Have you ever heard of the Dower Act?

Posted onOctober 28/2014By

Don’t be embarrassed if you haven’t, because most people don’t have a clue what it is even though it’s very valuable information to have– especially if you’re planning on getting married one day. The textbook definition of The Dower Act is: “a provincial legislation that prevents a married person from disposing of the homestead without the consent of the other spouse. This includes the right of the surviving spouse to a life estate in the homestead as well as the personal property of the deceased married person.” History of the Dower Act The Dower Act was founded in the early twentieth century by a Canadian feminist named Emily Murphy. Murphy met a woman one day who had been left homeless after her husband abandoned her and her children, and sold their family farm. Seeing the injustice in this, Murphy devoted several years to appealing to MLAs. Eventually the Act was made a law…

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What are Industrial Mortgages?

Posted onOctober 23/2014By

When you see the word ‘mortgage’, you may think of the residential kind or the commercial kind, but any type of property that you buy requires a mortgage. This includes industrial properties. Types of Properties An industrial mortgage is a mortgage that has been taken out on an industrial property. These mortgages are for properties like manufacturing plants, warehouses, factories, storage units and various industrial workshops. Most towns and cities have areas that have been designated as “industrial areas,” and these are typically where industrial mortgages are in place. Reasons for an Industrial Mortgage When you set out to get an industrial mortgage, you may want the property for an active business venture or for investment purposes. You may want to buy into an existing business, create one from scratch or just buy up an abandoned building in order to sell it later on. Finding Your Spot Industrial properties are…

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How Do Mortgage Calculators Work?

Posted onOctober 16/2014By

If you’ve paid attention while going through the process of getting a mortgage, you know there are a lot of different variables to consider. Before the internet became such an integral part of daily life, you’d have to go in and sit with a lender while they made the calculations for you. Now, you can visit one of the many websites that features a mortgage calculator and do the preliminary calculations yourself. How They Work A mortgage calculator is an automated tool that allows you to enter numbers such as your income, the total amount of the loan, mortgage rate and amortization period to get instant feedback on different aspects of the mortgage. As an example, you can find out how much your monthly payments will be, how much interest you’ll pay, and how changing different variables slightly affects these numbers. The idea is to help you find out if…

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Can You Get a Mortgage With No Down Payment?

Posted onOctober 09/2014By

The thought of buying a home with no down payment is the ideal situation for many prospective homeowners. A lot of people know they would be able to make the monthly payments and keep a mortgage going, they just don’t have the means to come up with anything on the front end. This was never really an issue, as zero down payment options were offered by many lenders. However, the rules have changed and no down payment is just one of many things that has changed when getting a mortgage. Five Percent Minimum Today, there is a minimum down payment amount of 5% of the purchase price. If you are planning to purchase a home but not live in it, the minimum down payment is at 20%. These changes were made by the federal government and the five per cent rule has caused some anxiety to many first-time homebuyers. Changes…

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5 Things You Can do if You Can No Longer Afford Your Mortgage

Posted onOctober 02/2014By

Sometimes, no matter how hard you try or how much you juggle your income and bills, you just can’t seem to make the monthly mortgage payments. Whether it was a calculation error on your part when you took out the mortgage or a major life event beyond your control, not being able to afford your mortgage can be very unsettling. The tendency for some people is to panic when something like this happens, but that isn’t going to help anyone. If you’re having trouble making your mortgage payments, you do have some options. 1. Be Honest with Yourself The first thing you should do in this situation is to recognize and admit to yourself that there is a problem. Many homeowners choose to ignore it or sweep it under the rug for a while, but that never works out. You know your financial situation better than anyone, so if you…

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