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If you are working in the Canadian military or the Department of National Defence, or you have a family member who does, then you should know that the current real estate market is a favourable market for you. Whether you are interested in refinancing your existing mortgage, buying a new house or taking out equity on your house to make improvements or extend your home, the current military mortgage rates can really help you achieve your goals with less financial effort than before. If you are really interested in making this step, then you should first get yourself acquainted to the up to date interest rates, loan requirements, terms and conditions and everything else that might affect your mortgage. Fortunately, there is plenty of information available and with thorough research and a little bit of patience, you will be able to find all you need to know about military mortgage loans in Canada.

Although there are plenty of websites, forums or blogs that address the topic of mortgage loans for military personnel or people working at the DND, the best thing you could do is find a professional and experienced mortgage broker, preferably one that specialises in government relocation. He or she will be able to help not only with valuable info on current military mortgage rates, but also provide you with a wider range of options and possibilities. That is because bank can only offer you their particular financial products, while licensed brokers work with all banks, credit unions, lending companies, therefore having a larger array of mortgage products for you to choose from. Not only that, but if you find a licensed broker that is specialised in government relocation, he or she will also be able to provide you with special mortgage terms and conditions that are better suitable for your lifestyle as military or DND personnel, which may involve moving more often, sometimes even before the mortgage loan ends. An example of such terms and conditions is the DND clause, which states that if you are selling the house before the mortgage contract’s completion due to military posting, the penalty fee will not be higher than three months simple interest, which is the maximum amount that the government covers.

As mentioned above, not all mortgage brokers or financial institutions offering mortgage loans have the necessary resources, knowledge and expertise to provide you with this possibility or any other flexible solutions, which is why it is important to conduct a thorough research, find out everything there is to know about today’s mortgage rates, loans and benefits offered to military personnel, and then search for the right broker to work with. This way, you ensure that you and your family will benefit from the best chance to buy a great house at an affordable price and enjoy the flexibility you need, imposed by your work.

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