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Financing for Commercial Real Estate Projects in Canada

Posted onNovember 14/2018By

Obtaining a commercial mortgage in Ontario will allow you to either expand an existing property or purchase an altogether new property. Business debts can also be consolidated via a commercial mortgage in Ontario. However, the procedures or steps that are involved in getting a commercial mortgage are quite different from the steps required to qualify for a residential mortgage. It should also be noted that the interest rates for commercial mortgages tend to be much higher than their residential mortgage counterparts, as the risks incurred tend to be far greater with commercial properties. The good news is interest rates have…

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Things You Should Know Before Going for a Second Mortgage in Toronto

Posted onNovember 07/2018By

If you own a home in Canada then you have probably have heard of a second mortgage at some point in your life. A second mortgage is similar to a first mortgage, in that it is a loan secured by your property. As time passes you will accumulate more and more equity on your property. A second mortgage is primarily intended to use the equity that you’ve accumulated over the years. According to a report by Business Insider, almost 2 million Canadians have a second mortgage, and nearly as many that have a HELOC. Some Canadians will use their second…

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How Land Transfer Tax Impacts Home Affordability

Posted onOctober 10/2018By

The impact that land transfer taxes will have on home affordability will vary tremendously depending on the market you’re in. For some, the land transfer tax is something to be despised. To others, it serves as a minor cost that is tacked onto their closing bill. In Canada, each province will charge either a fee or a tax for the transfer of real estate ownership or property. However, the rate will vary greatly from province to province, with some charging tens of thousands of dollars while others charge rates so meagre that they may seem like pocket change to some.…

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4 Reasons Why You Should Get Pre-Approved for a Mortgage

Posted onOctober 03/2018By

The first thing to do before deciding on whether or not to buy a home is to set aside a budget., however, trying to set up a budget by yourself can prove to be a very taxing and difficult task. The amount of debt your holding, your down payment amount, your credit score, as well as your job history are all factors that you need to take into consideration before creating a budget for your new home. As such, it is highly recommended that you consult with a qualified lender in order to be pre-approved for a mortgage. Then and only then should you set-up a consultation with a real estate broker. Getting pre-approved for a mortgage can be used to your advantage in a financial situation. Below are 4 reasons why you should get pre-approved for a mortgage, and how doing so can be leveraged to your benefit. Boost…

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How To Choose Between a Variable or Fixed Rate Mortgage

Posted onSeptember 17/2018By

The difference between fixed and variable rate mortgages has narrowed over the last few years. Fixed rate mortgages have the advantage of peace of mind, as the payments are fixed monthly. However, their rates have also been steadily increasing in recent years. In comparison, variable rate mortgages tend to be lower in their rates, but also include additional risks. As a result, determining which to go with can provide a nerve-racking and daunting task. Here, we will help you choose between a variable or fixed rate mortgage by assessing your risk tolerance, lifestyle, and income. Rewards vs Risk As mentioned,…

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