posted by: Andrew Wade
The Mortgage Process and How it Works Step One-???? Contact me with all your information regarding your mortgage details. It can take as little as 15 minutes, or as long as you need. We’ll ...
read moreVariable Mortgages- TO LOCK in or NOT?
December 20, 2018 | Posted by: Andrew Wade
VARIABLE RATE? TO LOCK IN OR NOT? This post applies if you are taking a new mortgage, whether it’s for a purchase, refinance, or renewal. The variable remains the main contender. But what abou ...
read more#1 Misconception about Mortgages
December 17, 2018 | Posted by: Andrew Wade
THE #1 MISCONCEPTION ABOUT MORTGAGE FINANCING! It is a reoccurring but common misconception that you will qualify for a mortgage in the future because you have qualified for a mortgage in the past. ...
read moreMortgage Pre Payment- the sensible Holiday Gift for 2018
December 16, 2018 | Posted by: Andrew Wade
MORTGAGE PREPAYMENT(S)- THE PERFECT HOLIDAY GIFT! Do you know what kind of prepayment privileges you currently have with your mortgage? Does your current lender allow you to make a 10% prepayment or ...
read moreNo interest rate hike for December 2018
December 15, 2018 | Posted by: Andrew Wade
BANK OF CANADA’S DOVISH TONE As was universally expected, the Bank of Canada’s Governing Council held overnight interest rates steady at 1-3/4% as it heralded a weaker outlook for the Can ...
read moreReverse Mortgages and all you need to know
December 7, 2018 | Posted by: Andrew Wade
WHY REVERSE MORTGAGES ARE BUCKING THE DOWNWARD TREND The reverse mortgage market in Canada has been increasing at a phenomenal rate over the last few years. In fact, for HomeEquity Bank, the provide ...
read moreWhat does a Pre Approval actually mean?
December 6, 2018 | Posted by: Andrew Wade
PRE-APPROVED FOR YOUR MORTGAGE… WHAT DOES THAT REALLY MEAN? There is a myth out there that once you’re pre-approved for a mortgage, you’re good to go out and buy a home… wit ...
read moreHow confusing it can be today to figure out what your best rate is. These are the Interest rate tiers
December 5, 2018 | Posted by: Andrew Wade
MORTGAGE INTEREST RATE TIERS Since we know that lenders can back-end insure our mortgages (please read our Mortgage Insurance Market and Wholesale Lenders article first), and that this spec ...
read moreCongrats on the new mortgage. Now lets get serious here and get rid of it as fast as possible.
December 3, 2018 | Posted by: Andrew Wade
CONGRATULATIONS ON THE MORTGAGE! NOW LET’S GET RID OF IT! So now that you’re a home owner, what are your next steps? Well first, you will have to figure out exactly how you are going to g ...
read moreMortgage Brokers are BETTER than Bank Specialist Employees
December 2, 2018 | Posted by: Andrew Wade
4 REASONS WHY MORTGAGE BROKERS ARE BETTER THAN BANKS I am often asked if it’s hard to compete with the banks. While they may offer competitive rates at times, right now we have much ...
read moreTo lock in your variable rate or not?
November 30, 2018 | Posted by: Andrew Wade
VARIABLE RATE? TO LOCK IN OR NOT? This post applies if you are taking a new mortgage, whether it’s for a purchase, refinance, or renewal. The variable remains the main contender. But what abou ...
read moreWhen to lock in your variable mortgage!
October 31, 2018 | Posted by: Andrew Wade
Should You Lock In Your Variable Rate Mortgage? In November 2018, there’s been a lot of noise in the mortgage rate market – “RATES ARE GOING UP!” So in turn I have b ...
read moreSecond Mortgages and what you need to know
September 21, 2018 | Posted by: Andrew Wade
4 KEY THINGS YOU NEED TO KNOW ABOUT A SECOND MORTGAGE Many homeowners are vaguely aware of the fact that you can take out a second loan on your home. You hear your friends mention it or perhaps a fam ...
read more5 great reasons to put 20% down on your home
September 7, 2018 | Posted by: Andrew Wade
There are many challenges that come into play when you’re in the market to buy a home.Buyers say the number one obstacle to home ownership is saving enough for a down payment, the amount that th ...
read moreAll you need to know about reverse mortgages
August 31, 2018 | Posted by: Andrew Wade
HomeEquity Bank is the only bank in Canada that currently offers the CHIP Reverse Mortgage as well as a secondary product, Income Advantage. These two products are options for homeowners unlike anythi ...
read moreWhat is a Collateral Mortgage and how does it affect me?
June 5, 2018 | Posted by: Andrew Wade
WHAT IS A COLLATERAL MORTGAGE? A collateral mortgage is a way of registering your mortgage on title. This type of registration is sometimes used by banks and credit unions. Monoline lenders, on the o ...
read moreVariable vs Fixed Mortgage's
June 4, 2018 | Posted by: Andrew Wade
FIXED VERSUS VARIABLE INTEREST! Fixed Interest Rates This is usually the more popular choice for clients when it comes to deciding on which type of interest rate they want. There are many reasons w ...
read moreWhere are Mortgage Rates Going?
June 1, 2018 | Posted by: Andrew Wade
WHERE ARE CANADIAN MORTGAGE RATES GOING IN 2018? 2017 was a year of change for the Canadian Mortgage Market. With the announcement of the B-20 guideline changes requiring all insured or uninsured mor ...
read moreStandard Charge Mortgages vs a Collateral Charge Mortgage and how t can affect you!
June 1, 2018 | Posted by: Andrew Wade
When we talk about a Standard or Collateral Charge, we are talking about the legal instrument that is used to register the mortgage terms with the Provincial Government to legally record the encumbran ...
read moreI’VE NEVER HEARD OF THAT LENDER BEFORE
May 28, 2018 | Posted by: Andrew Wade
One of the benefits of working with an independent mortgage professional; compared to getting your mortgage through a single institution, is choice. And as there are even more mortgage rules coming in ...
read moreBrief History of Mortgages in Canada
March 22, 2018 | Posted by: Andrew Wade
HISTORY OF MORTGAGE CHANGESThe mortgage industry seems to be ever-changing. What was applicable one day seems to no longer apply to the next and at times, it can be confusing to navigate through what ...
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Buying a Home, Step One: Mortgage Pre-Approval
April 11, 2017 | Posted by: Andrew Wade
Whether you're looking to buy your first home, or haven't purchased a home in the past several years, you may be surprised to discover that searching your local real estate listings is not the best pl ...
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Why Remortgage? 4 Excellent Reasons to Consider Refinancing Your Home
March 14, 2017 | Posted by: Andrew Wade
Your home is probably the most significant purchase you'll ever make, yet it's surprising how many people simply continue paying their mortgage every month without thinking too much about it. However, ...
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Should You Spend the Full Mortgage Amount You're Approved For?
November 16, 2016 | Posted by: Andrew Wade
Before you start shopping for a new home, you'll need to know exactly how much house you can afford. Otherwise, you could end up in a home that is way out of your budget. What you qualify for may not ...
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Take Advantage of Low Interest Rates – Refinance Your Mortgage Today!
November 2, 2016 | Posted by: Andrew Wade
Borrowers are loving the current record low interest rates, and homeowners stand to benefit even more. If you bought your home more than a few years ago, you could probably benefit from a refinance ...
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