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Benefits of Owning vs. Renting reaffirmed in new study from MPC

A study from Mortgage Professionals Canada has determined that the rising rents are making homeownership the affordable alternative. How much could buyers save? The analysis compared the cost of renting vs. owning across Canada both 5 years and 10 years into the future, using 266 different “cases” of locations and types of dwellings, along with higher interest rates […]

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WHY USE A PRIVATE MORTGAGE LENDER 🤔

WHY USE A PRIVATE MORTGAGE LENDER? You would use a private mortgage lender under any of the following circumstances: To pay off high-interest credit card debts To pay for home repairs or renovations For living expenses after a work layoff To stop a power of sale/foreclosure To pay tuition fees for college/university Equity take-outs for starting […]

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Latest Inflation news you must read!

Canada’s inflation rate rises to 3% in July, highest levels since 2011,  according to Statistics Canada.  That is 1% higher than the 2% inflation target set by the Bank of Canada. The Central Bank will likely hike rates on Sept 5th.  Increasing rates is a proven tool used by the federal government for fighting inflation. […]

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Beware of Hidden Closing costs!

Everything you need to know about closing costs. When you’re shopping for a home never assume that the price of a property or the simple down payment is what you’ll need to close, there are many other costs to consider. Common Closing Costs: Appraisal Land Transfer Tax Title Insurance Legal Fees Lender Fees Brokerage Fees Property Tax […]

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Energy-Efficient Advantage — 💲1000’s in rebates

Little Known fact –  Get $1000’s in Rebates for Energy-Efficient Homes. CMHC, Canada Guaranty, and Genworth all offer partial Mortgage Loan Insurance Rebate of 15% or 25% to borrowers who buy energy efficient homes! A Buyer, who acquires an energy-efficient home will receive a 15% or 25% reimbursement of mortgage insurance premiums as part of […]

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Mortgage growth is slowing, but home equity loans are ticking up at twice the pace, says CMHC

New mortgage loans down 7.7% from last year TORONTO — The Canada Mortgage and Housing Corporation says the country’s mortgage debt increased at a slower pace in the last quarter of 2017 compared to the year before. The Crown corporation attributes the slowdown to rising interest rates and decreasing home sales. In its quarterly mortgage […]

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What is Reverse mortgage 🤔❓

Is Reverse Mortgage a Solution if you retire cash-poor? Reverse mortgages have never been this popular in Canada.  As a wave of baby boomers crosses the work-life finish line, those who are feeling house-rich and cash-poor, Reverse Mortgage might seem like a good financial alternative. The basic idea of a reverse mortgage is simple. Instead of making payments to build up equity […]

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