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What to Expect from the Housing Market This Summer

Posted onJune 20/2018By

Predictions for the summer real estate market are ever-present during the summertime news cycle. It’s important to know which predictions to listen to, and which ones are just blather. It’s also important to understand how to interpret reports of trends received from reliable sources, including the implications for the housing market as a whole. The real estate industry and the economy have undergone dramatic shifts in recent years, so staying up-to-date on the market is particularly vital during times like these. If you want to have a competitive edge, you need to make sure you know what trends are happening. Is it a buyer’s market, or a seller’s market? Is the market saturated with condos, single-family homes, or other types of dwellings? Is there a dearth of properties available in certain regions? Understanding the constantly shifting market is difficult, because the key is to understand not just what a particular…

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You Now Need a $100k Income to Buy a Condo in Toronto

Posted onJune 13/2018By

If you want to buy a typically sized condominium in Toronto, you need to have at least $100,000 in annual income. A year ago at this time, you only needed to make $77,000 annually. Where has this change come from, and what does it mean for the market at large? These are the quick facts: The rents for condos have gone up 10.7% over the past year because fewer people are buying homes One-third of potential buyers have given up looking and resigned themselves to renting There might be a light at the end of the tunnel for potential home buyers The Overall Situation If growth continues at this rate, it might be impossible for the middle or lower classes to own a home in Toronto. Home ownership will become a privilege reserved exclusively for the very wealthy. If homeowners only needed $77,000 to own a home last year, and…

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Rejection of Your Mortgage Renewal? Here’s What You Can Do

Posted onMay 14/2018By

It’s possible that you can be denied a renewal at the end of your mortgage period. It is sure a tough situation to maneuver – knowing that you will not have a home after the period expires. If you find yourself in this situation, there are alternatives that you can explore to get another mortgage renewal. Why Was Your Mortgage Renewal Denied? If you have never missed a mortgage payment, then your mortgage provider doesn’t have a valid reason not to approve another mortgage. If you stick with the same lending institution and don’t consider moving to another, then you might be paying higher monthly installments. Although the mortgage payments will be higher, your requalification and renewal are not going to be challenged, and the process is going to be smooth. The most important reason that most people get a rejection of mortgage renewal request is missed payments. Sometimes, in…

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How to Get a ‘Yes’ on Your Commercial Mortgage Loan

Posted onMay 07/2018By

There are can be many obstacles to obtaining a commercial mortgage, whether you’re a startup or an established business looking to expand. Some of these obstacles you can influence but many are out of your control. For example, if the economy is performing poorly, then banks will be more reluctant to approve your application — especially if you don’t contribute a large down-payment. Other factors that are out of your hand as an applicant could be the bank’s risk assessments and the demand in your market. Get Educated On Commercial Mortgages A commercial mortgage can not only be used to buy a building but can also be used to offset the costs of a renovation or expansion. Before submitting a request for a loan, know the pros and cons. Knowing the terms of the commercial mortgage can help you make proper use of the loan and to create an appropriate…

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Three Helpful Mortgage Management Suggestions

Posted onApril 30/2018By

Buying a brand new home can be a terrific and rewarding experience. Paying for it, on the other hand, can sometimes be more than a little taxing. It can be particularly difficult in this time of increasing interest rates. If you want to minimize your mortgage expenses considerably, however, there are three effective options that can go a long way for you. Who says that handling your mortgage has to ruin your lifestyle and comfort? Handle Additional Payments on an Annual Basis It can be a good idea to manage single additional payments on a yearly basis. Doing so can decrease the balance you have left significantly. Note, too, that there’s another big benefit to it. If you manage this bonus payment, you’ll in no way, shape or form be obligated to take care of monthly interest for that specific principal. You won’t have to do this for the amount…

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