Frequently asked questions? Gurjant singh Gurjant singh 23 Sep
Can I Add Someone to My Mortgage at Renewal? A Comprehensive Guide Adding someone to your mortgage during the renewal process can be a smart move in certain situations. Whether you’re adding a spouse, family member, or business partner, doing so can have benefits, such as sharing the financial responsibility or improving your qualification chances […]
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Cash-Out Refinance vs. Home Equity Line of Credit (HELOC): Which is Right for You? As a homeowner in Ontario, you might find yourself in a situation where you want to tap into the equity you’ve built up in your home. Whether you’re planning a renovation, consolidating debt, or funding a major expense, two popular options […]
Read MoreMortgage Tips Gurjant singh Gurjant singh 19 Sep
What are the typical fees and costs associated with opening a HELOC? A Home Equity Line of Credit (HELOC) allows you to borrow against the equity in your home, giving you access to funds as needed. However, there are some costs involved when opening a HELOC: Appraisal fee to determine your home’s value. Legal […]
Read MoreMortgage Tips Gurjant singh Gurjant singh 18 Sep
What is a Home Equity Line of Credit (HELOC) and How Does it Work? What is a HELOC? A Home Equity Line of Credit (HELOC) is a type of loan that allows homeowners to borrow money using the equity in their home as collateral. Unlike a traditional loan, a HELOC provides a revolving line of […]
Read MoreMortgage Tips Gurjant singh Gurjant singh 17 Sep
Ottawa’s 30-Year Amortization Extension: A Step Towards Affordable Homeownership for Canadians In a move aimed at improving housing affordability, Ottawa recently announced an extension of the amortization period for insured mortgages to 30 years for first-time homebuyers purchasing newly built homes. This change, set to take effect on August 1, 2024, was welcomed by housing […]
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💡 When Do Lenders Charge Their Fees? 💸 While most traditional mortgage lenders don’t charge upfront fees, there are certain cases where you might face additional costs. Here’s what you need to know: 🔑 1. Private Lenders: Private lenders often charge lender or broker fees for taking on higher-risk borrowers. These fees are usually a […]
Read MoreMortgage Tips Gurjant singh Gurjant singh 15 Sep
How to Negotiate Better Mortgage Terms: A Guide for Homebuyers Buying a home is one of the biggest financial decisions you’ll ever make, and getting the right mortgage terms can save you thousands of dollars in the long run. While many people assume that mortgage terms are set in stone, there is often room for […]
Read MoreMortgage Tips Gurjant singh Gurjant singh 14 Sep
Can I Transfer My Mortgage to a New Home? When you’re selling your current home and buying a new one, the question of whether you can transfer your existing mortgage to the new property often comes up. The good news is that mortgage portability is a feature offered by many Canadian lenders, allowing you to […]
Read MoreMortgage Tips Gurjant singh Gurjant singh 13 Sep
The Difference Between Mortgage Pre-Approval and Pre-Qualification: A Complete Guide When you’re in the market to buy a home, getting a mortgage is a crucial step. One of the first steps many buyers consider is getting pre-qualified or pre-approved for a mortgage. While these terms are often used interchangeably, they are quite different processes with […]
Read MoreMortgage Tips Gurjant singh Gurjant singh 12 Sep
1. Interest Rate Basics: The interest rate on your mortgage is the cost of borrowing money from your lender. Even a small difference in rates can significantly affect how much you pay over the life of your loan. 2. Small Changes, Big Impact: A 0.5% difference in your interest rate might not sound like much, […]
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