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When buying a home in Canada, there are several unexpected costs that buyers should be aware of to avoid financial surprises. Some of the key hidden costs include: Home Appraisal Fee An appraisal fee is the cost associated with evaluating the market value of a property. This fee typically ranges from $275 to $500 and […]

Why consider renewing your mortgage ahead of time? Well, one big reason is changes in interest rates. If rates drop, jumping on an early renewal can mean snagging a better deal right away, leading to lower monthly payments and reduced borrowing costs throughout your mortgage term. Plus, with potential rate hikes looming, renewing early can

To get a Home Equity Line of Credit (HELOC) on an investment property, you need to follow these steps: 1. Know Your Finances: Estimate the equity you have in the investment property by determining the difference between what you owe and the property’s fair market value. 2. Shop Around: Look for reputable lenders that offer

In exploring the possibility of buying a house in cash in Canada, it’s essential to understand the various aspects that come into play. Here’s a breakdown of the key points to consider: Payment Options: In Canada, when it comes to purchasing a home, you have two primary options: paying with cash or taking out a

According to the Canadian Real Estate Association, the average house price in Canada hit around $637,673 in August 2022. This means if you’re looking to buy, you’d need an average down payment of about $25,000 plus another $38,767, which includes 10% of the excess over the initial $25,000 to buy a home in Canada. According

Assumable mortgages are a unique financing alternative that could potentially save you thousands of dollars and simplify the home-buying process. But what exactly are they and how do they work? Let’s delve into the intricacies of assumable mortgages and see whether this could be a suitable option for your needs. Overview of Assumable Mortgages An

Getting your mortgage application approved is not always a walk in the park. Whether you are a first-time buyer, or an experienced homeowner looking to refinance or renew, understanding the key factors affecting your mortgage approval can make the process smoother. This guide will explain the essential factors that most lenders consider when evaluating your

Government Programs for Mortgage Assistance and their Eligibility Criteria To qualify for government mortgage assistance in Canada, there are various programs and criteria to consider based on the provided sources. Key Takeaways: Various government programs exist in Canada to assist with mortgages, such as the First-Time Home Buyer Incentive, Home Buyers’ Amount or Tax Credit,

Lowest Mortgage Rates Canada with Citadel Mortgages. Citadel Mortgages, a name synonymous with trust and excellence in Canada’s mortgage industry. We’re thrilled to share our recent highlight in the Financial Post lowest mortgage rates section, a prestigious recognition of our commitment to offering the lowest mortgage rates in Canada. This feature is not just a

If you’re in the market to buy a new home in Canada, you may find that your dream home exceeds your budget. However, there are ways to increase the amount of your mortgage and make that dream home a reality. In this article, we will explore various strategies and steps you can take to qualify