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5 Tips For Buying Vacant Land

Posted onDecember 13/2017By

Vacant land holds countless possibilities. Perhaps you have dreams of building your own home or farm. Or maybe you are planning a business or subdivision. Buying vacant land can be a great way to create the property you want, especially if you’ve been searching for a long time and have come up empty. However, buying vacant land isn’t something you should rush into, especially if it’s your first time. With land purchase comes unforeseen expenses, zoning restrictions, and environmental factors. There are also closing costs to consider, such as land transfer tax. It’s important to make sure you know exactly what you are in for when purchasing vacant land. Here are some tips to make your purchase a success:

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Owning VS. Renting: Which Is Better For You?

Posted onDecember 06/2017By

It’s quite common to get frustrated when renting. After all, you’re paying often expensive rent each month, sometimes even putting work into the property, and while it does cover your accommodation, once you move out you’ve got nothing to show for it. If you own your home however, your monthly mortgage payments are similar to paying rent except they are going directly towards your own home: your own investment. Once you own your home outright, it’s a huge asset, especially in a city with such a high and competitive real estate market. Many people, if financially able, would choose owning a home as the money they put into accommodation goes directly into the property, their own investment. There are, however, considerations to take into account whether renting or owning. Depending on your lifestyle, owning may not be right for you even if you do have the cash for a down…

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3 Possible Reasons Your Mortgage Offer Was Denied

Posted onNovember 20/2017By

Before you begin the mortgage application process, it’s important to understand all the aspects of the application including why you will, or why you won’t, be able to qualify. In your mortgage application, you will be asked to provide many documents related to your personal finance, employment history, outgoing expenses, income, loans, and credit score. During this process you will also be on the lookout for a good mortgage loan with low mortgage rates. If, after all this, your mortgage is denied, it can be crushing. Here are some reasons your mortgage was, or could be, denied, to keep in mind for the next time you apply: 1. Credit Score Poor credit history is one of the most common reasons mortgage loans are denied. You can find out ahead of applying if your credit score meets the minimum to be approved, which is helpful because if you know your score…

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Got A Mortgage Offer? Here’s What To Do Next

Posted onNovember 13/2017By

Navigating mortgage applications is a complex process, especially for first-time home buyers. Applying for a mortgage requires a detailed and thorough examination of your income, financial situation, and credit score; the process can be exhausting. There’s never a guarantee you’ll be accepted either, so it can be a big relief once you receive your mortgage offer. Your mortgage offer will be sent either to you or to your solicitor. This offer should be read very carefully. It will contain the amount of money the lender is willing to lend, the length of the mortgage term, and the amount of monthly payments required. You should go over this offer with your lawyer in order to make sure everything is in order. Legal fees are a significant part of mortgage closing costs, but the consequences of not examining the offer carefully enough can cause even bigger problems. Keep in mind that this…

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Can Mortgages Be Transferred To Another Property?

Posted onNovember 06/2017By

If you’re moving house, or would simply like to transfer your equity mortgage to another property, you may be able to do so by getting a portable mortgage. Most mortgages, in fact, are portable, and you should be able to port your mortgage to a new theory. However, there are some conditions. Even though porting is a feature offered in many equity mortgages, there are some reasons you may not be able to, or that it may be more challenging, which are dependant on your lender. It’s important to know that when you request to transfer your mortgage you are effectively re-applying. Just like the first time you applied for a mortgage, your financial or employment circumstances and credit score will be taken into account. If these have changed since you first applied they could affect your ability to transfer your mortgage, or the rate you will receive. For this…

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