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What Is An Industrial Mortgage?

Posted onOctober 27/2017By

An industrial mortgage, as the name suggests, is a mortgage received specifically for an industrial property. These kinds of properties can include manufacturing plants, factories, workshops, storage units, or warehouses. They are usually located in the area of a city or town specifically meant for industrial use. There are many reasons for buying a building for industrial use. You may want to continue actively using it and take over the existing business, or you may wish to start your own. You may want to renovate the building for another use or as an investment to resell. Whatever your reasons for buying, you can apply for an industrial mortgage for the property. Industrial mortgages actually fall under the category of commercial mortgages. A commercial mortgage is a mortgage on any kind of property that is meant to generate income. However, a commercial mortgage can have housing units in the building, while…

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How Will The Land Transfer Tax Apply If I Leave My Home To My Kids?

Posted onOctober 25/2017By

Land transfer tax is something that is paid upon the purchase of property and is paid to the province at the closing date. This tax is based on the amount paid for the land as well as any mortgage or debt assumed upon purchase. If you are curious about what land transfer tax would be on your property, you can find a land transfer tax calculator online to give you an idea. It is a common wish that property should stay in the family; therefore, many homeowners choose to leave their homes to their children. However, when it comes to inherited property, there are still tax considerations. If a piece of land is given as a gift, then that makes the amount paid zero, which will result in land transfer tax not having to be paid. However, there are rules concerning residency, and if you gift your home to your…

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3 Reasons Why A Low Mortgage Rate May Not Be All That It Seems

Posted onOctober 18/2017By

When shopping for a mortgage, the first thing everyone wants is a low mortgage rate. While it’s easy to get tempted by low rates, it’s still very important to do your research and make sure you won’t end up regretting your choice down the road. While there are many reputable companies that will secure you a low mortgage rate, there are also those who may prey on inexperienced home buyers. Here are some things to look out for when you spot a low mortgage rate: Discounts Some lenders may advertise a very low mortgage rate to catch your eye. But once you read the fine print, you may find that that rate is subject to change. Unless you are getting a fixed rate mortgage, you are essentially at the mercy of the banks. Many lenders offer a one or two year discount, but after those first couple years you may…

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Thinking About The Equity In Your Home? Here’s What You Need To Know

Posted onOctober 11/2017By

Home equity and equity mortgages can be complex concepts for homeowners. However, knowledge about home equity can really help you make the most of your home. First of all, what is home equity? Equity is an asset and comes from the homeowner’s interest in the property. To find out what your current home equity is, take the property’s market value and subtract from it your outstanding loan balance. The number you have is your equity: the amount of the home that you own outright. This number can change as you pay off more of your mortgage or as the value of your home increases. Home equity is a very valuable asset. In fact, it’s many people’s most valuable asset. You can use your home equity in a number of ways, one of the most common ones being an equity mortgage. Equity mortgages are most often used by applicants who have…

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Purchasing A Home With Solar Panels? 3 Things To Know Before You Buy

Posted onOctober 04/2017By

There are many benefits when it comes to purchasing a home with solar panels. Solar panels are a sustainable energy source that reduce negative impacts on the environment, save you lots of money on utility bills, raise the value of your home, and aid during emergencies where power may be cut off. It’s no wonder that more and more people are looking to purchase properties with solar panels. While the benefits are numerous, there are also some considerations to take into account when it comes to purchasing a home with solar panels as well as when applying for a fixed or variable rate mortgage on a solar-powered property. Here are some things to know before you buy: Appraisal Since solar technology is still developing, and is relatively new, it may be more difficult to get an appraisal on the home. In areas where solar panels are more common, appraisers will…

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