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What is an Adjustable Rate Mortgage and How Can it Help You? Adjustable Rate Mortgages (ARMs) are an increasingly popular option for homeowners looking to buy a home or refinance their existing mortgage. With an ARM, the interest rate on your loan can change over time. This can be a great option for homeowners who […]
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A reverse mortgage is a mortgage, but it is a special type of mortgage. A reverse mortgage allows you to access the equity in your home and convert it to tax-free cash. The cash funds that you receive are not identified as income and can be used for whatever purpose you wish; hence they are […]
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The Bank of Canada Qualifying Rate has been reduced to 5.19% from 5.34%. This is commonly referred to as the “Benchmark Stress Test” that is used when assessing and qualifying a Borrower(s) for a mortgage in Canada. This benchmark rate is based upon the Bank of Canada conventional five-year rate and is around 1.50% higher […]
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Commercial mortgage origination is a process. It is a multi-faceted process. It is a detailed process. The concept of Informed Consent defines a process in which an individual (Corporation) consents to or withholds consent to the various steps in the mortgage origination process. Informed consent must have the following elements: It must be Voluntary the […]
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Risk, its existence and its management in Commercial Lending preoccupies the minds of both Lenders and Borrowers. Both are risk averse. However, each group sees risk through a different lens, or more appropriately different sides of the same coin. Banking has become a process of employing polices and procedures to manage risk in a complex financial marketplace. […]
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From time to time businesses need capital to fund the development and acquisition of assets, purchase businesses, and refinance properties. The capital budgeting process is used to determine the cost of the capital that is needed and is a fundamental process to the borrowing procedure. Interest rates, loan term, amortization period, administration fees, early payout […]
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When applying for a mortgage you are going to hear a lot about this topic. I mean this! You are going to hear more than you ever thought you wanted or needed to know about it! The advice is going to come from everyone. This includes family, friends, neighbors, real estate agents and maybe you […]
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When I was a kid I had a friend that hated brushing his teeth. Every night before bed his Parents would struggle through the nightly ritual of having him scrub his molars, incisors and everything in between. It caused stress and left the entire household in a state of agitation just when it was time […]
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I hang my hat in Regina. I am a mortgage broker and an accountant. I have a great family! A loving wife that ignores the extra pounds I have added to my waistline, the aroma of garlic sausage that I bring to bed late at night (because this is my favorite snack) and my persistent […]
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