Year: 2024
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How U.S. Government Policy Can Affect Your Canadian Mortgage Rate
Ever feel like your wallet is on a rollercoaster and you’re not even the one driving? Well, sometimes the U.S. government has a hand on the wheel – even when it comes to your Canadian mortgage. Let me walk you through how decisions made south of the border can ripple all the way up here…
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Understanding the Differences: HELOC, Refinance, and Second Mortgage
When you own a home, your property’s equity can be a valuable financial tool. Home equity – the portion of your home that you truly “own” – can be tapped into for various needs, whether you’re looking to fund a renovation, consolidate debt, or invest in another property. The three main options are a Home…
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Navigating Canada’s Changing Mortgage Rules: What Homebuyers Need to Know in 2024
The Canadian mortgage landscape is evolving in 2024, with significant changes aimed at improving housing affordability and accessibility for homebuyers across the country. Whether you’re a first-time homebuyer or a current homeowner, understanding these updates is crucial to navigating Canada’s competitive real estate market. In this post, we’ll explore the most important changes and their…
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Introducing the First Home Savings Account: A New Tool for First-Time Homebuyers in Canada
Saving for your first home is one of the biggest financial challenges many Canadians face, especially in today’s housing market. To make this journey a bit easier, the Canadian government has introduced a new savings tool specifically designed for first-time homebuyers—the First Home Savings Account (FHSA). What is the First Home Savings Account? The FHSA…
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The 5 Steps of Securing a Mortgage: A Comprehensive Guide
Securing a mortgage is a significant step in the journey to homeownership. Understanding the process can help you navigate it with confidence and ensure you secure the best possible terms for your financial situation. Here are the five essential steps of securing a mortgage: 1. Initial Consultation The journey begins with an initial consultation with…
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The Impact of Rising Interest Rates on Your Mortgage Payments
When I got my mortgage in 2020, the interest rate was only 2.15%. Fast forward to today, and the rate has skyrocketed to 6.9%. This drastic increase raises a crucial question: how much will my payment go up when I renew? Will my payment triple if the rate triples?
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The 3 Major Types of Mortgage Lenders in Canada
The three major types are A-lenders, B-lenders, and private lenders. Each type of lender has unique criteria, pricing, and suitability depending on your financial situation. Which lender might be the best fit for you?
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The Differences Between Fixed & Variable Rate Mortgages
When it comes to choosing a mortgage, one of the most important decisions you’ll make is whether to go with a fixed-rate or variable-rate mortgage. Each type has its own advantages and considerations, and understanding the differences can help you make the best decision for your financial situation.