• Mortgage Guides, Information & Education Center

Mortgage Guides, Information & Education Center

Mortgage Guides, Information & Education Center
CompareMyRates
January 31, 2018

Compare & Find the Best Mortgage Rates in Canada. Use our State-of-the-art Mortgage Calculator to calculate you Payments and make an Informed Decision. 

Canadian Mortgage Insurance Calculator

  Mortgage Insurance Calculator Any home loan borrower should know that mortgage is just one of the costs to pay in owning a house. Aside from land transfer taxes and other finance charges, you should also keep in mind your …
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Commercial Mortgage

Commercial Mortgages Canada When it comes to business ownership it often creates the need for commercial property. If you are a limited or incorporated business or even a partnership business which is in need of commercial property then chances are you …
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Debt Consolidation in Canada

Debt Consolidation Loans in Canada Wish you could combine all your debt into one low rate loan? Now you can, using HELOCs. It does not matter what type of debt you have: auto loans, credit card debt, personal lines of …
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Debt Consolidation

Debt Consolidation Canada Advantages to Debt Consolidation It is a fact of modern life that everyone carries debt. And sometimes, circumstances lead to that debt becoming overwhelming. However, many homeowners don’t realize that they have a solution, and they’re living in …
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Construction Financing and Mortgages

 Construction Financing Canada If you have purchased a home before, you probably have first hand experience with the process of getting approved for a mortgage. However, if you’re building a home, the process is a little bit different. Mortgages for construction financing …
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Home Equity Loans

Home Equity Loans Canada There are many different reasons why a person may require some extra funds. As a Canadian homeowner you may have an opportunity to get these funds through home equity loans, specifically, a home equity line of credit …
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Managing your Credit Score

How to Manage Your Credit Score? Your credit score is one of the first things a creditor will consider when determining whether or not you’re a good candidate for a mortgage. It shows creditors their level of risk if they …
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Mortgage Calculators Canada

Below are one the best and easy to use mortgage calculators available in Canada.   Mortgage Payment Calculator Mortgage is one of the biggest debts a person can have, and knowing how much needs to be paid helps in financial …
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Mortgage Amortization Calculator

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Mortgage Approval Process

The Mortgage Approval Process: How to Get approved for a mortgage? The mortgage approval process is the key step in your home purchase. You’ll start the process after you’ve given the homebuyer an Offer to Purchase and he or she …
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Mortgage Affordability Calculator

Determine the Amount of Mortgage You Can Afford If you wonder if you can afford a mortgage payment or how much of a home you can afford, our Mortgage Affordability calculator can assist you to determine if you can afford …
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Mortgage Payment Calculator

Mortgage is one of the biggest debts a person can have, and knowing how much needs to be paid helps in financial planning and budgeting. Use the mortgage calculator to find out quickly your corresponding mortgage repayment, which may be …
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second mortgage

Mortgage Refinance

Mortgage Refinance Canada If you own a home and are looking to get a better interest rate or terms for your mortgage, it might be time to consider refinancing your mortgage. With a mortgage refinance, you basically trade in your old mortgage …
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Mortgage Renewal Calculator

Mortgage Renewal Calculator Make informed choices and save thousands on your next mortgage. How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with new …
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New to Canada Mortgages

Welcome to Canada! Owning a home in Canada is a dream for many new immigrants and new comers.  Immigrants or newcomers to Canada with a work permit can qualify for mortgage financing if they meet the insurer’s and the lender’s …
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Mortgage Rates, information & Guides

Find the Mortgage Rates, Mortgage Guides, Mortgage Information & education all in once place to help you make an informed decision about your mortgage.

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Private Mortgage Quotes

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Types of Private Mortgages

Understanding Your Home Financing Options Private Mortgages vs. Second Mortgages vs. Home Equity Loans vs. Mortgage Refinancing If you aren’t happy with the current interest rate on your home’s mortgage or if you’re planning on renovating or remodeling your home, …
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Private Mortgages

Private Mortgages Canada You just never know when or why you might need a lot of money for something other than a straightforward mortgage for a home to live in. Perhaps you need money quickly for a very specific purpose …
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second mortgage

Second Mortgages

Second Mortgages Canada If you’re like most homeowners today, you didn’t purchase your home in cash. Instead, you got a mortgage loan, made a down payment, and now you’re responsible for making monthly payments on your home until you’ve paid off …
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Renovation Mortgage

Renovation Mortgage Canada If you are interested in improving the market value of your home when you sell it, renovating it could be one of your best options. Renovations can improve a home’s energy efficiency and make it a more …
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First National Mortgage

First National is Canada’s largest non-bank lender, offering both commercial and residential mortgage solutions.  First National Mortgage has earned the trust of mortgage brokers, commercial clients and residential customers. These strong relationships are thanks to an unwavering commitment to delivering …
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BMO Bank of Montreal Mortgage Calculator

Use the BMO Mortgage calculator to find the lowest rate Bank of Montreal has to offer for your mortgage. To begin, drag the slide to your corresponding mortgage amount. Press Start. Edit the fields such as Amortization Period, Payment Frequency, Term …
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ICICI Bank Canada Mortgage Rates

Compare ICICI Bank Fixed & Variable Low Rate Mortgages. ICICI Bank Canada offers low interest rate mortgages for Home Purchase, Switch Mortgage and Refinance. ICICI also offers 60-day quick close special rate. If you’re looking for the lowest interest rates …
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HSBC Mortgage Rates

Find the best mortgage rates by HSBC for your first home purchase. If your mortgage is up for renewal, switch your mortgage and take advantage of low-interest rates from HSBC. Calculate your monthly payments using our online mortgage calculator and …
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Mortgage Rates

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Payment Frequency

Another portion of the property ownership puzzle is the payment frequency options. Depending on your cash flow, the amount of each payment and the number of payments per year, a property owner can save significant money in interest paid over …
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Is it Better to Rent or Buy a Home

If you are wondering Is it Better to Rent or Buy a Home and what is right for you requires careful consideration. While apartment living may have become tiresome, and you may be sick of paying out money to live …
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Mortgage Renewal

If the date of your mortgage renewal is drawing near, it is time to consider the options. You want to make sure that your new mortgage is going to meet your present and future wants and desires. Unfortunately, most lenders …
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Best Mortgage Rates in Montreal, Quebec

The most populated city in Quebec and second in Canada, Montreal was formerly known as the “City of Mary.” It was named after the famous Mount Royal, a hill right in the city center.

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Best Mortgage Rates in Mississauga, Ontario

The cost of a mortgage can vary dramatically between lenders, so if the thought of toiling around every lender in Mississauga just to get the best rates is daunting, don’t panic, you can compare mortgage rates at CompareMyRates.ca.  CompareMyRates offers …
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Best Mortgage Rates in Calgary, Alberta

Mortgage Rates in Calgary can vary considerably from day to day, so in order to make the best mortgage choice, use the tools on comparemyrates.ca for a detailed, accurate comparison of the best mortgage rates in Calgary. It can help …
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Mortgage Down Payment

How to Calculate Your Mortgage Down Payment Your mortgage down payment is the funds you pay upfront when buying a home. Normally expressed as a percentage, the down payment is computed as the dollar value divided by the home price. …
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Pre-Construction Condo Mortgage

Buying a new condo One of the main decisions you will need to make when purchasing a condominium is whether to buy a conventional resale condo or a pre-construction unit. While the aesthetic appeal of buying a new condo unit …
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What is a Mortgage Amortization Period?

Mortgage Amortization The amount of time taken to completely pay off you mortgage is known as the “amortization period.” Your down payment will determine the maximum amortization period you’re given. If your down payment is lower than 20 percent of …
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Mortgage Payment Options

You will need to be consistent in making payments when you acquire a home and get a mortgage. The actual amount paid and how often you make installments is a function of the payment frequency option you select. What are …
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skipping a mortgage payment

Skipping a Mortgage Payment – All You Need To Know

In life, you may come across some unexpected cost and you may choose to skip one or two mortgage monthly payments to save you from the situation. For this reason, most private mortgage agreements have a privilege clause for you …
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Are You New to Canada? Know How to Make a Mortgage Work for You

If you want to own your dream home, you probably need a mortgage to finance your first home purchase. Getting a mortgage like any other financial decision requires some careful thinking. There are several steps that you must take along …
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porting and assuming a mortgage

Porting and Assuming Your Mortgage

When buying a home, you may commit to a long mortgage term, but with an intention to resell your home after a short while due to some reason. For instance, you can sign up for a a 5-year mortgage term …
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Cash Back Mortgages

Right after buying a home, you’ll need to incur other expenses such as buying furniture, making renovations, or just to have some petty cash in hand for the months after your purchase. To help you cover these expenses, some Canadian …
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First-Time Home Buyer Programs

If you’re buying a home for the first time, it is advisable that you make inquiries into the different programs available that can help you save money on the buying procedures. These programs can include applicable rebates, the minimum amount …
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First-Time Home Buyer Grants

If you’re buying a home for the first time, know that different tiers of the government offer you grants that can make buying a home economical. Here are the grants you can make use of for assistance. First-Time Home Buyer’s …
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First-Time Home Buyer Loans

First-Time Home Buyer Loans Like most people, you’ll probably need a loan from the bank, also called mortgage to buy your first home. Typically, this loan has to be paid off over a period of several years. Here are some …
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First-Time Home Buyers’ Tax Credit 

The federal government has initiated the First-time Home Buyers’ Tax Credit to help Canadians buying their first homes. Included in the ‘Canada’s Economic Action Plan,’ the program was intended to assist new homeowners with closing costs. These costs may cover …
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RRSP Home Buyers’ Plan

According to the federal government’s Home Buyer’s Plan (HBP), as a first-time homebuyer, you can borrow up to $25,000 from your RRSP and use it to pay the down payment without incurring any taxes. If you’re partnering with another buyer …
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3 Popular Ways to Access the Equity in Your Home

Most homeowners use the word – equity without knowing what it means. Well, the term equity refers to the value of your property minus the mortgage. For example, if your home is worth $350,000 one day and $400,000 the next …
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Mortgage for Self Employed

How to Get a Mortgage if You Are Self-Employed? We often wonder why it’s so problematic for the rising numbers of self-employed persons in Canada to get a mortgage. Almost 20 percent of all persons earning an income are self-employed …
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Mortgage Pre-approval

Why Mortgage Pre-Approval is a Good Idea There’s a critical step that makes the house hunting process easier, which will also save you time: getting your mortgage pre-approved. Pre-approval defines how much you can afford to pay for a house, …
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Scotiabank Mortgage Rates

Comparemyrates.ca finds you the best mortgage rates by Scotiabank to assist you in choosing the best rate or empowering you with the most up to date bank rates.

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Royal Bank of Canada – RBC Mortgage Rates

From the flexibility of a variable rate mortgage to the security that comes with a fixed rate mortgage, the Royal Bank of Canada (RBC) offers several choices and great rates for your peace of mind. 

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Home Trust Mortgage Rates

Take advantage of Home Trust Mortgage Rates whether you are looking to buy your first home, consolidate higher-interest loans and credit cards to save money, or renovate your dream house. Home Trust Mortgage is Canada’s leading mortgage lender that offers …
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National Bank of Canada Mortgage Rates

Compare all mortgage rates offered by National Bank of Canada. National Bank of Canada offers fixed-rate mortgages and variable-rate mortgages across Canada. The National Bank All-In-One is a unique mortgage option – it is a line of credit that helps you buy …
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CIBC Mortgage Rates

 Comparemyrates.ca finds you the best mortgage rates by The Canadian Imperial Bank of Commerce to assist you in choosing the best rate or empowering you with the most up to date bank rates. Mortgage Brokers at Comparemyrates.ca are specialists who …
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PC Financial Mortgage Rates

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BMO Bank of Montreal Mortgage Rates

BMO Bank of Montreal was started in 1817 as the first bank in Canada. Other than providing the first widely recognized currency in Canada, the bank has also played a crucial part in the development of the country.  

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TD Canada Trust Mortgage Rates

TD Canada Trust serves as the personal, small business and commercial banking division of the TD Bank Financial Group in Canada. The division serves more eleven million customers through its network of more than 1,150 branches and 2,800 automated banking …
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Tangerine Mortgage Rates

Tangerine is one of the players in the Canadian banking space offering mortgage products across the country. It’s always important to carefully consider a bank that works best for your situation or rather offers mortgage products that best suit your …
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Mortgage Default Insurance

Getting Mortgage Default Insurance in Canada Commonly known as CMHC insurance, mortgage default insurance is required by Canadian lenders for any down payment between the 5 percent minimum and 19.99 percent. In case a borrower fails to honour his or …
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How much should You borrow?

How much should I borrow? The first thing you’ll need to decide if you are going to buy a home is how much you can afford to borrow, this especially important if you are looking for a 1st time home …
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youth savings accounts

Extra Home Buyer’s Fees and Taxes

When buying your home, you may have to budget for other costs apart from the standard closing costs. These extra fees vary from one purchase to the other depending on some factors. You need to ask yourself the following questions: …
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FAQ’s for First Time Homebuyers

How much of a down payment should I save? The minimal amount for a down payment, dependent on circumstances is 5% of the purchase price of a home.  That said, you should typically have 10-15% and the more of a …
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CIBC Mortgage Calculator

Estimate your CIBC mortgage payments  Applying for a mortgage involves a lot of math. With a lot of information to consider and numbers to crunch, it is easy to get overwhelmed and sidetracked. To help you stay in focus and …
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Land Transfer Tax Calculator

Land Transfer Tax Calculator Many provinces in Canada charge a land transfer tax during a home purchase, whether the property is bought in cash or mortgage. This is usually based on the property value, which can make it significant, particularly …
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Prime Rate

All of Canada’s main banks and financial institutions use the prime rate also called the prime lending rate as the annual interest rate. This rate influences the interest rates levied on variable loans, variable rate mortgages, and lines of credit. …
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Banks vs. Mortgage Brokers

Banks vs. Mortgage Brokers: Who is the Better Choice? The traditional mortgage providers in Canada have been large banks. You also have the option of working with an independent mortgage broker. A smaller number of people opt to apply for …
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Calculating Maximum Affordability

How much can you afford? If you’re in the market for a new home, it’s vital that you know the maximum mortgage you can qualify for. Lenders take a number of things into consideration when trying to determine how much …
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Bad Credit Mortgages

Do Bad Credit Mortgages Exist? How Can I Get One? If you have bad credit and you’ve been turned down for a mortgage by the major banks, there’s still hope: lots of home loan options exist for this class of …
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Land Transfer Tax Rebate

As a homebuyer living in the provinces of Prince Edward Island, British Columbia, and Ontario or in the city of Toronto, you can avail of a land transfer tax rebate. A facility available to people buying a home for the …
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Home Equity Line of Credit (HELOC)

Home Equity Line of Credit (HELOC) HELOC is the acronym for home equity line of credit. Financial institutions use your home to secure this revolving line of credit at a substantially lower interest rate than a conventional line of credit. …
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collateral mortgages

What is a Collateral Mortgage? List of Advantages & Disadvantages

Lenders must register the mortgage loan by way of two methods: Mortgage charge: The mortgage provider registers your home with the registry or land title office within your municipal district. The mortgage is then registered, transferred or discharged by the …
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Balancing Mortgages and Income

When buying real estate, you will find that mortgage rules have become tougher recently and home prices are rising at a steady rate, making it difficult to purchase. Recent increase in mortgage rates by Bank Of Canada make it even …
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Private Mortgage Loans

What Are Private Mortgage Loans? Private mortgage loans are granted by private lenders unlike banks or conventional financial institutions. These short term loans do not require homeowners to pay the mortgage principal. Simply put, you only have to make the …
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Goods Services Tax (GST) and Harmonized Sales Tax (HST)

Depending on the location, when building or buying a new home, you will be required to pay federal GST (Goods Service Tax) or HTS (Harmonized Sales Tax). This is only applicable if your home is in a province that has …
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Statement of Adjustments and Trust Ledger Statements

When purchasing, refinancing or selling your home, you will need the services of different professionals from the first step to the closing. You may be required to hire a realtor, a survey or other professionals to ensure the procedure runs …
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Home Trust Mortgages

Home Trust Mortgages

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Lowest 3-Year Fixed-Rate Mortgages in Ontario

3-year fixed-rate mortgages in Ontario aren’t the most popular, but they make sense in certain circumstances. About 20% of Canadians have mortgage terms ranging between 2 and 4 years. This figure is slightly higher in the case of younger people. …
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Shop Before You Renew

At mortgage renewal time is important to keep in mind that all financial institutions are about making a profit. Unfortunately, according to the Canada Mortgage and Housing Corporation (CMHC), between 60-70% of Canadians ignore this at mortgage renewal time and …
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RBC Royal bank Mortgage Calculator

Use the RBC Mortgage Calculator Below to find the lowest rates and determine your mortgage Payments. Identify your goal or the reason for taking up a mortgage. Determine your purchase price followed by your down payment and how long you …
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Scotiabank Mortgage Calculator

Use the Scotiabank Mortgage Payment Calculator below to get the lowest mortgage rates currently offered by Scotiabank. First, determine what you want to calculate, which can be payment, mortgage amount, or amortization. To know your full mortgage, press Mortgage Amount. …
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TD Canada Trust Mortgage Calculator

Use the TD Bank Mortgage Calculator below to get the lowest mortgage rates currently offered by TD Canada Trust. To help you obtain a better idea on how much mortgage you’re going to pay based on the products offered by TD …
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mortgage rates types

Get The Best Fixed Mortgage Rates in Canada

Comparing mortgage rates can be beneficial to you as not all rates will be equal. The conditions and the terms can vary as much as the interest rate. The mortgage you decide will depend upon what you need so you …
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Calculating Debt Service Ratios: GDS & TDS

Our user-friendly mortgage affordability calculator is a great tool for figuring out the amount you can comfortably borrow for your new home purchase. It’s also good to know how lenders determine the ceiling they will place on credit extended to …
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mortgage insurance in Canada

Determining Your Payment

You will need to make regular mortgage payments when you take a loan to purchase a property until it is paid off. The following four things will impact the amount of your mortgage payment: Mortgage Amount – To calculate your …
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Understanding Chequing Accounts

What is Money? Money is a common medium of exchange acceptable universally and involved in the day to day life. We spend hours of our time to earn money; we also use it to pay for all our expenses including …
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The Best Variable Mortgage Rates in Canada

Variable mortgage rates are mortgage rates that are not fixed and keep on changing depending on the fluctuation and volatility of market interest rates. Such rates have certain terms and conditions that apply accordingly to the different plans. The rates …
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Mortgage Renewal Process

When you reach the end of your mortgage term, if you still have a payable balance on it, you must renew the mortgage. You have two options. You can sign the renewal slip that your current mortgage provider sends you …
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Best Bank Mortgage Rates in Canada

Bank mortgage rates are very important to consider when you are looking for a bank that suits your needs. It is an absolute must to search and compare mortgage rates that will appeal to you. Comparemyrate.ca aims to help you …
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Street Capital Bank Mortgage Rates

Comparemyrates.ca finds you the best mortgage rates by Street Capital to assist you in choosing the best rate or empowering you with the most up to date rates. Mortgage Brokers at Comparemyrates.ca are specialists who will explain the types of …
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