Alternative Lending

Alternative Lending

With mortgage regulations ever-changing and becoming more stringent on borrower qualification, more and more Canadians are finding it harder to qualify for a traditional mortgage. Consumers who do not qualify for a traditional mortgage are increasingly turning to alternative lenders for their borrowing needs.

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All About Appraisals

All About Appraisals

What is an appraisal? Simply put: an appraisal is a professional’s opinion on the true market value of your home. Banks use appraisals, and so do home owners during the process of buying, selling or refinancing a home.

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Bridge Financing

Bridge Financing

Bridge financing is a less common financing option, but it can be ideal for some buyers. Bridge financing is used when you have a firm sale agreement on your home and a firm purchase on a new home – but your new home closing date is sooner than the home they’re selling.

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Bankruptcy and getting a mortgage

Bankruptcy and getting a mortgage

With the increasing stricter mortgage regulations in Canada has prompted the question, if you have to file bankruptcy is a mortgage still attainable? Most Canadians think of this as not possible, but let’s review what bankruptcy is and how you can rebuild your credit score from such.

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What features of a mortgage are important to you?

What features of a mortgage are important to you?

When you think of what you look for in a mortgage, was rate the first thing that came to your mind? It is the most common feature of a mortgage in which we all focus on. But is it truly the most important?

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How to become a real estate tycoon

How to become a real estate tycoon

Have you ever thought about using real estate to increase your overall net worth, or as a way to save for your retirement? Or even as a retirement plan instead of a traditional RRSP?

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Closing Costs

Closing Costs

Buying a home can be a stressful process and you may not know the full scope of the costs to close and finalize your purchase. Let’s break down what some of these costs can look like in getting a mortgage. Most lenders have a standing guideline of verifying a home buyer has 1.5% of the purchase price in closing costs. For example: 1.5% of a $500,000 would be $7,500. Closings costs can be more than the predicted 1.5%, but to understand that guideline better let’s review the sources of these costs.

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All about getting a HELOC: Home Equity Line of Credit

All about getting a HELOC: Home Equity Line of Credit

When refinancing your home, a newer trend is the option to put a portion of those funds into a HELOC (Home Equity Line of Credit). A HELOC provides greater flexibility in accessing funds – but it is important to determine if it’s the right choice for your financial situation.

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Affordability

Affordability

Home prices in Canada have been steadily on the rise for the last few years, especially in the hottest markets such as Vancouver and Toronto. The average home price in Canada as of August 2017 was $472,247, whereas if we go back to 2008, before the recession, home prices were only an average of $304,604! And if you were buying in 1988, the average Canadian home would only cost you $129,702!

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How to rebuild your credit and pay off debt

How to rebuild your credit and pay off debt

Whether you own property or not, there are times when life just happens: an unexpected bill or an emergency arises that puts you in place where your credit is the one to take a hit. Credit can be impacted negatively from cards with balances over 75%, missed payments on trade lines and collections.

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