Tag Archives: mortgage

Six ways to make buyers go wild when they see your home.

Curb appeal and home decor can have a big effect on potential homebuyers.

If you’re planning to sell your place, consider “staging” it — prepare and showcase your property for sale.

From major renovations to relatively minor decorating tweaks, sprucing up your property before you list it just may help you sell it quicker.

Whether you have no spending limit ― or need to stage on a shoestring budget ― here are six tips that may just help you set the scene:[……]

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With a lot of discipline and determination, you can stay on top of your debts. Some decisions you make when buying a home can substantially reduce your interest fees.

Here are some things that could have a big impact on how much money is left in your pocket.

  1. Make the largest down payment you can

This will reduce the amount of your mortgage and the length of time it takes you to repay it. To help you increase your down payment, you can use the Home Buyers’ Plan. To avoid paying interest needlessly, consider buying a smaller home and paying it off in a period of 17 years.[……]

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You’ve been thinking about it for a few years, but you wanted to make sure you were well prepared before making such a major investment. If you’re ready to become a homeowner, you have several options. For first-time home buyers or those who have gone more than five years without owning a home,[1] one option is the Home Buyers’ Plan (HBP).

What is the Home Buyers’ Plan (HBP)?

The Home Buyers’ Plan (HBP) is an attractive solution for assembling a down payment. This federal government program lets you withdraw money from your registered retirement savings plans (RRSPs) for the sole purpose of buying or building a home for yourself or for a relative with a disability, whether they are your spouse, child, or other member of your family. The program allows you to withdraw up to $25,000.

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What happens next? [……]

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A growing number of Canadians are buying a second a home. Given the current state of affairs at the global level, many people who live in the city are dreaming of getting away from it all in a more peaceful setting, while others who live far from the lights of the big city are looking for a place closer to the action.

Even though a second home is often referred to simply as a vacation property, the decision to buy should never be taken lightly because there are some major factors to consider.

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Downpayment is only the beginning

Buying a property means that your borrowing capacity will have to be evaluated and you will need to draw up a detailed budget. There are a number of other factors to take into account when buying a second home. After all, you’ll probably be spending less time in your second home than in your primary residence but you’ll still be faced with the maintenance costs and other expenses associated with home ownership. For example, you have to cover taxes, insurance, heating, electricity, water as well as possible renovations, seasonal upkeep and transportation. All of those expenses are in addition to what you’re already spending on your primary residence!

As you can see, before you start looking for the ideal location or the property of your dreams, you should take a close look at your budget to see whether you can afford all the costs that will be involved in owning a second home.

Here are some important budget items to think about:[……]

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Buying a home is a major purchase that most people pay off over a long period of time. However, certain easily accessible choices can help you save on interest and speed up your mortgage repayment. Here are five tricks to pay off your National Bank mortgage more quickly.

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  1. Increase the frequency of your payments

This option is often considered the easiest option to incorporate into a budget. Simply increase your payment frequency from monthly to weekly or biweekly. And why not time your mortgage payments to coincide with when your salary is deposited? [……]

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Not sure? Take some time to revisit your financial goals. If your mortgage is coming up for renewal, now may be the time to switch to BMO.

How do I go about switching my mortgage?

The process is simple. Three months before your mortgage matures, contact a BMO Mortgage Specialist to review your mortgage options. A BMO Mortgage Specialist will help you reassess your financial goals and find ways to better manage your total household debt, taking advantage of the accessibility and flexibility of BMO mortgage financing.

Before you consider the available options…

The one thing we can be sure of in our lives is change. Before switching, it’s wise to re-evaluate your financial situation so that your decisions are based on your current circumstances. For example, are you making more money now than when you initially purchased your home? Or are you on a tighter budget?[……]

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You’re thinking of buying your perfect home? You’re prepared for the down payment as well as the loan and tax instalments and insurance. You’re sure you’ve thought of everything. But have you really anticipated everything?

Buying a home is not only a matter of making loan payments! It’s important to anticipate other expenses. And since these expenses can impact the amount you put down, you need to keep them in mind during the buying process. These expenses* can include:

  • Appraisal fee ($350)
  • Welcome tax ($2,000)
  • School taxes ($500)
  • Home inspection fee ($150)
  • Municipal taxes ($2,000)
  • Moving cost ($1,000)
  • Home insurance ($400)
  • Lawyer (notary) fees ($1,000)
  • Loan insurance ($1,600)

[……]

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