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Mortgage Closing Costs in Ontario

Posted onAugust 19/2019By

More often than not, you will need to take out a mortgage in order to purchase a home, as a home is a serious investment that should not be taken lightly. However, while taking out a mortgage is a significant investment, there are other costs that you will incur when you purchase a home. For instance, you will also be required to pay mortgage closing costs in order to get the keys to your new home. Here, we will discuss some of the mortgage closing costs that you will be expected to pay in Ontario. Appraisal In Ontario, the normal range for mortgage closing costs will be between 2% and 5%. Moreover, before a lender decides to extend a loan for a client, they will need to appraise the value of the home that is being bought. The quintessential scenario is that the purchase price and the verified value will…

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Self-Employed? What You Need to Know About Qualifying for a Mortgage

Posted onAugust 08/2019By

If you are a self-employed worker, and would like to purchase a new property or remortgage, then you may have to deal with certain challenges that conventional “9-to-5” workers aren’t privy to. A quick way to help you get started is to use a mortgage qualifier calculator. It should also be noted that it has been more difficult, since the post-credit crunch, for freelancers, contractors, and self-employed workers to obtain a mortgage, but, as we shall see in this article, it is not impossible. What You Will Need to Qualify In order to qualify, you will need to basically prove your income to the mortgage lender that you want to apply to. In most cases, each prospective lender will ask that you provide a minimum of two years’ worth of tax returns or accounts. However, providing more than two years of accounts may actually help your case. In any event,…

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Three Options for Heirs When a Reverse Mortgage is Due

Posted onAugust 01/2019By

If you currently have a reverse mortgage, then you probably know when your loan will need to be paid. In most cases, the loan will be due when the person dies, no longer lives in the home on a permanent basis, or decides to sell their property. Here, we will be focusing on what happens to heirs when the original owner passes away. In other words, we will be looking at the three options that heirs have for paying off the loan; namely, selling, keeping, or simply walking away from the home. Option One: Sell The first option at your disposal is to sell the home that you have inherited. Taking option one will allow you to pay off the reverse mortgage loan by using the money you have made from the sale of the home. Also, if there is any extra money left over after the reverse mortgage loan…

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Can Mortgages be Transferred to Another Property?

Posted onJuly 26/2019By

If you are thinking of moving to another property while still having a mortgage, then you may be considering various mortgage solutions and worrying about things such as having to pay land transfer taxes. You may also not be aware of whether or not your mortgage can be transferred to another property. The good news is, you can transfer your mortgage and it is generally a fairly easy process, as most mortgages in Canada are designed to be portable. Talk to Your Lender First   If you are thinking of moving to another home then we would suggest that you first discuss the matter with either a qualified mortgage broker or your current lender. It should also be noted that most mortgages in Canada are portable, meaning they can be transferred over from one property to another. However, your lender will value the property that you wish to move to,…

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What Homeowners Should Know About Secured Loans

Posted onJuly 19/2019By

There are many advantages to owning a home, including using the equity in your home to access multiple borrowing options that you otherwise wouldn’t have access to. Examples include secured lines of credit, mortgage refinancing, and secured personal loans. Owning a home can allow you to borrow money for a myriad of different reasons. Here, we will discuss pertinent information about secured loans and why homeowners may want to look into them. Benefits of Secured Loans By obtaining a secured loan you actually improve your chances of obtaining a lower interest rate, vis-a-vis an unsecured loan. This is because a secured loan involves using your home as collateral in order to secure the loan, which greatly increases the likelihood that you’ll not only pay off your debts but also do so on time. Your lender will feel more confident in your ability to make your payments on time and will…

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