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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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Best Fall Renovations

Best Fall Renovations

Winter in Canada can be intense, snowy and freezing. Pretty much everywhere. Some provinces experience temperatures below -30 degrees Celsius during their coldest part of the year, so it makes sense to think of better ways to save energy and conserve heat in the winter. Some of these ways require renovations, and fall is the best time to start your home renos, with kids back to school and the summer heat behind you. Then you’ll enjoy the warmth of energy savings during the cold clutches of winter.

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Tiny Homes

Tiny Homes

With the increasing home prices across Canada, consumers have been getting creative with ways to cut costs and live more affordably. One of the ways Canadians have been looking to achieve this is by purchasing or even building their own “Tiny Home”.

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Is Airbnb good for your investment property?

Is Airbnb good for your investment property?

Is Airbnb good for your investment property? The Airbnb accommodation phenomenon has taken the world by storm with the concept of privately owned homes used as hotels to profit home owners. Since inception in 2008, Airbnb has launched in over 191 countries and over 65,000 cities worldwide. The Airbnb model may not be for every second-home investor, but it can be a lucrative arrangement.

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Are you a Millennial dependent on gifted down payment?

Are you a Millennial dependent on gifted down payment?

As home prices soar across Canada, millennials are being priced out of the market – unless they have the assistance of a gifted down payment from the “bank of Mom and Dad”. Millennials are an eager group, born from the early 1980s to early 2000s, who have shown they too want to live the Canadian dream of home ownership. Just over one-third now own a home.

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Net Zero Housing Revolution

Net Zero Housing Revolution

When it comes to new home development, there has been a new craze helping home owners reduce their impact on the environment and save money on their energy bills. Net zero homes are designed to produce as much renewable energy as they consume, even allowing some home owners to supply extra electricity back to the grid to power other homes.

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The Power of Pre-approval

The Power of Pre-approval

With home buying season upon us, most people will dive right in with a loose budget. A loose budget however, can be dangerous if your heart gets set on a home that is out of reach financially. The first thing that any potential buyer should do is get pre-approved for a mortgage. Once approved, buyers can shop within a clear budget and focus the search on properties within a specific price range. This not only saves time and money, but also a little heartache.

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Not All Mortgage Penalties Are Equal

Not All Mortgage Penalties Are Equal

This is a story about Joe and Sue. Two different people with similar mortgages, but very different prepayment penalties. Joe and Sue each buy a house at the exact same time for the exact same price and get a mortgage for the exact same amount. The only difference is Joe uses a Big Bank, and Sue uses a monoline lender for their mortgages. Let’s assume they both received a rate of 2.99% for a 5 year fixed term.

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