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Beginning on December 15, 2024, the Canadian housing market is about to undergo a dramatic transformation. The federal government has declared that 30-year amortizations on insured mortgages will be available to first-time homebuyers and purchasers of newly built homes. Many prospective homeowners applaud this initiative’s goal of lowering monthly mortgage Read more…
Starting November 21, 2024, Canada’s banking regulator, the Office of the Superintendent of Financial Institutions (OSFI), will eliminate the Minimum Qualifying Rate (MQR) requirement for straight switches of uninsured mortgages. This landmark policy change is a significant win for Canadian homeowners, granting them greater flexibility and negotiation leverage during mortgage Read more…
Price, interest rates, and financial preparedness are some of the main considerations for many Ontario homebuyers. However, the location of the home is a crucial factor that frequently influences both mortgage rates and approval possibilities. The rates you obtain and whether you are approved for a mortgage can be greatly Read more…
For the majority of people managing their finances is crucial and getting rid of a mortgage is probably one of the greatest commitments they wish to achieve. This is simply because people feel daunted knowing they need to keep making monthly payments for years to come. Prepayment is a good Read more…
One of the main choices you’ll have to make when thinking about buying a house is whether to acquire an existing one or go with a new one. Purchasing an existing house has numerous benefits for many purchasers, but there are drawbacks as well, particularly when it comes to money Read more…
One of the first choices you’ll have to make when purchasing a house in Ontario is whether to buy an existing one or a freshly constructed one. Knowing the distinctions between the two methods will help you make an educated decision depending on your lifestyle, financial situation, and long-term objectives. Read more…
Getting a mortgage in Ontario can be a challenging process with several detailed steps included. Underwriting is one of the significant processes that must be followed before you get approved. As a borrower, you may not be aware of this step as this is what stays behind the scenes. Professional Read more…
When a prospective homebuyer makes calculations for a home purchase it’s important to take into account several major costs including mortgage terms, home costs and of course other closing costs. A noteworthy and frequently disregarded expense in this procedure is the land transfer tax. This tax is necessary to complete Read more…
When you make the decision to move to a new home, you might be worried about the status of your existing mortgage. The viable option of “porting” your mortgage—moving to a new home and bringing your present mortgage terms and interest rates with you—is possible. Let’s check the pros, cons, Read more…
Have you ever been asked to co-sign someone’s mortgage by a friend or relative? Though it could be a charming way of enabling them to realize their dream of homeownership, it’s not a choice that needs to be made impatiently. In Canada, co-signing a mortgage has serious obligations and threats Read more…