Mortgage Mistakes You Should Never Make

Posted onMarch 23/2020By

Mortgage qualification is usually something that first-time homebuyers worry about, and neophytes will often make mistakes that can cause stress and financial ruin down the line. However, mortgage qualification issues can be avoided, as can many common mortgage mistakes that many first-time homebuyers make in attempts to own the home of their dreams. Here, we will discuss the most common mortgage mistakes that you should never make. Becoming Impoverished Over Home Ownership Many new home buyers will make the mistake of investing most of their money into home-related expenditures to pay it off faster and increase its real estate value…

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How COVID-19 and Other Factors are Affecting Interest Rates in 2020

Posted onMarch 21/2020By

Most economists who specialize in banking have predicted that the Bank of Canada will not change rates, except for Scotiabank. Moreover, inflation, which was reported at 2.4% in January, is on the higher side of things, and we should note that housing prices are on an upswing, according to the most recent numbers. In addition, unemployment levels are low, and all of the trends mentioned above and numbers should place some pressure on the Bank of Canada to increase rates in 2020. Here, we will delve deeper into residential mortgages in Ontario and Canadian interest rate trends for 2020. How…

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How Are Debts Divided in a Divorce?

Posted onMarch 16/2020By

When a couple divorces, they may worry about how their assets will be divided. However, if the couple has debt, then there is the additional issue of determining who will be held responsible for any debt that is owned by or between both parties. For instance, if one party is awarded more property than the other in the settlement, then they may also have to deal with more debt obligations to compensate. Here, we will discuss debts, such as mortgage debt, and how they are divided in a divorce. Credit Card Debt If your spouse has any credit card debt…

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How to Calculate the Land Transfer Tax in Ontario

Posted onMarch 09/2020By

The land transfer tax is considered by many people to be one of the least desirable aspects of buying a home in Ontario. Still, it is an inevitable part of homeownership in the province. When a buyer purchases either a condo or a house in Ontario, they will need to pay a land transfer tax on the property. Please note that the seller of said condo or home will not have to pay any such tax. Here, we will discuss what the land transfer tax is and how it is calculated in the Province of Ontario. Who pays the tax?…

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Fixed vs. Variable Mortgage: What’s the Difference?

Posted onMarch 02/2020By

Many first-time homebuyers will need to determine if going with a fixed variable mortgage is preferable over a variable rate mortgage. Given the fact that many houses in North America cost upwards of $1 million in many of the world’s most popular cities, it makes sense to take the time to weigh the pros and cons of fixed variable mortgages and variable rate mortgages. Here, we will discuss the two mortgage types, as well as the main differences between them. Main Difference Between Fixed Variable Mortgages and Variable Rate Mortgages If you were to opt for a fixed-rate mortgage, then…

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