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Clancy’s Mortgage Solutions
  • Types of Mortgages
    • New to Canada Mortgage
    • Self-Employed Mortgages
    • Purchase Plus Mortgage
    • Refinance Mortgage
    • Construction Mortgages
    • Private Mortgage Financing
    • Commercial Mortgages
    • Reverse Mortgages
    • Mortgages over $1,000,000.00
  • Services
    • Why use a Mortgage Broker?
    • Residential Mortgages
    • Commercial Mortgages
    • Construction Mortgages
    • Life Insurance
    • For Realtors
  • Apply Now
  • Resources
    • Blogs
    • Tools
    • Toronto Mortgage Glossary
    • Rates
    • Mortgage Calculator
  • About Us
    • Testimonials
  • Contact Us
Mortgage Agent > Resources > 2017
By: Robert Clancy

Self-Employed Mortgages

There are two different types of mortgages for self-employed borrowers. One is based on qualifier income (proof of income on paper) and the other is non-qualifier income (no proof of income on paper). There are big differences in lender policy based on each type of borrowers.
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By: Robert Clancy

Why use a mortgage broker?

If you asked your bank representatives how are fixed and variable mortgage rates calculated and did not know how to answer your question, what would you think? If you asked your bank representative how they calculate their fixed rate mortgage penalties and they did not know, would you still want to work with them? Majority of people still do.

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By: Robert Clancy

New to Canada and Non-Resident Program

New to Canada Program requires minimum of 5% down.  Must be working full-time permanent for at least 3 months and be living in Canada under 5 years. Work permits are accepted.

For new to Canada applicants without a job they need 35% down and have 12 month of mortgage and property tax payments.
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By: Robert Clancy

Private and Second Mortgages

What is Private Mortgage Financing?

Private Mortgage Financing can occur when the borrower has to obtain financing outside of the traditional lending sources, i.e. Banks, credit unions, trust companies. The private lenders can be individuals who are searching for a better return on their money or, companies specifically, designed for these purposes.   Private financing is not shady as the bad criticism it may receive. It represents a large portion of the mortgage financing industry here in Canada and provides another option for Canadian borrowers.
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By: Robert Clancy

Fixed Rate Mortgage vs. Variable Rate Mortgage

Fixed Rate Mortgage vs. Variable Rate Mortgage

Which mortgage is the better way to go? Most people go for the fixed rate mortgage because it is the safe choice; it provides stability and gives the feeling of comfort knowing exactly what you will be paying on your mortgage for the fixed term.
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By: Robert Clancy

How to pay down your mortgage faster !

The main objective of any mortgage borrower is to pay down there mortgage as soon as possible.  Naturally coming up with the money to do this is not that easy.  Two ways to chip away at your mortgage is to take an accelerated payment frequency and take advantage of the automatic payment increase allowed on your mortgage by your mortgage lender.  Here is an example.
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By: Robert Clancy

First Time Home Buyers

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By: Robert Clancy

Appraisals

Appraisal is simply an expert opinion from a state-licensed professional on how much the value of the property really is. An appraiser uses many factors when determining the property value. They do a full detailed report and explain on how they came up with the property value. The first step is to physically examine the property inside and out to see which features bring up the value. They also look at location and recent sales around the property at question and provide anywhere from 3-4 comparables in order to better determine the value. These properties have to be very similar to the property being appraised; to specific components such as: lot size, square footage, garage type, finished or unfinished space, etc.
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By: Robert Clancy

Why use a mortgage broker?

If you asked your bank representatives how are fixed and variable mortgage rates calculated and did not know how to answer your question, what would you think? If you asked your bank representative how they calculate their fixed rate mortgage penalties and they did not know, would you still want to work with them? Majority of people still do.

Read More

By: Robert Clancy

Purchase Plus Improvements Mortgage

This mortgage product allows the purchaser of a primary or investment property to add immediate renovation costs onto the new mortgage.  The renovations must improve the value of the property such as new flooring, roof, windows, kitchen or bathrooms.
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Today’s Interest Rates

In todays Mortgage Financing Market mortgage rates are changing constantly. Today mortgages rates are based on so many different variables, it is impossible for an adviser to give a true rate quote without actually reviewing the borrower’s application first.

Click Here to read more.

BANK RATESTERMOUR RATES
3.891-YEAR1.99
3.892-YEAR1.69
3.393-YEAR1.69
3.894-YEAR1.74
5.345-YEAR1.99
6.007-YEAR3.95
6.1010-YEAR3.95
5.34Variable (3yr-closed)3.2
5.34Variable (5yr-closed)1.8
5.34Variable(Open)2.95
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