Posted on Jan 28, 2021
You will have many options when it comes to choosing a mortgage. Your lender or broker will help you find the mortgage that best matches your needs. Become familiar with the following terms and options to help with your decisions.
Amortization period: The length of time you agree to take to pay off your mortgage (usually 25 years)
Mortgage term: The...
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Posted on Jan 28, 2021
The process of searching for the perfect home can be both exciting and challenging. While you most likely have a fairly good idea of the things that are most important for you in choosing the right home, it may help to document them. Create a list of items and separate them into two buckets— “must-have” things that you can’t do without and “nice-to...
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Posted on Jan 28, 2021
When you hear “condominiums: your first image may be of a luxury high rise in a big city. However, a condominium is not a type of building, but a type of property ownership.
You can buy a condo within almost any type of residential structure. When you do, you purchase a “unit”, which consists of all the areas within the finished walls of your space...
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Posted on Jan 27, 2021
Adjustable interest rate mortgage: A mortgage where both the interest rate and the monthly payments vary based on changes in the market rates.
Amortization: The period of time required to completely pay off a mortgage if all conditions are met and all payments are made on time.
Application: A form used to apply for a mortgage. It includes all of th...
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Posted on Jan 27, 2021
The Canadian housing market is on the rise, and while conditions for buying a home have improved, there are still numerous misconceptions. To help combat the misconceptions, we have listed the 5 most common home-buying questions with answers below:
1. Is right now the best time to buy a home?
2. What type of home is right for me? What’s the differe...
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Posted on Jan 27, 2021
Calculate how much you can afford to spend on housing each month without putting your financial health at risk. These two simple rules will show you what you can afford to pay for a home. Understanding these rules can also help you when it’s time to get approved for a mortgage.
Affordability rule 1: As a rule, your monthly housing costs should be n...
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