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Breaking a mortgage contract can be necessary if your financial situation changes. While you can usually break your mortgage, costs depend on the type of mortgage and its terms. Open mortgages offer flexibility with fewer penalties, while closed mortgages have stricter conditions and higher penalties. Costs may include pre-payment penalties, administration fees, and appraisal fees.…

Buying a home in Canada involves several steps to secure mortgage approval: initial discussion, application and document preparation, pre-approval, lender underwriting, conditional commitment processing, pre-closing, and closing. Key factors for approval include maintaining a good credit score, stable income, saving for a down payment, reducing debt, and knowing your budget. Mortgage pre-approval is beneficial. Continue…

Homeowners looking to reduce mortgage payments have several options. Refinancing can lower monthly payments by renegotiating mortgage terms, though fees may apply. Switching from a fixed to a variable rate mortgage could also save money during low interest periods. Lengthening the amortization period decreases monthly payments but increases total interest paid. Contesting property assessments may…

Toronto's real estate market shows signs of recovery with September home sales rising 8.5% year-over-year, aided by a recent Bank of Canada interest rate cut. Average home prices dropped 4.7% to about $1.06 million, and sellers are accepting lower offers. Despite increased sales, unsold home supply remains high, with 19,260 new listings. Further rate cuts…

Basis points (BPS) are a key measurement in mortgage interest rates, representing 1/100th of a percentage point (0.01%). They help clarify small rate changes, which can significantly impact mortgage payments. For instance, a 25 basis point increase on a $300,000 mortgage can raise monthly payments by $42.94. Basis points are crucial for understanding shifts in…