For most of us, trying to make sense of the terminology surrounding mortgages can be mind boggling to say the least. But, with this short guide to the most commonly used words and terms, you can begin to turn nonsense, into sense:
If you’ve been unfortunate enough to go through a bankruptcy or consumer proposal, and need to apply for a mortgage loan to purchase a property, you’ll find that it might be a lot tougher than you anticipated.
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There may come a time in life when refinancing your mortgage is a viable option, and there are several reasons in which this might be the case. To find out if refinancing your mortgage is a wise decision for you, speaking to a mortgage broker or financial advisor could help you decide.
Taking advantage of low interest rates (historically low, in Canada’s case) is possible with a mortgage pre-approval, and while it doesn’t provide you with a guarantee that you’ll be approved for a mortgage, it does give you the opportunity to lock in a low interest rate – if only for a matter of weeks. This means that even if rates go up in the future, you could still get that the great rate that’s available today.
Predictions made by experts within the housing and mortgage market, suggest that housing activity in Canada will continue to be strong throughout 2021 and even into the following year, and it’s estimated that 701,000 homes will be sold through Canadian MLS systems this year. It’s also predicted that the national average price of a home will grow by as much as 16.5% annually, hitting a high of $665,000.
Predictions made by experts within the housing and mortgage market, suggest that housing activity in Canada will continue to be strong throughout 2021 and even into the following year, and it’s estimated that 701,000 homes will be sold through Canadian MLS systems this year. It’s also predicted that the national average price of a home will grow by as much as 16.5% annually, hitting a high of $665,000.
Whether you’re planning for life after the arrival of your first child, or are searching for a place to put down some roots and expand your family in the future, the options can be a little overwhelming. With home prices having soared in recent years, too, you might be more than a bit bewildered with the whole process.
The single most effective way to make sure that when the time comes to purchase your first home, you’re able to afford it, is by taking the time to conduct thorough research, and being honest about your income and expenditures.
Whether you’ve outgrown your current home, are fed up of the area you’re living in, or are wanting to get your foot on the property ladder for the first time; you know you need a new home, but have you thought long and hard about what you realistically want from it?
Whether you’re a Canadian homeowner getting involved in a home improvement project, or an investor, with the evidence showing that doing so can have numerous benefits, it’s little wonder so many Canadians are starting such projects. For those wishing to improve their home for livability purposes, home improvements can have an immensely positive impact on daily life, whereas for investors, renovations can help improve a property’s salability and increase its value.
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While there is some advice for buying a home that can be applied to almost everyone, for some groups of buyers, such as singles, the self-employed and parents-to-be, the challenges and obstacles they face are different, and require a unique set of mortgage tips and guidance:
If you’re a first-time home buyer, or haven’t sought a loan to buy a property for a good many years, you may have some unanswered questions about the mortgage payment process; below are answers to some of the most common questions:
The amount that you can afford to put towards a down payment is arguably one of the single most important things to consider when buying a home. Affecting both the amount that you need to borrow, and the financing options available to you, a down payment is crucial for enabling you to buy the property of your choice. While down payments are undoubtedly essential, saving for them can be tricky, and some people really struggle. With this in mind, here are 7 money saving tips that can help you reach your mortgage goals far sooner:
Working for yourself can be hugely rewarding, and millions of Canadians are happily self-employed. However, when it comes to buying a home, it can make getting approval for a home loan all the more difficult, as the major banks require borrowers to have secure, stable and long-term employment, and on average, require at least 2 years of income statements to qualify.
An exciting prospect for many, buying your first home can also be a time of great uncertainty and stress, and as one of the biggest financial decisions you may ever be likely to make, it’s little wonder that it’s a big deal for so many.