Four Differences Between Commercial And Industrial Mortgages

Posted onMay 29/2015By

If you operate a business, you probably wish to acquire a mortgage to purchase or refinance the property in which you do or will run your business. Commercial and industrial mortgages are set up especially for businesses and their investors to give companies a chance to get funding for income producing properties. You don’t have to run a Fortune500 company to be approved for a commercial or industrial mortgage. Shopping plazas and even raw land owners can apply. However, do you know what mortgage you need? There are four main differences between a commercial and industrial mortgage. Depending on the type of business you operate, you may be better suited for one specific type. Explore these four differences and see what’s right for your company! 1. Industrial mortgages are actually a type of commercial mortgage. Commercial mortgage is a blanket term for any funding that is over $1,000,000 for long-term…

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What To Expect With Closing Costs

Posted onMay 25/2015By

You’ve found your dream home. You’re ready to purchase. You’ve met with a broker. You’ve secured a mortgage. Everything looks great, but before you start packing up your belongings, you need to consider the closing costs. Closing costs are additional expenses that come with every home purchase. Your broker can guide you through the process and explain each in detail. It is recommended that you budget at least 1.5% of the purchase price of your new home to go towards these supplementary charges. Avoid unpleasant surprises and sit down with your broker to discuss the following closing costs: Land Transfer Tax Most provinces make use of a land transfer tax. This is charged to you upon closing when the property is transferred to your name. The amount of land transfer tax is not the same for everyone and varies depending on the price of your home. Some provinces offer breaks…

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What is a Reverse Mortgage?

Posted onMay 22/2015By

Many people wish to remain in their homes as long as possible. Maybe it’s the first home they’ve ever bought or they value their independence? No matter what attachments people have to their home, once that final mortgage payment is made and you get ready to embark on your retirement journey, you may ask yourself, “Is there still value left in my home?” A reverse mortgage is a loan available to people who are at least 60 years old. The loan is based on the assessed value of your home. Unlike a regular, residential mortgage, the assessment is not based on your credit rating or income – you may not have any income coming in, especially if you are retired – but it is based on how much the house is valued and your current age. Lenders can then predict how long you can hold the loan and if the…

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Land Transfer Tax 101

Posted onMay 18/2015By

When you purchase land in Ontario, you will have to pay Land Transfer Tax. This tax, like any other tax implemented by the government, sounds like a big deal. Unfortunately, it is. However, before you worry yourself about another taxation situation, here’s a cheat sheet to help you understand everything about it. Welcome to Land Transfer Tax 101! What is Land Transfer Tax? Land Transfer Tax is applicable in most Canadians provinces. In Ontario when you buy land, like any other purchase you would make, you will be taxed on it. LTT is an obligatory contribution to provincial revenue. What is considered land? Land is considered to be anything from buildings that already exist to buildings that are to be constructed. Some people confuse land with rural farm acreage but it is anywhere and anything that you can live or operate a business on. How is Land Transfer Tax calculated?…

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How to Shop for a Mortgage Broker

Posted onMay 15/2015By

Shopping for a mortgage broker is like buying a car. You read up on the newest safety features. You take test drives. You sit down with the dealer and ask questions. Simply put, you want to make sure you’re getting the best deal for the safest vehicle. Looking for a mortgage broker is the same. It’s important to find a broker that suits your current and future needs. However if you’ve never worked with a broker before, you may not know what to look for. Here is a comprehensive list that gives you everything you need to show you how to shop for a mortgage broker: Figure out what you think you want Before meeting with any broker, think about the kind of home you are looking for. Do you have kids? Will you have kids? Do you need to be close to a school? Do you want to live…

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