Refinancing | Evelyn Lopes Realty Team_Blog

Monday, May 8, 2023   /   by Evelyn Lopes- Klarine

Mortgages Update and Co-Ownership Programs

Mortgages  Update and Co-Ownership Programs
Co-ownership mortgages are a financing option that is becoming increasingly popular among homebuyers, especially for those looking to enter the high cost housing market within the Toronto GTA, such as the first time home buyer. In this type of mortgage, home buyers come together with a co-equity partner and a lender in order to qualify for and purchase a property, sharing the costs and equity positions of homeownership.
So, what does a co-ownership mortgage look like? Some of the new co-ownership programs assist buyers with their down-payments and with some of the costs of purchasing a home such as land transfer taxes for a return in the equity of the property down the line. The co-owners will typically sign a legal agreement outlining each party's responsibilities and rights, such as how they will split expenses and how they will handle the sale of the property if one party wishes to exit the arrangement.  A co-ownership agreem; ...

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Tuesday, April 11, 2023   /   by Evelyn Lopes- Klarine

MORTGAGE RENEWAL TIPS What you need to know

MORTGAGE RENEWAL TIPS What you need to know
If you're a homeowner, navigating the world of mortgages can be overwhelming. But fear not, as we've got you covered with some expert tips and best practices for mortgage renewals and refinancing.
First up, let's talk about mortgage renewal. When your mortgage term comes to an end, it's important to shop around and find the best rates available. Don't simply accept the first offer from your current lender. You may be able to negotiate a better rate or terms with another lender, or even with your current lender. Keep in mind that you are looking for the best rates as well as the most favourable terms that will be a benefit to your particular situation. It is not just about the rate.  It's always worth taking the time to explore your options and make an informed decision.
Refinancing and lines of credit are two options for homeowners who have equity in their home and want to optimize their cash flow or take advantage of the equity in th; ...

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