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Tips For Reducing Closing Costs

Posted onJune 27/2016By

Congratulations, you’ve bought a property! Chances are you know you’ll have to shell out funds to close the deal, but luckily there are some ways of reducing those costs. What exactly are closing costs? It’s helpful to know exactly what you’ll be paying for upon closing. Some people, especially first time buyers, don’t really know. In a nutshell, most money on closing goes for legal and administrative fees, but there are some other things to be aware of. Lawyer Your lawyer is your best friend after your purchase. They’ll make sure all the i’s are dotted and the t’s are crossed. They do a title search, makes sure you have title insurance, registers the home in your name(s), searches the title, creates a statement of adjustments, oversees finances on closing day and their most exciting job where you’re concerned – gives you the keys to your home! Lawyer’s fees vary…

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Do Business Loans Affect Personal Credit?

Posted onJune 20/2016By

The bottom line is that there’s no law to stop information about business loans from showing up on your personal credit report. If you’re a guarantor for a business loan, chances are that info will rear its head on your personal credit report. If you use any personal credit cards for your business, that will also reflect on your credit score as can using your home’s equity to fund your business. So, what does this mean? For one thing – even if you’re making payments on time, the debt you’re carrying for the business may result in a lower personal credit score for you! Keeping business debt off personal credit scores The most obvious way of doing that is not using personal credit to fund business. To completely separate business from personal finances, the first step would be to make the business its own legal entity where you’re not liable…

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Important Things To Know About Home Insurance

Posted onJune 13/2016By

Home insurance protects what you own, whether that’s a house, condo or an apartment. It also protects you if you’re renting. Insurance protects you from loss or damage – whether you’re a victim of fire, flood, other natural disasters, or theft. There are many insurance policies from which to choose. Deductibles vary, coverage varies. Here are some things you should consider before choosing a policy: What’s actually covered? Policies cover your home, its contents, you, your spouse and children. It also covers kids away at school. If you have anyone else living with you like a friend or family member, be sure to let your insurance rep know. If anything happen that you can’t live in your home because of an insured loss, your policy also covers additional living expenses. How much will I need? That will depend on how much your home is worth along with all the personal…

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14 Important Things To Know About Reverse Mortgages

Posted onJune 06/2016By

Extra income is often hard to come by for many older folks. Those who own mortgage-free homes may be thinking about using their home’s equity for a reverse mortgage. There are some things to consider about this type of loan before making your decision. Firstly, to qualify for a reverse mortgage in Canada, you have to be 55 years of age or older. You can get cash from your home without having to sell it. Unlike a conventional mortgage or loan, with a reverse mortgage, you don’t make payments. Interest accumulates, equity decreases and if you ever decide to sell your home, the loan and any accrued interest gets paid back. Looking at the positives and the not so positives will help you make an informed choice about whether this is the right type of loan for you. The pro’s You can get the money in one lump sum or…

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