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What is the CMHC?

Posted onApril 22/2015By

No matter if you’re looking to purchase a home or not, you’re probably familiar with the CMHC. You may hear their name pop up in news reports or read about them online in real estate journals. You may have even dropped these four letters nonchalantly in conversation. Nevertheless, do you know what it stands for and how this concern relates to the Canadian housing landscape? The Canadian Mortgage and Housing Corporation is a crown corporation of the Government of Canada. A crown corporation is a legal, government-owned entity that undertakes commercial activities on behalf of a proprietor government. The CMHC is the largest crown corporation in the country. The CMHC plays many roles to help the Canadian Mortgage landscape run smoothly. For instance, the CMHC manages the federal Mortgage Insurance Fund. This fund provides a shield for banks who are reluctant to enter the lending market. However, the most important…

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What are Closing Costs?

Posted onApril 15/2015By

The home buying process comes with many added monetary instances that you will need to budget for. These are referred to as closing costs, and they’re an often overlooked part of the mortgage process. These fees are paid at the end of a real estate transaction when you are buying a home. In most cases, the buyer incurs closing costs, but there are occasions where the seller takes them on. On average, here is what you should budget for when it comes to closing costs: Appraisal: This can range anywhere from $100 to $200. The average appraiser in Ontario will charge about $175 (plus tax) to give your home an extended once-over to make sure it’s in good shape. For custom-built homes and homes off the beaten path (like cottages and lake houses), the appraisal fee may be a little higher. Home Inspection: This differs from an appraisal because a…

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Do you need Homeowners Insurance?

Posted onApril 01/2015By

When it comes to your home, whether you own a condo or a house, you should be protected against a variety of outside factors that are out of your control. Homeowners insurance offers that protection, but the question is, do you need it? Considering how much money it takes to own a home, some people think homeowners insurance is just another way for you to throw away your hard earned dollars. However, homeowners insurance isn’t an unneeded addition; in fact, it’s actually an essential aspect of your ownership in some cases. Think about everything in your home from your television to your laptop to your refrigerator. These are all important items that you use daily. Should they become damaged, it will be quite costly to replace them. If you have a good policy, you will save money should something happen to your belongings. There are factors that could damage our…

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