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Trigger Rate for Variable Mortgages

What is Trigger Rate for Variable Mortgages

You may have a mortgage or a loan with a variable interest rate and fixed payments. When interest rates rise, you may reach your trigger rate.

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What is a Mortgage Guarantor?

A guarantor is someone who backs up someone taking out a loan and agrees to take responsibility for the loan payments in the event the borrower defaults on the loan.

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Required Mortgage Documents

Most of the documents needed for mortgage in Canada are required by the lender to prove that you are capable of repaying the loan. There are about 5 main categories.

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Renewal vs Refinance

When you secure a mortgage with a lender, the contract is for a specific period known as the mortgage term, which can range from a few months to five years or more.

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mortgage specialist

Mortgage Specialists in Canada

A mortgage specialist assists borrowers in finding and applying for the best home loan. They work for a specific bank or credit union and can recommend products offered by them.

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Mortgage Qualifying Rate in Canada

A mortgage stress test is essential to ensure borrowers can still make payments if they experience negative financial shocks.These might include: • A reduction in income

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Mortgage Pre-approval

When shopping for a mortgage, comparing options from different lenders can help you determine the maximum mortgage amount you qualify for. Estimate your mortgage payments.

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Mortgage Insurance

If you want to buy a home with a down payment of less than 20%, you’ll need mortgage loan insurance. This protects your lender in case you can’t make your payments.

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Monoline Lenders vs Banks

A monoline lender specializes in one type of lending, unlike banks that offer a variety of services such as checking accounts, investment accounts, and credit cards.

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