Monday, October 21, 2024 / by Evelyn Lopes
If you're preparing to buy a home, you may believe you've accounted for everything in your budget. But have you factored in all the fees associated with closing?
In a recent survey, many Canadian homebuyers reported being caught off guard by unexpected closing costs. Let’s break down these fees so your closing day goes as smoothly as possible.
1. First let's talk about High Ratio Mortgage Fees
For many homebuyers, High Ratio Mortgage HST on fees is a big surprise.
The actual High Ratio Insurance premium which is payable on mortgages that have less than 20% as downpayment equity, are required to insure the mortgage on behalf of the lender. The buyer pays that insurance premium which is added to the overall loan amount, however the HST tax on the insurance premium is due up front and may home buyers are unaware of this cost- it's a surprise.
Always ask your lender about the cost for the mortgage insurance premium, which will be dependent on the amount financed, but d ...
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Tuesday, December 12, 2023 / by Evelyn Lopes
Mastering the Financial Aspects of Home Buying in Canada
Mastering the Financial Aspects of Home Buying in Canada
Are you thinking about buying a home in the Toronto GTA? Whether you're a first-time buyer or a seasoned real estate enthusiast, the financial process of purchasing a home in Canada can be both exciting and overwhelming. In this blog post, we'll explore key insights from experts about what you need to know when it comes to the financial aspects of buying a home in the Great White North.
Understanding the Financial Landscape
Owning a home is a significant life milestone, and it's essential to be well-prepared for the financial aspects of this journey. Let's uncover some valuable information provided by experts in the field.
Major Financial Costs
One of the fundamental aspects of buying a home is understanding the major financial costs involved. From the down payment to ongoing homeownership expenses, it's crucial to have a comprehensive understanding of what you'll n; ...
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Thursday, October 19, 2023 / by Evelyn Lopes
Unlock Financial Flexibility with BMO's Saver's Advantage Program: An Overview
Navigating the maze of mortgage approval can be a challenge, especially if you find that you don’t fit neatly into standard lending criteria. Whether you’re a retiree, self-employed, or a high net-worth individual, BMO’s Saver’s Advantage Program may be the solution you’ve been searching for. In today’s blog post, we will provide an overview of this revolutionary program that leverages your investments and savings to make mortgage approval easier than ever.
What is the Saver’s Advantage Program?
The program is designed for those who may not meet standard lending conditions but have a strong portfolio of savings and investments. Instead of shutting the door on these clients, the Saver's Advantage Program offers a pathway to mortgage approval by acknowledging these assets.
The Power of Indirect Leverage
One of the cornerstones of this program is the concept of ...
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Tuesday, August 22, 2023 / by Evelyn Lopes
Mastering the Art of Regret-Free Home Buying: Your Ultimate Guide
Are you a future homeowner ready to embark on a journey towards finding your dream home? Exciting as it may be, buying a house comes with its fair share of challenges, pitfalls, and potential regrets. But fear not! In this comprehensive guide, we're spilling the beans on how to navigate the real estate market like a pro and achieve a regret-free home buying experience.
The Quest for a Regret-Free Home Purchase
Imagine walking into your new home with a smile of satisfaction, knowing you've made the right decision. That's the feeling we're here to help you achieve. Whether you're a first-time buyer or have been down this road before, our expert insights are designed to empower you with the knowledge and strategies needed to avoid common home buyer regrets.
Spending Wisely to Secure Your Future
In this chapter, we dive into the first crucial regret to avoid: spending more than necessary. We'll explore the ins and o; ...
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Monday, July 24, 2023 / by Evelyn Lopes- Klarine
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Unlocking the Value of Your Home: A Deep Dive into Reverse Mortgages in Canada
As Canadians, we treasure our homes - they hold our memories, our dreams, and a significant chunk of our wealth. If you're aged 55 or older, did you know you can tap into the value of your home without selling it? Welcome to the world of reverse mortgages - a financial tool seeing annual growth rates of over 28%.
Unraveling the Reverse Mortgage
In simple terms, a reverse mortgage is a loan that allows homeowners to convert up to 55% of their home's value into tax-free cash, providing an avenue to unlock equity built over the years. The loan is secured against the value of your home, with repayment required only when you decide to move or sell. One of the most attractive features is the flexibility in payment options - you can choose to make monthly payments or opt for a no payment option.
Reverse Mortgage Benefits
Reverse mortgages present a ...
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