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3 Tips for Buying an Investment Property in Muskoka

Posted onAugust 24/2020By

Perhaps you’ve considered buying an investment property as a way to expand your investment portfolio. An excellent place to start is to consider an investment property in Muskoka and, more specifically, a cottage. There are several advantages to buying a cottage as an investment property in Muskoka: It’s easy to reach from the Greater Toronto Area (GTA) You can use it for your holidays You can rent it out when you’re not using it from as early as May to as late as Thanksgiving If you winterize it, you can rent it out year-round You can use the income from…

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Mortgage Insurance vs. Life Insurance: Do You Need Both?

Posted onAugust 17/2020By

When you get a mortgage for the first time or when you renew it, your lender may offer you mortgage life insurance. If you’re wondering what that is, you’re not alone! The purpose of mortgage insurance is that if you or your co-borrower die before your mortgage is paid off, it can help cover the remaining balance. You may be thinking: “I already have life insurance.” That’s great, but it may not be enough to cover the balance of your mortgage. If your loved ones cannot pay the mortgage, they may be forced to sell the family home. If your…

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3 Mortgage Budgeting Tips

Posted onAugust 10/2020By

One of the best ways to start saving up money for a mortgage is to see where you can cut back. If you haven’t already done so, figure out your net monthly income and your fixed expenses. Fixed expenses are ones you can’t change, such as rent, student loan payments, or child care. After that, figure out what your variable expenses are. Variable expenses are irregular; they can happen from as little as once a year to as often as every other week. They are also expenses that you have more control over. Here are some examples: See where you…

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Are You Paying Too Much on Closing Costs?

Posted onAugust 03/2020By

There’s so much to consider when you’re buying a new home. You have to think about how much you can afford, what kind of mortgage you want to get, and where you want to live. Then there are those extra expenses you may not have thought about. What about movers? What about new appliances? Do you want to repaint the walls or upgrade the floors? Do you need to do major renovations before you move in? The list is endless! On top of all that, you have to budget for closing costs. If you’re not familiar with mortgage closing costs,…

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