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Myhang Gibson Mortgages - Oakville Mortgage Broker
30 followers -
Licensed Oakville Ontario Mortgage Broker
Licensed Oakville Ontario Mortgage Broker

30 followers
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Not All Variable Rate Mortgage Contracts Are the Same:
VRM (Variable Rate Mortgage) vs. ARM (Adjustable Rate Mortgage)? Do you know the difference?

Both mortgages provide a rate that fluctuates with the lender’s prime rate, but they respond differently when that rate changes:

With an ARM, payments will automatically adjust when the prime rate changes so your current amortization will remain the same.

With the VRM, payments will remain fixed for the duration of the term when the prime rate increases. However, your amortization will increase (extending the time to pay off your mortgage) because more of your payment will now be going towards interest and less towards the principal.

When deciding on your next mortgage, look carefully at the terms and conditions in the mortgage contract and choose a product that suits your personal goals as it will impact the paydown of your mortgage and having a higher balance at renewal. This is an important difference for those who are trying to pay down their mortgage and gain some equity.

If you are still unsure and would like to discuss, reach out so we can review your best options.
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The actions you take today will help determine your retirement date tomorrow.
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In ranking 415 cities across the country, beautiful Oakville has been Named the Best Place to Live in Canada!
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Good news for self employed:
Changes intended to make it easier for the self-employed to qualify for a mortgage.
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As widely expected, the Bank of Canada has just raised its policy rate by a quarter of a percentage point to 1.5%. Banks likely to follow with prime rate increase.

In its decision to hike, the bank noted in a statement that the housing market is stabilizing, commodities such as oil are starting to rally, and businesses are starting to spend again.. all good signs for the economy.
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Real Estate Investors:
The Ontario Rent Increase Guideline for 2019 is set at a max increase of 1.8%. This is the maximum that rent can be increased in the calendar year 2019. Remember: a tenant must be given written notice of a rent increase at least 90 days before it takes effect.
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Here are the cities with the highest - and lowest - real estate taxes in Canada
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Hello beautiful sunny July and Happy Canada Day!!! Enjoy the long weekend and a month of longer days, warmer nights, patio weather and gorgeous sunshine.
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Prioritize your work
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