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Home Sweet (First) Home: A Guide for Newlyweds 

Unlocking Love: The Journey to Your First Home Begins 

Congratulations, newlyweds! As you embark on this thrilling journey of love, why not turn the page to homeownership? Your first home together is more than bricks and mortar; it’s a canvas for building a life filled with joy, laughter, and cherished memories. At Capital Mortgages, we understand the significance of this chapter, and we’re here to be your trusted guide. 

Customizing Your Love Nest: Capital Mortgages’ Tailored Solutions 

Your love story is unique, and so should be your first home. Capital Mortgages takes pride in offering tailored financing solutions that align perfectly with your individual needs. From customizing mortgage options to finding the right payment plan, our experts ensure that your first home is a reflection of your shared dreams. 

Navigating the Financial Maze: Budgeting Tips for Newlywed Homebuyers 

As you navigate the exciting terrain of homeownership, we understand that managing finances is a key consideration. Budgeting as a newlywed couple brings its own set of challenges and opportunities. In this section, we’ll provide practical tips on setting a realistic budget, understanding mortgage payments, and ensuring that your financial path aligns seamlessly with your homeownership goals. 

Crafting Your Budget 

Setting a budget is the foundation of a successful homeownership journey. Consider your combined income, existing expenses, and future financial goals. Capital Mortgages’ financial experts can assist in creating a budget that allows you to comfortably afford your dream home. 

Understanding Mortgage Payments 

Mortgage payments are a crucial aspect of homeownership. We’ll break down the components of mortgage payments, including principal, interest, taxes, and insurance (PITI). Understanding these elements empowers you to make informed decisions and ensures financial stability. 

Planning for Future Goals 

Beyond the excitement of your first home, it’s essential to plan for future financial goals. Whether it’s starting a family, travel aspirations, or investments, Capital Mortgages works with you to create a financial roadmap that accommodates your evolving needs. 

Your journey as newlyweds embarking on homeownership is a beautiful chapter waiting to be written. Capital Mortgages is committed to making this chapter as seamless and memorable as possible. Stay tuned for more insights on your path to homeownership, and feel free to reach out to our experts as you take the exciting steps toward owning your first home together. 

 

 

Financial Advantage

The Impact of Interest Rates on Mortgage Renewals: Strategies for Financial Advantage

 In the ever-evolving landscape of homeownership, one of the key factors that demand attention is the fluctuation of interest rates. This holds particular significance when it comes to mortgage renewals. As a homeowner navigating this process, understanding the dynamics of interest rates and implementing savvy strategies during renewals can lead to significant financial advantage. 

 

  1. The Interest Rate Landscape in Canada: A Deep Dive

Understanding the current state of interest rates is paramount for any homeowner. In Canada, these rates can change frequently based on economic conditions. The Bank of Canada plays a pivotal role by setting the overnight rate, influencing the rates offered by lenders. Staying abreast of these changes provides the foundational knowledge needed for effective decision-making during mortgage renewals. 

  1. Navigating Mortgage Renewals in a Changing Rate Environment

The impact of changing interest rates on mortgage renewals is profound. Homeowners must grapple with questions such as: How do fluctuations in interest rates affect the renewal process? What strategies can be employed to assess and adapt to these rate fluctuations? Navigating through this dynamic environment requires a proactive approach and a thorough understanding of how changing rates can influence the overall cost of homeownership. 

  1. Proactive Steps for Financial Advantage During Renewals

The journey to financial advantage begins with early planning. Knowing when and how to initiate the renewal process positions homeowners strategically. Moreover, adopting effective negotiation tactics is essential for ensuring the best possible interest rate. Homeowners can explore alternatives, obtain competing offers, and leverage their financial standing to secure favorable terms. 

Conclusion: 

In conclusion, the impact of interest rates on mortgage renewals is a nuanced realm that demands careful consideration. By staying informed about the current interest rate landscape, navigating through fluctuations, and adopting proactive strategies, homeowners can position themselves for financial success during the renewal process. The key lies in being proactive, adaptable, and well-informed.  Contact us

FAQs: 

Q1: How often do interest rates change in Canada?

Answer: Interest rates can change frequently based on economic conditions. In Canada, the Bank of Canada sets the overnight rate, influencing the rates offered by lenders. 

Q2: Is it possible to lock in an interest rate before my mortgage renewal date?

Answer: While you can’t lock in a rate far in advance, some lenders offer rate holds for a limited period, typically up to 120 days before your renewal. 

Q3: What factors should I consider when negotiating my mortgage renewal?

Answer: Factors include current market rates, your creditworthiness, and your lender’s willingness to retain your business. Consider obtaining competing offers to strengthen your negotiation position. 

temporary loan

Your Guide To All Information About The Temporary Loan

Your guide towards all information about a temporary loan It is a short-term loan, usually for a period of two weeks to three years, to qualify for larger or long-term financing.

Temporary loans are complementary or temporary financing for individuals or companies before heading to the next stage or obtaining permanent financing. The new financing funds can be used to pay off the temporary loan in addition to the need to increase interest on the balance.

Term loans are usually more expensive than traditional types of financing, and these loans usually have higher interest rates and higher points.

All information about a temporary loan

temporary loan

Temporary loans can often be used for commercial real estate purchases, quick transfers as well as short-term opportunities to be able to finance long-term.

Equity broker loans are usually paid off when the property is sold,
when it is refinanced from a conventional lender when the borrower’s creditworthiness improves,
or when the property is improved or completed. 

Examples of a temporary loan 

Developers usually apply for a temporary loan to complete the project while they wait for the permit
to be approved; Since there is no guarantee that the project will happen,
the loan may have a higher interest rate and be from a professional lender who accepts the risk.

Customers who buy a new home and plan to use the proceeds from the sale of their existing home
for a down payment, with no transfer of ownership of the existing home until the new home has been transferred.

A temporary loan allows buyers to take equity in their existing home and use it as security for their new home with a down payment, except where the existing home will be converted on short notice and a bridging loan paid off.

For example, when one senior partner wants to leave and the other wants
to continue operating, the firm can use a bridging loan to ensure that operations continue smoothly.

The property can be sold at a discount if the buyer can quickly increase the cost of the short-term progress loan to completion through a discount allowance. 

In the case of a real estate auction purchase, the buyer only has 14-28 days to complete a long-term loan, such as a mortgage that buys and leases the property.

The purpose of owning a temporary loan

A temporary loan is used in venture capital and other corporate financing methods for several purposes:

  • A small cash infusion to support the company so it doesn’t run out of cash between successive NAS financings.
  • Supporting companies in distress as they search for an acquirer
    or larger investor (in this case, the lender gets a larger share of the loan)
  • Is the last funding raised to back a company before an initial public offering or acquisition. 

What are the types of loans? 

In the context of our offer of a temporary loan, we can learn about more types of loans as follows: 

Collateralized loan

This type of loan is associated with the guarantee that the borrower will repay the loan by providing a specific guarantee, i.e. in the event of the risk of losing it, represented by a car, house, boat, or other person, the responsibility of the lender in the event of non-payment.

Thus, due to the presence of collateral, the lender offers a lower rate of interest on the loans it offers,
and these loans are better than others in the event of a promise of repayment.

Unsecured loan

The loans are not attached to anything and the lender is not compensated if the borrower fails
to repay which makes the lender riskier due to the lack of collateral.

Thus high-interest rates on these loans, credit cards, and personal loans are examples of unsecured loans.

debt consolidation loan

A debt consolidation loan is a form of loan obtained by lowering the rate of interest
and monthly payment on one’s high-spending debt to pay off debt and credit card loans.

This helps in tracking a single maturity date instead of consolidating all credit cards into one card
that tracks multiple due dates and also saves money so that individuals can pay off their debts in monthly installments.

auto loans

Tenancy termination title: a lease contract that ends the title through the installment payment system; This means that you will not be able to own the car until the car is paid off in full.

Individual Contract: In this case, it is required to pay a down payment and then a lump sum to own the car. During the transaction, the person cannot own, modify or sell the car unless the full amount agreed upon for the car is paid.

Rental: A fixed monthly payment for an agreed rental fee
for the vehicle (including maintenance costs) with the vehicle returned to the owner. 

Options for obtaining a personal loan in Canada

temporary loan

Once you qualify for a personal loan, you will usually receive the money you need for your loan in one of the following ways:

  • Deposit the amount into your bank account.
  • Or send it to you by wire transfer.
  • If you decide to take out a loan with a prepaid card, there may be fees for activating
    and using the card.

Types of Canadian personal loans

There are two types of personal loans in Canada, namely: 

  • Secured loan: This type uses one of your assets, such as a car or home, as collateral to pay off the loan.
  • Unsecured Loan: In this type of loan, you do not need collateral. 
  • Conversely, if you do not pay the amount you have to pay, the lender will sue you for damages or other options.

Small business loan

 Small business loans are used to finance public commercial projects,
but there are some restrictions such as commercial real estate loans through collateral restrictions.

These loans can range from a few thousand dollars to millions of dollars,
and there are small business loans for the reason as follows:

  • Pay daily expenses.
  • Buy real estate.

Reasons for obtaining a bank loan

Bank loans are granted to individuals, companies, and institutions, to increase investment
or to cover the gap that some may face in crises.

Bank loans provide basic financing for individuals, companies, and institutions and are the perfect
and easiest solution to develop or get out of various crises, which is not only important for large entities but also helps individuals to meet their simple requirements.

interest from bank loans

A bank loan is a transfer of funds from one bank to another party with an agreement to repay the borrowed amount within a specific agreed period, at an interest rate or profit rate agreed upon and announced by the bank.

Bank loans are offered at a fixed rate, among other financing charges; In the sense that the lender pays a percentage of the amount borrowed as compensation for borrowing from the bank.

The bank determines the maturity date, interest rate, and method of repayment of the loan,
and the borrower must repay the amount due on the agreed maturity date.

Read more: Mortgage Preapproval and Reasons for needing such approval

How to get a bank loan

temporary loan

Obtaining a bank loan is easy. Apart from the different financing schemes, banks offer different types of financing plans at competitive rates to suit all individuals, institutions, and companies.

You can obtain a bank loan by applying to the various banking channels,
then bring the required documents and wait for a response.

In conclusion, we have covered the most important details of a temporary loan,
as well as the different types of loans and their importance, in addition to the purpose of bank financing.

Real estate rental refinance calculator

Real Estate Rental Refinance Calculator And The Difference Between Murabaha And Ijarah

The real estate rental refinance calculator Assists individuals or institutions in obtaining the financing necessary to purchase, renovate or build a property. The beneficiary of this real estate financing pays its cost in the form of installments that can last for five years, ten years,
fifteen years, or twenty-five years. Or sometimes up to thirty years.

Real Estate Rental Refinance Calculator

Real estate rental refinance calculator

Through a real estate financing loan, you can certainly finance the purchase of units (commercial, service, residential, or administrative). Also, it should be noted that the financing entity,
whether it is a real estate financing company or a bank, can give you suggestions to help you buy real estate, or may suggest registered brokers to deal with them.

Of course, you can choose the property you want by yourself,
but what is a rental property refinance calculator? This is what we will answer in the following lines.

 The Difference Between Murabaha And Ijarah

To clarify the types of financing and differentiate between Murabaha and Ijarah and know which is better for refinancing the rental of real estate, a calculator where Ijarah Muntahia Bittamleek means a method of financing where the item or commodity is leased for a specified period with the possibility of purchasing it at the end of the lease period.

Leasing Financing

It means that the bank buys the property and then leases it to the customer,
with a promise that the customer will become the owner of the property at the end of the lease period after paying the monthly installments. In this system, the amount paid is not fixed, but rather changes, for example, if the current interest rate is 5%.

 The value of the monthly installments will rise after two years if this rate rises,
and will decrease if it decreases. In the rental process, as we explained earlier, you act as a tenant,
and therefore any repairs to the property are required to be made by the bank and not by you.

It Is Recommended After Choosing This Type For Two Reasons:

  • The change in the value of the premiums over the years causes that in a changing world where there is no fixed interest, fixed interest must always be sought due to the instability and fluctuations that occur.
  • The other reason is that if you fail to pay the amount due,
    the property will be withdrawn from you and evicted, considering that the amount you paid is only the rental value of the property, and this does not happen in Murabaha contracts.

Murabaha Financing 

In the case of Murabaha by refinancing the real estate rental calculator,
the interest rate and installments will be fixed throughout the financing of the property,
and this is not the case in the financial leasing system, and if you fail to pay and the property is sold with a difference and a profit in the sale price, these amounts will belong to you
and you will benefit from them.

Tips When Choosing The Best Real Estate Financing

Real estate rental refinance calculator

Some important tips to keep in mind whether you choose Ijara or Murabaha financing
for real estate rental refinancing calculator:

  • It must be ensured that in the event of death or total disability, the financier will be cleared of his debts and not obligated to pay them, and the property will become the property of the heirs.
  • This happens because the bank or the mortgage company insures the risks related to death or total disability, and I recommend that you always make sure that in the event of death or total disability, the debt will be paid and the property will become the property of the heirs.
  •  This point is very important, and if your bank does not provide it,
    I advise you to look for another bank.
  • Therefore, it should be noted that it is possible to convert the contract system from leasing to financing by the principle of Murabaha, by the instructions of the Monetary Agency in Canada
  • When you sign an Ijara financing contract, the interest is re-evaluated every two years by the SIBOR system of the Canada Interbank Offered Rate.
  • If you are outside Canada, the interest rate in your country depends on the rate set
    by the central bank.

Getting Home Loan In Canada

There is no fixed price for homes in any country in the world due to the difference in the location of the house, its size, the number of rooms, and the advantages and disadvantages of the house to be purchased.

It generally advises referring to a real estate broker that matches his terms
and sales methods to buy the house, by the buyer’s standards and methods.
The buyer must also search in more than one place and with people specializing in real estate,
to achieve a house that suits his needs and at a suitable price for him.

The buyer’s income greatly affects the possibility of obtaining the desired and dreamed home,
as house prices today vary between $ 136,478 and $ 1,659,753, depending on the characteristics of the house, its geographical location, its view, and the services available in it.

With the majority of individuals and residents in Canada going to buy new homes and knowing
that it is difficult to collect the full amount to buy the house, the idea of ​​​​using financing loans from banks, financial institutions, and associations in Canada appeared. This allows individuals the ability to obtain the desired house easily and quickly after refinancing the real estate rental calculator,
And pay the amount at intervals according to the conditions specified by the bank and the company,
to facilitate the process of buying and acquiring the house in monthly installments.

Steps To Obtaining Home Loan In Canada

To obtain this financing loan in Canada, there are several steps and stages
that must be followed to refinance the real estate rental calculator
and they can be summarized as follows:

  • The buyer must estimate his financial position and understand his financial ability
    so that he can pay the money within the specified period.
  • The buyer must inquire from the expert in real estate financing about all the questions he can think of to clarify matters and to know all the aspects
    and challenges that he may face when making a purchase decision.
  • The buyer must obtain approval from the borrowing bank
    and approve the financing request for the purchase of the house.
  • After searching for a suitable house and determining the property to be purchased,
    the home loan application is obtained, as approval procedures take up to two weeks.
  • The borrower attempts to start collecting money to make the first payment,
    which will be made after the person who wants to buy the house receives the key.

Documents Required To Apply For A Bank Loan In Canada

There are additional papers for the real estate rental refinance calculator as follows:

  • There is a clear photo showing the identity of the borrower and showing his national number.
  • A copy of his passport, which is valid for not less than one year.
  • This document shows the remuneration he receives from his work to know the fixed amount that will be deducted every month when repaying the loan.

Read more: Mortgages for Non-Resident Canadians

Other Expenses For Real Estate In Canada

Real estate rental refinance calculator

In addition to the aforementioned papers and in addition to the amount
that will be returned to purchase the house and to the company and the bank that will deal with it,
there are other expenses that the buyer must be aware of to calculate the total costs required when taking this vital step, and among these additional expenses are the following:

  • He needs to make frequent payments to the lawyer who will be assigned the required procedures according to the laws of Canada to obtain the house, which is known as “attorney’s fees”, this lawyer spends a lot of money in taxes and additional fees to several parties,
    to obtain the house legitimately.
  • May charge home taxes of up to CAD 4,000.
  • A sum of money is provided to the person who will carry out maintenance work in the new house. These works include electricity work, installation of telephone lines, and other services.

At the end of the article, we have mentioned to you the most important steps of the real estate financing calculator from Al Rajhi, as well as how to refinance the real estate rental calculator.

Fixed rate mortgage

Fixed Rate Mortgage And Its Advantages

A Fixed rate mortgage depends on the interest rate, as the mortgage is one of the most popular and used guarantees among the creditor parties to ensure the return of the money that you lent to the debtor parties, which follow the banks and loan institutions.

 This method is to obtain assets or parts of them at the value of the amount borrowed by the owner of the property. If the debtor cannot pay the debts, the creditor seizes the property in whole or in part as compensation for the amount and interest that has not been paid.

Fixed Rate Mortgage

Fixed rate mortgage

The interest rate set when you apply for a mortgage can change when you submit the mortgage documents. To avoid any surprises, you can pay an amount to lock in the interest rate, which obliges the lender to provide the original rate of interest. This guarantee is provided only for fixed-interest loans. This is provided that the foreclosure transaction is completed within a specified period, usually between 30 and 60 days.

And the longer the interest rate stability period after 60 days, the more you owe, and there are different types of interest rate fixation with a percentage of the mortgage amount, one-time fixed fees, or simply adding an amount to the interest rate, you can fix the interest rate when you find a suitable interest rate, or when submitting a mortgage application, or at some point in the procedures, and to know the details about fixed mortgages, follow this article with us.

Fixing the interest rate on a fixed mortgage 

When setting the interest rate, any change in interest rates on mortgage loans is usually prevented. You can look for loans that follow a “lock-down” policy as your loan’s interest rate can go down if the market rate goes down.

However, if it rises, you will get the option of locking in the interest rate as a suitable solution
to avoid an unexpected increase in the interest rate that could affect your ability to obtain a mortgage.

What is the meaning of a mortgage?

A mortgage is a method of financing that is provided with the security of the property. A mortgage is also a “property mortgage” and “property claim.” Linguistically, foreclosure means foreclosure.

 Thus, a Mortgage is the foreclosure of the property due to the debt. In Sharia terms, the definition of a mortgage is to put a property of monetary value as security for the debt. In a simpler sense, if person X borrows from person Y and makes his property as security for the debt, then the property will be at the disposal of the credit party Y until The debt is paid off by debtor X.

Types of Mortgage

Two types of mortgages are considered the most widespread and used among people.
There are many forms that a mortgage can follow, but the famous types of mortgage are:

  • A fixed property can be insured for 30 years or a period of 15 years.
  • Short mortgage of up to five years.
  • A mortgage for 40 years or more.

And when we talk about the types of mortgage, we refer to the most famous and widespread patterns: the fixed-interest mortgage, and the adjustable-interest mortgage.

Fixed-rate Mortgage

It can be defined as a fixed mortgage that dealers can benefit from this type of real estate loan
with a fixed price throughout the repayment period, as the same amount that was determined from the beginning is paid without any changes.

 There is no change in the amount of the monthly installments paid, and the interest is added
to the mortgage payment from the beginning of the payment process until the end of the loan period.

Even if the market interest rate changes and rises, the borrower is still obligated to pay the same rate,
but if the interest rate drops significantly.

 The borrower has the opportunity to secure a lower rate by refinancing the mortgage,
and this mortgage is referred to as a “conventional mortgage” or fixed mortgage.

Variable Interest Mortgage

Fixed rate mortgage

Adjustable rate mortgage is classified among the types of mortgage,
where the interest rate is calculated for a specific period and then changes according to the market interest rates, in most cases, the starting interest rate is lower than the market rate,
which makes the adjustable rate mortgage an idea Good for short-term mortgages.

However, it may be more costly in the long run if the market interest rate decreases from the initial rate after the specified period. In the event of high-interest rates, it may be difficult for the borrower to bear the high monthly payments. In all cases, the amount of monthly payments cannot be predicted. after the initial period.

Less common types of mortgage

Interest-only mortgages are one of the complex forms of mortgage in the repayment process, however, advanced debtors can take advantage of them in the best way, and mortgages during the housing bubble period caused many problems for homeowners at the beginning of the twentieth century and specifically during the first decade.

There is a form of mortgage called reverse mortgage, which is intended for elderly homeowners over the age of 62, and is suitable for the category that wants to convert part of the value of their homes into cash, where they borrow the value of their homes and obtain money through lines of credit, monthly payments or A lump sum, and in the event of the death of the borrower or the sale of the mortgaged home, the outstanding balance shall be paid in full.

Fixed mortgage terms

The borrower must meet the requirements of the mortgage
to obtain the necessary funds for it. The following is a list of the conditions of the mortgage:

  1. The financial obligations of the debtor or mortgagor include paying his financial payments on the specified dates agreed upon with the mortgaging creditor, in addition to paying the amounts due on interest.
  2. The creditor has the right to take the title of the property out of the mortgage
    if the debtor fails to pay on time, despite receiving a notice to pay.
  3. When the debtor’s financial condition can pay the agreed financial percentage in one payment, the other party is required to agree to the financial value after reaching an agreement in the contract.
  4. The contract must include a clause that transfers all responsibility
    to the heirs in the event of the death of one of the parties.
  5. The contract should include explicit information detailing the terms of the offer
    and acceptance that must be applied between the parties.
  6. It is prohibited to sign the contract except between two mature persons,
    both of whom exceed the legal age.
  7. The property being mortgaged must be available and owned by the mortgagor at the time of the mortgage and should not be prepared for the promise, in addition to the need to know the specific value of the mortgage.

Read more: Reverse mortgage calculator and the benefit of using it

Mortgage Features

Fixed rate mortgage

Among the advantages of a mortgage are the following:

  1. Not losing betting mortgaged real estate forever.
  2. Ownership of the property remains in the hands of the current owner
    until the debt is repaid to the borrower.
  3. The mortgage agreement between the mortgagor
  4. and the mortgagor must be written down in the judicial institutions to protect the right of the mortgagor.
  5. It defines the freedom of the current person to arrange the mortgage
    so that he can pay the financial debts owed by him to the creditor.
  6. When the mortgagor fails to pay the money owed to him,
    the borrower is guaranteed the right to dispose of the mortgage by coercive judicial supervision.
  7. Even though the price of the property has gone up, the interest rate agreed upon in the mortgage contract does not go up.

At the end of the article, we have mentioned to you everything related to the fixed mortgage,
which is determined according to the interest rate, and its most important advantages.

mixed use mortgage

The Property Of Mixed Use Mortgage And Its Pros

The advantage of a mixed use mortgage is that you can use the mixed property for commercial
and residential purposes at the same time, for example,
the building can have a commercial aspect on the ground floor such as small retail shops, bars, or restaurants, while the upper part of the building contains residential units.

Property Of Mixed Use Mortgage

mixed use mortgage
mixed use mortgage

Mortgage loans are an excellent solution for first-time buyers
who may have more expenses than other homeowners when buying their first home.

 Additionally, for homeowners building a brand-new home,
a cash back mortgage can be useful in covering the costs of landscaping, fencing,
and other factors to complete the new home.
This amount can also be used to pay off other costs and fees related to the home purchase.

The money from a cashback mortgage can help you increase your income.
During the months after you move, moving can be stressful.

The extra money may help relieve some of the stress of extra expenses and time away from work, but what is the advantage of a mixed use mortgage? This is what we will answer in the following paragraphs.

Information on a mixed use mortgage property

Some lenders do not offer this type of loan with a mixed use mortgage feature, so you should shop around for a mortgage that meets your unique needs. New furniture, or paying off debts.

 A cash-back mortgage can be the ideal solution, as this money can be used to finance education or secure the future of children. In addition, a cash-back mortgage is an opportunity to take advantage of the financial value of the home you own and invest it in your current financial needs.

How do you choose a mortgage route?

The real estate insurance method differs from one individual to another regarding interest,
linkage and repayment period and each method has advantages and disadvantages.
Some methods allow you to change the conditions at a later time,
while other methods contain fixed conditions throughout the period.

 Some mortgages last for many years and allow for low monthly payments,
while other mortgages have short repayment periods and save interest amounts.

  • Linked mortgage methods

Mortgage in this context is related to the Consumer Price Index (CPI), which is published monthly
and reflects the buying power in the economy, and the real interest value in these methods is affected by an increase or decrease in the Consumer Price Index (CPI).

  • Unencumbered mortgage methods

In real estate scaling methods that are not affected by index changes,
the cost of real estate financing is determined by adopting the initial borrowing rate determined

  • Featured mortgage methods

Our premium mortgage options include variable or fixed interest rates, with various terms
and repayment terms, with the feature of a mixed use mortgage.

When is optimization achieved in obtaining a mortgage in cash?

mixed use mortgage

Using the cashback option in a home loan requires great caution, and that includes the principal amount of the mortgage, where the interest is calculated on the outstanding balance. Taking advantage of this option means that the interest due must also be paid by withdrawing the total amount.

In addition, this type of mortgage is usually offered at a higher rate of interest than other mortgages, however, if you have payable debt with a high-interest rate, then this choice may be worth the payments and the interest as it may contribute to reducing the overall expenses incurred.

 It can also be a better option than higher-interest credit cards
or lines of credit to help pay for landscaping or home improvements.

Your cash-back mortgage applies the same terms as any other mortgage loan,
for example, if you apply for a five-year fixed mortgage term,
you are obligated to comply with that condition and make the payments on time.

What is a blended mortgage?

When it comes to buying a home, you have multiple options for your mortgage. With a mixed use mortgage, when you purchase your home,
you may choose to sign up for a five-year fixed-rate mortgage.

This decision may seem appropriate, especially if the interest rate is low,
however, you may have the opportunity to benefit from lower rates or you may want to become the real owner of the house during the current mortgage period.

Hybrid mortgages are used as a strategy to take advantage of lower interest rates or to access your equity without having to pay high penalties for terminating an existing mortgage contract.

Your bank will combine the current interest rate you are paying with a lower interest rate available,
and they may or may not ask for an extension of the mortgage term.

Mortgage mix and expand it

A Mortgage Blend and Extend is the act of taking your existing mortgage and combining it with a new mortgage and extending the term of the loan. In this scenario, your lender will mix the interest rates on your existing mortgage and the new mortgage at a lower interest rate. With this option, your lender will Reset your payment schedule according to your new period.

Mixed term mortgage

It is inspired by the combination and extension of the mortgage,
but it does not extend the remaining life of your existing mortgage, because the lender will forfeit the interest you were paying at a higher rate now. So, this type of mortgage comes with certain conditions.

For example, this option is usually only offered if you own your home, and therefore the principal mortgage amount is increasing. If you are not able to access the equity but would like to take advantage of this option, you will probably be asked to pay a portion of the down payment amount.

Read more: Reverse mortgage calculator and the benefit of using it

Pros of a mixed use property mortgage

mixed use mortgage

There are several factors to consider to determine the suitability of choosing a hybrid mortgage for your needs, as follows:

  • By avoiding high upfront penalties, by relying on the remaining term in your existing contract, opting for a combination mortgage can allow you to save thousands of dollars in interest.
  • Take advantage of lower interest rates, even though mortgage interest rates have been at their lowest for a while.
  • You may find that the rates currently available are lower than the current mortgage rates,
    in which case, you should consider looking into a hybrid mortgage rather than waiting for the current mortgage period to expire.
  • If you have a large share of your home that you can use to pay down other debts,
    make home improvements, or cover other expenses,
    a blended mortgage will allow you to take advantage of that available money.

At the end of the article, we have provided you with the most important features of the mixed-use mortgage feature, and the advantages of using it for customers of banks and financing companies.

residential mortgages

Commercial Mortgages VS Residential Mortgages

Commercial Mortgages vs. Residential Mortgages Where a mortgage system can be defined as a loan secured by a property, granted for building, purchasing, or renovating a property, to be used or invested by the owner, this loan also includes the purchase or development of land for the same purposes, usually What is for long term purposes.

Commercial mortgages vs. residential mortgages

residential mortgages
residential mortgages

In the event of a delay in repaying the mortgage loan or part of it, the entity financing the property will have the full right to dispose of your property by selling or renting it, to simply recover the full amount of the loan granted to you. If you cannot pay, the lender can dispose of your property. Through the following paragraphs, it is clear to us the difference between commercial mortgages versus residential mortgages.

Components of a reverse mortgage

What explains the difference between commercial vs. residential mortgages; is that mortgage contracts consist of three main components, which are the monthly rights to pay, the initial amount of payment, and the fees involved. We will explain the details as follows:

  • Monthly Payment: It is the amount that the borrower must pay each month. It is calculated from the value of the mortgage and includes the interest or profit imposed on the principal amount. It may sometimes include real estate fees and other taxes.
  • Introduction: When you get a mortgage, you have to pay an advance amount to get a mortgage on the property.
  • We should note that the higher the down payment, the higher your chance of getting better financing and therefore lower interest rates, all of which lead to faster acquisition of equity in your property.
  • A person who wants to obtain financing through a mortgage is required to pay a certain amount of fees upfront.

Mortgage procedures

The steps and documents required to obtain a mortgage loan that must be followed to know the difference between commercial vs. residential mortgages are as follows:

  • Prepare all mortgage requirements with the bank.
  • Auditing of the transaction by the bank auditor.
  • The transaction was submitted to the Land Department for examination and then the department fees were withdrawn from the bank account.
  • Issuance of the certificate and affixing of the mortgage is done by the department employee.
  • Communicating with the customer requires his presence at the bank branch to receive matters related to commercial mortgages in exchange for residential mortgages.

Types of mortgage

A fixed-interest mortgage if you want to obtain real estate financing with a fixed interest rate, which explains the difference between commercial mortgages versus residential mortgages, as you will be able to pay the value of the loan through fixed installments over the pre-agreed repayment period.

In the sense that the interest rate applied to the amount borrowed will remain fixed and unchanged during a pre-determined period regardless of changes in interest rates, this method of fixed-interest mortgage has less risk.

Loans of this type are considered solid and stable and are not affected by fluctuations in interest rates in the market, in addition to the fact that the borrower is aware of his obligation to repay the amount every month.

 However, what concerns individuals when choosing this type of loan is the possibility that the interest rate will decrease significantly in the future after obtaining a fixed-interest mortgage.

Variable interest mortgage

residential mortgages
residential mortgages

This loan is completely different from the previous type in terms of interest rates,
and therefore the value of the monthly installment of the real estate loan changes according
to the rate of change of interest rates and the value of the installment is changed by an increase or decrease by the change in interest rates.

 The borrower is notified of the value of the installment due this month and determines its due date. This type of interest can present some risks to the borrower, as the total value of the borrowed amount increases in the event of an increase in the interest rate during the loan repayment period. In addition, the value of the amount cannot be predicted. which the borrower has to pay monthly.

Advantages of buying an off-plan property

Buying real estate according to an investment plan in projects under construction
to benefit from it in the future when the project is completed.
These types of real estate have some specific advantages, such as:

  • Low prices compared to ready properties
  • The possibility of increasing the value of the property with the development of the project
  • The premiums offered for real estate financing fell in comparison to the written-off properties.
  • Flexible and long-term payment plans
  • However, when considering purchasing an off-plan property,
    one should be aware of some of the potential risks.
  • Such as market volatility or real estate facing obstacles
    that could cause delay or cancellation of the project.
  •  Therefore, anyone who wants to buy an off-plan property should do in-depth research on the market and the development company responsible for the project.
  •  Buyers are advised to focus on buying ready-made properties.

The difference between the mortgage and real estate financing

Here we will explain the difference between commercial and residential mortgages;
Mortgage refers to a type of loan obtained to finance the purchase of a property,
and there is a link between the concepts of mortgage and real estate financing.

The lack of clarity sometimes causes difficulty in making sound financial decisions, therefore,
we provide you with some information about both to help you differentiate between real estate loans
and the benefits of each.

  • Mortgage

The borrower has ownership of the property, but he suffers from a shortage of funds
and wants to obtain them in any possible way, so he resorts to this type of loan to facilitate his financial affairs, but on the condition that the property he owns is mortgaged with the financing entity.

If the borrower wants to obtain a mortgage, he is unable to provide the required amount
or even own the property itself, and seek to borrow to buy a specific property.

Read more: Reverse mortgage and its most important types 

  • residential mortgages

residential mortgages
residential mortgages

 It is a financial loan that allows the customer to obtain a loan on the condition of mortgaging a property he owns, and a specific period is specified for the loan and it is followed by a fixed or variable interest rate according to the customer’s needs.

It should be noted here that if the customer is unable to pay the debts,
he is exposed to risks, as the financing party has the right to take any action they deem necessary
to control the mortgaged property by the mortgage terms in force.

Real estate financing can be defined as a type of financial loan provided by banks
and financing companies to help individuals purchase property.

This is done by providing an amount of money that covers the customer’s needs to purchase the required property at a specific interest rate according to the economic conditions, taking into account the monthly installments incurred by the customer to pay the borrowed amount.

At the end of the article, we have provided you with the most important details of the advantages
and procedures of commercial mortgages versus residential mortgages.

rights and responsibilities

Reverse Mortgage Rights And Responsibilities

Rights and Responsibilities of a Reverse Mortgage It is a type of mortgage that is usually secured by the use of a residential property. This type of loan allows the borrower to access the unencumbered value of the property. These loans are usually granted to senior citizens who own their homes.

 They do not require monthly mortgage payments. Borrowers remain responsible for property taxes and home insurance. Mortgages allow seniors to obtain a loan equal to the current market value of their home, deferring the repayment of that loan until their death, sale, or move out.

Reverse mortgage rights and responsibilities

rights and responsibilities2
rights and responsibilities2

A reverse mortgage cannot be done backward. Local Home Loan Mortgage Insurance costs up to 2% of the assessed home value and is a one-time payment, and there is also an annual fee equal to 0.5% of the outstanding loan balance.

Implementation of the specific rules for reverse mortgage deals varies based on each country’s regulations; As a rule, in Canada, debts owed are prohibited from exceeding the fair market value of the property under the scheme.

Anyone can make a comprehensive comparison of the reverse and traditional mortgage, by making the property owner pay a monthly amount to the borrower, and after each monthly payment, the market value of the house is increased, but what are the most important rights and responsibilities of a reverse mortgage? This will be answered in the following paragraphs.

Mortgage Research

Regulators and academics have given mixed comments about the rights and responsibilities of a reverse mortgage. Some economists argue that reverse mortgages can be beneficial for seniors by controlling their incomes and consumption over time.

 Despite this, regulators such as the Consumer Financial Protection Bureau consider reverse mortgages to be “complicated products that are difficult for consumers to understand”, especially given “disinformation”, low-quality advice, and “the possibility of fraud and other deception”.

The bureau also notes that many consumers do not benefit from using reverse mortgages for positive purposes, which are the purposes that economists recommend to achieve rationalization of consumption, and therefore, a borrower in Canada should consult independent legal counsel before agreeing to the use of a reverse mortgage.

Conditions for obtaining a reverse mortgage

People who want to obtain a reverse mortgage must seek advice from an expert who is certified in the field of reverse mortgage before applying, and those who wish to practice any kind of credit activities such as lessors, brokers, and lenders; To obtain a license from the Office of the Australian Investment and Securities Commission.

 or be the representative of a person holding a license (ie having a license or supervising another person holding the license, as a fiduciary representative or authorized officer) (the Australian Securities and Investments Commission).

Qualification requirements vary according to the lender, here we will explain the conditions required to obtain a reverse mortgage with the rights and responsibilities of a reverse mortgage:

  • The borrower must be over 60 or 65 years old; In the case of a buyer, there are real estate guarantees, and the younger borrower must meet the age qualifications.
  • The borrower must own real estate, or must have such a low mortgage balance that the debt will be canceled using the proceeds of the reverse mortgage; Thus the reverse mortgage remains the only security for the property.

Loan size and cost

rights and responsibilities
rights and responsibilities

A reverse mortgage can be up to 50% of the value of the property, and the amount available for the loan is determined by several factors including the rights and responsibilities of the reverse mortgagee:

  • The older the borrowers, the more money they borrow.
  • current interest rates.
  • The value of the property.
  • The location of the property.
  • The minimum and maximum amount of the program can ideally range from $10,000 as the minimum amount allowed, to between $250,000 and $1,000,000 as a maximum depending on the loan provider.

Fees for obtaining mortgage loans

Due to the difference in the exclusive reverse mortgage program being taken out, the cost of obtaining a reverse mortgage varies depending on the rights and responsibilities of the reverse mortgagee. These costs are usually transferred to the loan itself and bundled with the principal. Traditional costs of a reverse mortgage include the following :

  • The registration fee (incorporation fee) ranges from $0 to $950.
  • Stamp duty, mortgage registration fee and other government fees = vary by location.

Mortgage interest rates face a great difference and diversity,
as some programs offer loans with fixed interest and others are variable.

In addition, a reverse mortgage may incur some costs.
A monthly service fee is applied to the loan balance (eg $12 per month),
which is compounded with the principal amount.
The best products are those that do not include a monthly fee.

When considering a reverse mortgage, you should be aware that there are no monthly fees
and lower interest, if you are required to pay a monthly fee by your bank.

Reverse mortgage proceeds

Money owed from a reverse repossession of a property can be divided into several styles

  • A lump sum is deducted in cash upon settlement.
  • Pay the property as a monthly cash payment.
  • A home market value line of credit is similar to a line of credit.
  • A combination of the above.

Mortgage procedures

To obtain a home mortgage loan, you can follow the steps and submit the following required documents according to the rights and responsibilities of the reverse mortgage:

  • Prepare all mortgage requirements with the bank.
  • The bank employee must enter all required documents and papers through the electronic mortgage system.
  • Auditing of the transaction by the bank auditor.
  • After the transaction is sent to the Land Department for examination, the department fee is deducted from the linked bank account.
  • The department employee issues the reverse mortgage sticker and certificate.
  • Contact the customer and ask him to come to the bank branch to receive the matters.

Read more: Reverse mortgage and its most important types and features

The difference between mortgage and real estate financing

rights and responsibilities
rights and responsibilities

Mortgage refers to the classification of loans obtained to finance the purchase of real estate. Many people wonder if the concepts of mortgage and real estate financing are similar.

Ambiguity may sometimes lead to wrong financial decisions. Therefore,
below we will provide an overview of both to help you distinguish between each type of real estate loan and the features of each of them, as follows:

  • If the borrower owns real estate but faces a shortage of funds and wants to obtain money,
    he resorts to a mortgage as a means to facilitate his financial affairs,
    provided that he mortgages the property he owns with the financing institution.
  • When it comes to real estate financing, the borrower does not have the necessary funds
    or property and seeks to borrow to purchase a particular property.

So, the mortgage is that it provides all customers with a great ability to borrow money from the financier in exchange for mortgaging their real estate, and the period for repaying the loan value is determined according to variable or fixed interest rates.

This is according to what suits the customer and his needs, as for real estate financing,
but real estate financing is defined as one of the types of financial loans that are unique
to financing companies and financial banks to help individuals buy a specific property.

At the end of the article, we have provided you with the most important details of the rights
and responsibilities of a reverse mortgage,
as well as the simplest procedures for obtaining a mortgage loan.

Interest rates on reverse mortgages

What Is Interest Rates On Reverse Mortgages?

Many people cannot live in light of the inflation that strikes many countries,
which leads them to take out mortgages, which increases the interest rates on reverse mortgages, as many Canadian citizens take out a lot of loans by mortgaging their own homes

Also, mortgages are considered the most important things
that many people deal with at present due to the current inflation,
and many people have turned to the idea of ​​making a mortgage
for the building in which they reside, which is characterized by constantly high-interest rates.

Interest Rates On Reverse Mortgages

Interest rates on reverse mortgages
Interest rates on reverse mortgages

 Many people do not know what is the meaning of interest rates on reverse mortgages,
or what this loan does, as a mortgage can be defined as a loan obtained by any person,
but provided that he owns the house in which he lives. 

What is distinctive about these loans is that they are at the same market value for many people as the money they want to obtain easily, especially the elderly who may want to obtain money but cannot obtain these loans, so many banks provide these loans.

Also, these loans do not prevent the person who owns the house from paying any obligations on the house, such as taxes, for example, or the insurance that is on those houses. Payment at any time possible.

What does a rate hike mean for Canadians?

There are a lot of benefits that you can get from taking out a mortgage as the interest rates on reverse mortgages are not as expensive as many people think or they are based on kicking you out of the house later as in conventional loans, we all know the story of Chiasun who lived He and his wife only live in one house.

And he took a loan for finishing their house, and then he was surprised that he
and his wife had retired from work, and at this time they were suffering from the problem of large debts that had accumulated on them and they could not pay because they did not have any money to pay those debts, and at that time an idea came up They have a mortgage.

This is what this man mentioned that he only lives on his retirement pension,
but was this enough, and the idea of ​​the loan is based on many things
that makes it a preferred option for many people who do not have enough money,
as most of the people who take this loan are bigger From 55 years old.

What are reverse mortgages?

It is very important if you are one of the people who obtained a reverse mortgage loan
that you understand the interest rates on reverse mortgages,
and you must also understand how those loans work, or in other words, you must know what the mechanisms of this loan work to be able to obtain it In the best possible way.

If you are one of those who took this mortgage, then you should know that when you take this loan, the house no longer belongs to you completely, as you are only a partner, and it is divided into three basic parts, and you cannot pay part of it and you do not pay the other part, Those parts are as follows:

The first batch 

Of course, when you obtain the loan at any time, the bank from which you take the loan imposes a lot of interest on you, and as for the mortgage loan, it is characterized by the fact that it has what is called the first payment, which is what you cannot pay, as it is necessary to obtain the loan.

It is distinguished in that payment that the higher it is, the easier it will be in terms of the facilities for the procedures for obtaining the loan and that the larger the first payment that you pay,
the more you will be able to obtain a better loan, at a lower interest rate,
and thus you will acquire a right of ownership in your home faster too.

monthly installment     

Interest rates on reverse mortgages
Interest rates on reverse mortgages

It is distinguished by the interest rates on reverse mortgages,
that they are not in one payment,
as when the bank obtains this mortgage from it, it divides that value over the area into monthly parts,
meaning that the owner of the property can pay those amounts over several endless months until the amount to be paid expires.

Also, this loan does not expire unless the owner of this property sells it or dies,
and it is distinguished in this mortgage that it includes the original amount with
which the borrowing was made, in addition to the interest rate that the bank sets,
and the bank can also add some profits to it It may include some taxes as well.

Fees 

Of course, if you are one of the people who want to obtain a mortgage loan, the matter will be very easy,
and you should know that there are a lot of amounts that you pay, and perhaps one of the most important of that money that you pay is the fees that you pay in the first place in exchange for obtaining This loan.

What are the types of mortgages?

Of course, if you accept a mortgage, then you should know that there are only two basic types of it,
which are the traditional mortgage loan, and the Islamic one.

traditional mortgage 

It is when a person takes a loan from a bank to obtain a new home, for example.
It is distinguished in the loan that the bank gives those loans and then takes them in the form of interest rates on reverse mortgages, which can be divided into fixed or variable loans

Read more: Types of mortgages and the most important banks that offer them

Islamic mortgages 

Interest rates on reverse mortgages
Interest rates on reverse mortgages

Of course, if you want to obtain any housing loan, you will face this type of loan,
which is that the bank buys the house you want on your behalf, and then sells it to you again,
after obtaining an amount that may be called a profit, for example,
and then you can pay The amount paid for the house in parts.

Or what can be called monthly installments, and what is distinctive about the interest rates
on reverse mortgages in this type of loan is that you can take it at the lowest possible costs,
as it is not as expensive as some people think.

The interest rates on reverse mortgages are one of the most important things that you should know about these days because a lot of loans are taken out in those days due to the deteriorating economic conditions in many countries and even the inflation rates that are increasing dramatically.

home construction loans

The Most Important Information About Home Construction Loans

Many people tend to obtain Home construction loans, which are characterized by the fact that they provide a lot of services or provide the desires of many young people, as the idea of ​​obtaining an apartment has become very difficult or it is a dream of dreams, and this is due to the high prices of apartments to a level No one can afford it.

Of course, this is what made many people turn to the idea of ​​obtaining this loan for many purposes,
whether this person wants to obtain a loan to purchase a housing unit,
and it may also be to finish that unit that he owns,
but he cannot because of the economic conditions that we are going through.  

Home Construction Loans

home construction loans
home construction loans

The idea of ​​obtaining housing construction loans in Canada in particular is one of the dreams
that many expatriates and immigrants who leave their country and then go to Canada look forward to. 

Of course because of the benefits that you cannot achieve from just acquiring any other investment asset.

It is good to know that the idea of ​​obtaining an investment asset in Canada,
especially because you can get a lot of profits from it in the future,
so it is very logical to find a lot of expatriate people tending
to the idea of ​​obtaining housing construction loans or trying to obtain drug whatever.

The amounts that will cost him, and you should know that the idea of ​​trying to obtain is very important, but rather, as we mentioned, it is very logical, as paying the full amount of the house is very difficult or almost impossible to do on your own unless you are one of the wealthy who can buy the house they want at any time.

What are Home Construction Loans?

When you want to obtain a housing loan in Canada, you must know that it is about taking the financing that you need, through which you can buy the property or house that you want, and that you do not have to have the amount that enables you to buy it in full, and you must know it The banks give these loans.

But on several conditions, and the maximum that you can get from the loan is only 95%
of the value of the house, and course after you get this loan, the bank will act
as a partner with you in the house, as you only have property rights that you cannot take more of them.

Also, you must know that the amount of the loan that you took is repaid in stages
and monthly installments, as it must be said, and you can only obtain the right of individual ownership in the house when you pay off all the debts related to it, or you sell the house to another person,
in addition That the loan can be forfeited in the event of death.

What are the steps for obtaining home construction loans?  

There are many steps that you must know if you want to obtain these loans,
as the most important of these steps or stages that you cannot pass or do not take one step of them, otherwise, you will not be able to take the loan correctly, and these steps are as follows : 

The first step

Of course, if you want to obtain this loan, you must first contact the mortgage specialist in your area,
who assesses your financial situation and then guides you to the correct way in which you can obtain the loan, and of course if you are If you want to obtain a housing loan in Canada,
you must have three initial conditions that fulfill the contract, and they are as follows:

The first batch  

home construction loans
home construction loans

It is unique in Canada that if you want to obtain housing construction loans, for example, you can get them in a very easy way. It is distinguished in these payments that they are determined according to the price of the house that you want to buy. If the house you want to buy is less than 500 thousand Canadian dollars, the amount that is paid as a down payment is only 5% of the value of the house. The house is more than that, up to a million dollars, the amount that must be paid is 10% of the value of the house.

If the price of the house is higher than that, the value of the first payment is 20%,
if the price exceeds the barrier of one million Canadian dollars.

Credit history    

It is very good if you take a loan to make a credit record very early, as the entity from
which you take the loan is very expected to ask you for your credit activity record, whether in Canada or the country to which you belong, which is for a year So you must have a record ready.

Loan repayment guarantee 

Of course, when you request a loan, the bank will take a lot of guarantees through which it can know how it can easily collect the required amount from you, so the bank analyzes your financial situation, and therefore it gives you the loan you want based on your financial situation.

The second step   

If you want to obtain housing construction loans in Canada in particular,
you must obtain approval from the lending authority, as you must obtain approval
from those agencies before you obtain a loan, and of course, these procedures are very easy.

 But in one case, that is, if you have implemented the previous procedures that we mentioned, and accordingly the amount that you want to obtain is estimated, and then the bank begins to search for the house that is equal to the loan that you want.

Submission of the application

Of course, if you want to get a loan through which you can buy the property you want, you must apply for a home loan, if you find the house you want and of course, it takes a lot of time to get this loan.

Read more: Commercial Mortgage and its most important functions 

The fourth step  

home construction loans
home construction loans

If you can get approval through which you can buy the house you want,
then of course you will start paying off this loan, which you can repay over a long period,
as some banks give a grace period of 25 years,
and you can pay more in installments to reduce the duration.

If you want to obtain housing construction loans in Canada in particular,
you must know several very important things, including the steps to obtain this loan.  

construction loans

Documents Required For Construction Loans

If you are a resident of Canada, whether you are an expatriate or an indigenous person,
then you may be exposed to construction loans, if you cannot obtain a suitable home for you or a home without them unless you are one of those wealthy people who can buy whatever they want at any time So you find a lot of people living in Canada.

They suffer from the idea of ​​​​getting a house, as it is the dream of all expatriates who go to Canada
that each of them has his own house through which he can live in prosperity,
and he can also invest in this house, of course, because obtaining a house in Canada
is not comparable to obtaining any other financial asset.

Construction Loans

construction loans
construction loans

Of course, if you want to get a home in Canada, you must take out construction loans,
which make it easier for you to buy any home in Canada, so it is very logical to find many people who reside in Canada tending to the idea of ​​obtaining those loans that meet their needs. and their desires.

This is because the price of the house that you want to obtain is relatively or sometimes very expensive, which requires you to obtain this loan, which is the financing that makes you able to buy the house you want, without having to own the amount that enables you to do that in full.

Canadian law allows people who want to obtain a loan to do so, and the maximum
that they can take from the bank is 95% of the loan value, as the other 5% is often a down payment.

An interest-free home construction loan in Canada

If you want to obtain construction loans in Canada,
through which you can take the amount you want and which enables you to buy the right home for you,
then you must go through several steps or stages,
and perhaps the most important of these stages are as follows:

The first stage 

If you want to obtain construction loans, you cannot choose the appropriate method for you except
by communicating with a mortgage specialist in the area in which you reside, and then this specialist analyzes your financial situation and the situation in general, and then guides you to that.
Properly start taking the loan.

Of course, if you want to obtain a housing loan in Canada,
you can only do so if you can meet the following three conditions:  

The first batch

Of course, if you want to get this loan, you must initially pay an amount that is called the first payment, which is the payment that you pay when you decide to take the loan from the bank,
which can be estimated according to the price of the house that you want to buy,
so if the price of this house is About 500 thousand Canadian dollars.

 The amount that you must pay is only 5% of the price of this house as a down payment,
but in the event that the amount that you buy the house for or that you want to borrow is more than 500 thousand and reaches one million Canadian dollars, then the amount paid should be about 10% Of the amount, and in the event of an increase, it is 20%.

Credit history 

If you apply for construction loans, the bank that you are borrowing from will request a report on your credit history, which is for one year. This may be in Canada or in any country in which you reside, and of course, this application must be fulfilled for you to be able to extract it. It takes A lot of time, so you must make this record early so that if you are asked at any moment to have this record.

Mortgage payment guarantee 

construction loans
construction loans

The parties that give you the loan in this case study analyze your financial situation well
and analyze the means through which you can make the payment, and based on the financial reports that the bank analyzes, give it the amount you want at the time you want it.

Obtain prior approval  

To be able to obtain the loan you want, you must submit a prior request to the party from
which you want to take this loan, and then the party that gives you the loan puts forward many conditions that you cannot take the loan except by fulfilling them. The most important of these conditions are the three previously mentioned.

Based on these conditions, the amount that you can get is determined,
and then you can start the journey of searching for the house you want, but after you can obtain approval for this request, which takes a long time in most cases, it may be a year.

Pay off the loan

In the last stage, of course, you pay off your loan, as there are many banks in Canada that you can get a loan from with a long time limit of up to 25 years sometimes, and you can also pay the loan amount before that period, where you can Pay more installments.  

Read more: Types of mortgages and the most important banks that offer them

What are the documents required for construction loans in Canada?

construction loans
construction loans

Of course, if you want to obtain construction loans from any of the banks of Canada so
that you can buy the house you want, you will not be able to do that except through some papers
that you must submit in the application for obtaining the loan, and those papers are what serve as A guarantee from the lending party, the most important of which are the following:

  • If you apply for a loan, you must have a personal identity card,
    and you must also have a passport if you are an expatriate.
  • You must also provide proof of work, and this is what guarantees to the bank
    that you work in this place and you can prove through a statement
    that you are an employee of the state and able to pay all installments.
  • Of course, you must submit a monthly statement of the salary that you receive
    from the entity you work for, which is the basis on which the amount you pay is determined.
  • You must also submit a statement of your debts,
    which should not exceed 44% of your total income.
  • In addition, you must submit a report on the various expenses
    that you pay each month.
  • You must also submit your credit reports.
  • It should be mentioned that you must report the total monthly costs,
    and they must not exceed 39% of your total income.

Of course, it is these papers and many other procedures
that make it easier for you to obtain construction loans in Canada quickly.

Types of mortgages

Types Of Mortgages And The Most Important Banks That Offer Them

Types Of Mortgages are what many people search for in Canada. When it comes to buying a home, Canadians have many important decisions.

This includes choosing the type of house and finding the ideal neighborhood that they want, in addition to financing the purchase, which is one of the most important and also the longest-term decisions.

Through this article, we will learn about the types of real estate mortgages, as many Canadian banks provide many real estate loans.

We will also explain how to apply for these mortgages and also how they differ in terms of interest rate and volume.

Types of Mortgages

Types of mortgages
Types of mortgages

There are two types of mortgages, which are the most popular among people, but in fact, there are many types of mortgages, but we will talk about the most important types of these mortgages, which are as follows:

  • A mortgage that is fixed for a period of up to 30 years, or another mortgage that is fixed for about a year.
  • In addition, there is a mortgage that is short and its term can be about years.
  • There is also a mortgage that has a term of about 40 years or more.

Note 

It is possible to reduce the value of the monthly payment through the extension of the payments, which are over longer years, but this matter may lead to an increase in the value of the interest, which must be paid.

And by returning to the most important types of mortgages, they are of two types,
which are the most common and well-known, and are first, the mortgage that has a fixed rate,
and secondly, the mortgage that has an adjustable rate.

Fixed-rate mortgage 

It is considered one of the types of mortgages in which the lender works to pay the same interest rate over a long period, i.e. the length of the loan repayment period, otherwise, it is necessary to work to change the value of the main monthly amount paid, which is added to the interest with doing By paying the value of the mortgage from the beginning of the payment process until its end.

Even if the interest rate changes within the markets and becomes high, the lender will continue
to pay the same price, but if there has been a significant decrease in the interest rate significantly.

This lender has a high chance of being able to secure this rate through refinancing your mortgage,
and a fixed-rate mortgage is also referred to as a conventional mortgage.

A mortgage with an adjustable rate

Work is being done to classify the mortgage that has a price in exchange for working on modifying the types of mortgages. Within this type, work is being done to determine the price of the primary interest, which is the lowest price in the market, which makes this mortgage a wonderful and glorious idea for a mortgage that is of short duration.

However, it can be less costly in the long term, if the interest rate within the market may decrease, from that initial price, after a specified period for that.

In the event that interest rates have increased, the lender may not be able to own these high payments. In all cases, we cannot predict all monthly payments after the initial period.

What is a mortgage 

Types of mortgages
Types of mortgages

When you work to buy a home in Canada, the first thing you do is to obtain a mortgage and to obtain the type of mortgage, you must be aware that there are some obstacles and steps that must be overcome, but once you are Knowing all that you expect your process will become much easier.

A mortgage is financing, and that is by guaranteeing the property, and it is also considered a privilege in exchange for the property, as well as claims on the property, and the mortgage is a matter of seizing the thing with debt, as it is about putting a property that has a financial value on the debt.

The best banks that offer types of mortgages

There are many banks that we may choose for you with great care in order
to help you obtain a dream home, and the most important of these banks are the following:

  • CIBC4

CIBC Bank is considered the main party working in the Canadian banking industry,
as it provides a range of various services and many mortgage products,
and it also provides types of mortgages, including those with a fixed interest rate.

 They also have adjustable mortgages with the lowest competitive interest rates,
and they also have a lot of other loan options, including a home energy plan,
which allows all lenders access to all the money to pay off high-interest debt.

  • BMO Bank of Montreal

Bank of Montreal works to offer a range of mortgage types that are for both commercial
and residential properties, and they also have many products that are for all first-time buyers.

In addition to many options for all those who wish to look to refinance their existing mortgage,
there is also a Home Owner’s Mortgage Profile.

Which can allow you to borrow up to about 80% of the value of the house,
which is divided between a line of credit or a mortgage.

  • TD Bank

TD Bank is considered one of the most important banks that exist in Canada and has a great reputation for it, and it also has a very wide range of products that are specific to mortgages, which include real estate that is fixed although it can reach about 10 years, as well as loans that have variable interest rates, in addition to loans that have variable interest rates.

Many of the programs are for first-time buyers of all self-employed borrowers,
and they also have an online application process, which makes this easy at first. 

Read more: Reverse mortgage calculator and the benefit of using it

  • HSBC Bank Canada

Types of mortgages
Types of mortgages

This bank works to provide many competitive rates on all types of mortgages,
which are fixed-rate, as well as many adjustable mortgage plans,
in addition to many other loan products, including mortgages.

At the end of this article, we have talked about the types of mortgages,
and the most important banks that work to provide them in Canada.

investment property

The Most Important Ways To Finance An Investment Property

Investment Property, the field of real estate investment is one of the most successful areas of investing money in which quite a few people work in many different countries of the world, where this type of investment is done by buying or building several real estate to sell or rent them to obtain Fixed financial return through it.

Where real estate investment is considered one of the good opportunities that can be exploited to achieve great financial gains, in addition to being one of the guaranteed means by which one can obtain a good income, and it is common recently that the owners of old lands and buildings start contracting with a real estate contractor from To build a large property, part of it is taken for housing, and the remaining parts are invested to obtain large financial profits.

Investment Property

investment property
investment property

Many owners of old land or real estate want to build an investment property to exploit this space to obtain large financial profits, because investment in real estate is one of the most important types of successful and guaranteed investment that many people work with, and real estate is divided into:

Residential Property

Residential real estate is the most common type of real estate, especially family homes,
where new homes are built with many different specifications through which to satisfy the desire of all customers, such as residential units, townhouses, and duplexes, in addition to three floors,
quadruple houses, as well as Vacation homes, and high-value homes, are being built.

Commercial Property

Commercial real estate is one of the types of investment real estate,
and it depends on building places that are used to be offices or retail stores, in addition to storage facilities, and investment in commercial real estate is more expensive than investing in residential real estate, where private contracts can be Commercial real estate is longer than a residential lease.

Industrial Real Estate

Industrial real estate is limited to buildings for manufacturing,
as these real estates are used for factory storage, in addition to places for distributing goods
to divide areas and deal with them correctly and differently

Ways to obtain investment real estate financing

There are many ways through which you can obtain financial financing
to start real estate investment, and these methods include the following:

Crowdfunding

Crowdfunding is one of the most common methods in the field of real estate investment,
as this method relies on collecting certain amounts of money from some people so that they are partners in this property, and the financial share that is paid is evidence of the partnership, and the profits generated from the property are divided equally among the partners 

Exploit seller financing

It is important when talking about an investment property to know this method,
as this method is one of the uncommon ways to obtain real estate financing, as this method depends on a person buying a property while retaining the right to finance from the person who sold the property to him, and this is done By agreeing with the owner of the property.

Rent out your primary residence 

One of the methods preferred by many people, and on the other hand, many of them do not prefer it either, but this method is considered one of the good ways to start, and it is done by sharing your house with one of the tenants, and the conditions necessary to implement this idea are set so that it is not There is harassment of tenants or homeowners.

Buying a small property ready for the investment process 

investment property
investment property

Some real estate properties meet certain conditions that lead to buying them to invest in them, and you can invest in them by renting them to shop owners or other business owners, and you must have the capital to be able to buy this property

and you can get capital Through a friend or relative,
in addition to the possibility of obtaining a financial loan from the bank to start investing, provided that the first payment is made after starting the investment. 

Leveraging non-investment properties 

If you own a non-investment property, you can use this property to take a financial loan
from the bank with the guarantee of this property to buy another property to start investing in.

Advantages of real estate investment 

An investment property, like any other investment, has advantages and disadvantages.
We will learn about all the advantages of real estate investment, as it includes the following features:

Maintaining the value of money in fixed assets

Real estate investment is one of the investment methods through which capital can be preserved
without being affected by fluctuations in currency rates and the many risks related to currencies if funds are entered in the form of financial liquidity, as real estate is far from these risks because it is a fixed asset that is not affected by any recession In the real estate market, it is therefore considered an abstract financial value that cannot be subject to loss.

Many types of real estate can be invested in, as the matter is not limited to buying
and selling residential apartments only, as it is possible to invest in commercial units and office premises, in addition to lands, and each of these types has a certain value,
and this value may increase with time, such as the price increase in the territory.

A stable source of income that does not require effort 

Passive income is one of the methods of income that is made through the individual obtaining money without making an effort. Investing in real estate is one of the types of passive income, where it is possible to buy real estate or any of its types and start renting it, and this method is preferred by a very large number of people because it will be a stable source of income for them without making any effort.

This method is considered one of the best investment methods for people who want to start investing with the money that they have saved, and this is a good feature of an investment property.

Investing in value increases with time

Real estate investment is one of the areas that you can never lose,
because in the worst case, you will get the amount that you paid for the property,
in addition to making a small profit, because the value of real estate increases in a continuous manner due to the strong demand for it by investors,
in addition to the increase in The demand in the rental market due to the significant rise in owning
or building costs, which helps to make renting easier and better for many people.

Read more: Reverse mortgage calculator and the benefit of using it

Quick profit 

investment property
investment property

After getting acquainted with the term investment property, it is important to get acquainted
with this important feature that many people who want to invest are looking for,
which is quick profit. You bought it or rented it because the real estate market is characterized
by constant movement due to the strong demand for it.

In this article, the term investment property was introduced,
in addition to the types of real estate
that can be invested in, and an explanation of all the advantages of real estate investment. 

inspecting a new home

8 Things You Should Check When Inspecting a New Home

When buying a new home, you’ll want to check for red flags that could indicate future problems. Your inspection is critical to finding anything that might be hidden or overlooked by less diligent buyers. However, with new technologies and home design strategies being used more frequently, the modern inspection process differs from what buyers have come to expect in previous years. Today’s inspectors are trained professionals who understand how various factors impact the home from both inside and out. No matter your inspector, there are some things you should check. This will help you make an informed decision about any issues that may need to be addressed before moving forward with your purchase. Check out these 8 things you should check when inspecting a new home…

Licensed and Certified Inspectors

All states require that home inspectors be licensed, but this is not a requirement for home builders or appraisers. A licensed inspector is held to a higher standard than an unlicensed person because they have demonstrated a commitment to quality and integrity in the profession. In addition, the inspector’s insurance company may require that he or she have a state license to inspect your home. For example, in Texas, an inspector must have a license to inspect new homes under construction, additions, or repairs that exceed $5,000. A certified inspector will have undergone extensive training, including instruction on the building codes and safety issues that affect the home and its inhabitants.

The Exterior of the Home

The exterior of the home can indicate a lot about its condition and its maintenance level. It can also give you insight into how well it was built. Some things to look for include:

– Curb appeal: A well-constructed home will have a good curb appeal, while a shoddily built one will not. Check for things like uneven levels, poor attention to detail, and other things that should be fixed.

– Excessive wear: If the siding is peeling, the windows are cracked, or the paint is old and cracked, the home may be due for replacement.

– Structural integrity: Make sure the walls are plumb, the roof is not sagging, and there are no signs of structural damage.

The Roof

Asphalt shingles can last up to 20 years. Wood shingles last about 15 years, depending on the quality and maintenance. Next, inspect the roof’s condition, including the type of roofing and any signs of damage. If the roof is nearing the end of its life span or there are other concerns, it may be a good time to negotiate with the seller to replace it.

Windows and Doors

The windows and doors can tell you a lot about how well the home is insulated. If they are not up to modern standards, they could be a significant energy loss. Check the following:

– Are the windows and doors level? Evenly spaced? In good condition? If not, they will need to be replaced, which could be a costly project.

– What type of windows do you have? If you have older single-pane windows, you will likely want to replace them with newer, more energy-efficient models.

– Are the doors and frames insulated? What type of insulation do they have? Again, this could be an energy loss.

The Foundation

The biggest potential issue with the foundation is a structural defect that is not evident on the surface. Check for cracking and other signs of foundation issues.

– Are you on a hill or a slope? If that could affect the foundation, it could indicate a problem.

– What is the soil like? If it is loose soil, it could indicate a problem.

– Are there any indicators that the water table is close to the surface? If so, there could be a problem.

Interior Walls and Ceilings

While you can’t see the foundation, you can see inside walls. Check for the following to get an idea of the home’s condition and maintenance level.

– Do the walls have cracks? Are they uneven? Are they plumb? If so, you may need to have them repaired or repainted.

– Are the walls consistent in their finish? If not, it could indicate repairs that were done badly.

– How are the electrical outlets and light switches mounted? Are they level? If not, that could indicate a need to repaint.

Electrical Systems

The electrical system is the heart of the home. If there are excessive or loose wires, it indicates a potential problem. Check the following items:

– Is the electrical panel mounted level? If not, it could draw in pests and cause a potential fire hazard.

– Are there any loose wires? If so, that could indicate a problem.

– Are the breakers properly sized? Excessively large circuit breakers could indicate a problem.

The Water Heating System

The water heating system is another important component of the home. You can check the following:

– Is the water heater mounted level? If not, it can cause damage to the unit.

– Is the water pressure in the house consistent? If not, it could indicate a problem.

– Are there any loose connections? Loose connections can cause a variety of issues, including decreased flow.

Summary

These are just a few things you can check when inspecting a new home. It will help you make an informed decision about any issues that may need to be addressed before moving forward with your purchase.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

Should You Renovate or Relocate Your Home

Should You Renovate or Relocate Your Home? What To Consider Before Making a Decision!

Do you feel like your house has lost its charm and looks old and outdated? If so, it’s time to consider either renovating your home or finding a new place to live. Both of these options can be overwhelming and require significant time, effort and money. However, with the right planning and advice, you can make the right choice for you and your family. Here are some things to think about when deciding whether to renovate or relocate your home:

Decide what you want to change about your home

If you’re planning on renovating your home, start by deciding what you want to change. Are you looking to add more space to your home? Do you want to change the layout? Do you want to add a new bathroom or kitchen? How much you’re able to change your home will depend on the type of renovation you’re doing. For example, if you’re looking to build a new addition to your home, you’ll be able to do whatever you want with the design and layout. However, if you’re looking to remodel your kitchen, you’ll have a lot less freedom. You’ll need to work within the existing layout of your home and the types of materials used in the construction.

Consider how much you’re willing to spend

As with any major project, you’ll need to consider how much it’ll cost. You’ll need to factor in costs like the price of materials and contractors’ rates. You’ll also need to consider the cost of moving if you’re looking to relocate. Where you live will also have an impact on how much it’ll cost to renovate or relocate your home. For example, it will cost significantly more to renovate or relocate in a major city than it will in a small town. Whatever you decide to do, it’s important to have a realistic budget in mind so you don’t end up spending more than you can afford.

Think about where you’d like to live instead

Before you consider renovating or relocating your home, you should think about where you’d like to live instead. You need to consider factors like the quality of the neighborhood, your commute to work and the local school system. It’s important to find a place that is right for your family. If you’re planning on relocating, you’ll need to do some research to find places that might be right for you.

Find out how much renovating will cost

There are many factors that will impact the cost of renovating your home. Some of these include the type of renovation you’re doing, the materials you’re using and whether you need to hire contractors. If you’re doing a small renovation like adding a new bathroom or updating the kitchen, you could do it yourself or hire a contractor for a fairly reasonable price. However, if you’re doing a major renovation like adding a new floor or building an addition, it’s going to cost a lot more.

Discover the pros and cons of relocating

If you’re considering relocating, you should first explore the pros and cons of this decision. Some of the pros of relocating include:

– You’ll have more choice as to where you live: If you’re looking to relocate, you’ll have a lot more choice as to where you’d like to live.

– You may be able to find a larger home at a lower cost: If you’re looking to relocate, you’ll likely be able to find a larger home at a lower cost than if you’re renovating.

– You can avoid the hassle of a major renovation: If you’re planning to move, you won’t have to deal with the hassle of a major renovation.

The Bottom Line

When deciding whether to renovate or relocate your home, it’s important to consider all of your options. This will help you make the best decision for you and your family. Remember, it’s important to consider factors like the cost of renovations and the cost of moving as well.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

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Tips to Prepare and Maintain your Patio for Winter

Tips to Prepare and Maintain your Patio for Winter

Keeping your patio ready for the cooler months isn’t as simple as switching on the heater and adding a coat. In fact, with all the prep that goes into maintaining your outdoor space, you might question why you have one at all! But trust us on this: Keeping your patio in working order during the winter is worth it.You see, even though it can be harder to access than an indoor space, having a well-maintained outdoor area makes all the difference when you need to get out of the house. A tidy patio will also stay neat throughout winter thanks to these tips. Keep reading for helpful tricks to maintain your patio before winter arrives.

Maintaining Outdoor Spaces Before the Cold Arrives

The best way to ensure your patio is safe to use during the colder months is to prep it before it gets cold. This means cleaning the area thoroughly and storing any furniture that might get ruined during the winter, as well as making sure the patio’s surface is working properly. Clearing away leaves, debris, and cobwebs will not only help to make your patio look cleaner and more inviting, but it will also make it easier to clean if rainwater pools there. Plus, by cleaning your patio and checking its surface now before the colder weather, you have a much better chance of identifying any issues that may arise before they become a major problem. This is also the best time to make any repairs that need to be done to the patio, like replacing old or broken tiles or painting over chipped or faded areas.

Repair Chipped and Flaking Paint

If your patio is painted, you’ll want to make repairs to chipped and flaking areas before the colder weather arrives. This is especially important for wooden patios, since chipped or peeling paint may cause splinters. When painting wood, use a two-part polyurethane coating to protect it from moisture and the elements. Make sure to apply a primer to chipped, damaged, or bare areas before applying paint to avoid flaking, bubbling, and peeling. You’ll also want to avoid painting directly onto synthetic or concrete surfaces, as paint can be difficult to remove later.

Add New Coats of Protective Sealant

If you’ve applied protective sealant to your patio before, you’ll want to reapply it again before the colder months. Sealant protects against stains, water damage, and other causes of damage, so it’s essential for keeping your patio in good shape during the winter months. Look for sealants that will be effective in cold weather, as some are better than others at handling the freezing and fluctuating temperatures of winter.

Check for Leaks and Watering Issues

Before the winter arrives, you also want to make sure your patio isn’t leaking or watering excessively. Look for any signs of water damage, such as discoloration or mildew, and repair any leaks as soon as possible. This is also a good time to check for any broken or worn-out sprinkler heads. You may want to switch to an automatic watering system if the weather is expected to be cold enough to freeze your lawn.

Maintain a Clean Environment

Finally, you should also try to maintain a clean environment for your patio. Reduce the risk of pests, like ants or other insects, by cleaning up any crumbs or debris that may be lying around. This will also help to keep your patio looking tidy and clean. Of course, you’ll also want to watch the forecast and plan around any incoming weather. If you know a snowstorm is on the way, try to sweep off any areas that might collect snow.

Conclusion

Keeping your outdoor spaces maintained and ready for the cooler months is essential. It’s also important to note that you’ll want to follow these tips any time you notice your patio isn’t in the best shape. Of course, certain areas like your patio are more susceptible to damage during the winter months, so it’s best to stay on top of any maintenance issues you can identify early on. With these tips, you’ll be well on your way to keeping your patio in good shape through the winter and beyond.

We here at Capital Mortgages in Ottawa look forward to assisting you with all your Ottawa mortgage refinancing needs. Contact us today by calling us at: 613-228-3888 or email us direct at: info@capitalmortgages.com

You can use these links to APPLY NOW or CONTACT US.

You can also click here.

Capital Mortgages specializes as a service-oriented brokerage that prides itself on integrity and maintaining a service level second to none in the industry.

How Do Capital Gains Work On Property Sales?

When entering today’s red hot real estate market, it’s easy to feel excited by the prospect of how much your home will grow in value in ten, five or even just two years. We’ve all heard stories of people who have bought a home for $400,000, only to sell it just a few years later for 50% more than what they paid.

While the prospect is exciting, it’s important to keep in mind that in Canada, 50% of capital gains are taxed. This is good news for those who own a single primary residence, but understandably an unfortunate factor for those who are looking to invest in more than one property at a time.

To put it simply, capital gains are the increase in the value of an investment – this term can be used when it comes to stocks, shares, exchange traded funds and in this case – real estate. A capital gain can be realized or unrealized, meaning that you either received this gain as a result of selling your investment, or your investment increased in value, but you did not sell it.

In the context of real estate, you do not have to pay capital gains on the sale of your primary residence. That means that if you bought your primary residence for $400,000 and sold it for $600,000, that $200,000 capital gain is yours to keep.

However, if you currently have a primary residence and purchased an additional home as an investment property, 50% of the value of any capital gains on the additional home will be taxable. This 50% in capital gains will be added to your annual income, meaning that the additional tax you pay that year will vary depending on how much you earned in a year.

Let’s say that the same $400,000 home that sold for $600,000 was your investment property and not your primary residence. 50% of the $200,000 you earned on it is $100,000 – which will be added to your annual taxable earnings. So if you earned $120,000 that year as a salary (with no other income sources), your taxable income for the year would now be $220,000.

While this can be disheartening for many, note that you can offset your capital gains for the year with any capital losses you had that year (realized or unrealized), until you reach zero. If you only have capital losses in a given year, the Canada Revenue Agency will allow you to offset a capital gain that you declared in the previous 3 years. You can also carry a capital loss forward into the future.

More questions about how capital gains work on property sales? Give us a call today at 613-228-3888.  

 

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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Tips For Listing Your Home In A Seller’s Market

It bears no need for repeating, but we’ll say it once again – Ottawa (and most of Canada) is experiencing the hottest ever real estate market in history. If you’re a property owner and are looking to move this year, there’s no better time to list your home and reap the rewards of your initial financial investment. It’s not uncommon to see homes selling for more than what is the asking price, due to the incredibly high demand we’ve been seeing. But that being said – it’s also not the rule.

Here are a few tips to set you on the right track when listing your home for sale:

1. Consider whether you have a new home to move into

This one may seem obvious, but considering how expensive prices have gotten, it’s worth having your next home lined up before deciding to sell yours. The goal is to make sure you have an option set in stone that meets your style, size and location specifications and that you won’t have to settle for a property that doesn’t meet these criteria if you don’t, due to current market pricing.

2. List your home just under market value

This is a strategy seemingly favoured by many realtors. While this strategy isn’t always necessary, it attracts more buyers and will likely spark a bidding war, for a lack of a better term, that will get you the offer you’d like – and fast!

3. Get ready to move quickly

Because of high demand and scarcity of properties for sale today, you might see buyers being willing to purchase your home in cash or with minimal financing. Be prepared for the process to move quickly and that you may close on your home’s sale in a very short period of time.

4. Manage your expectations

Just because it’s a seller’s market, it doesn’t mean that your home is automatically going to sell for more than the listing price. Many factors can influence your final sale price, including location, availability within your area or other homes in your neighborhood offering different features. Carefully evaluate each offer you receive, and don’t discount it immediately because it doesn’t meet your initial expectations.

 

If you are looking to purchase a new or secondary home this summer, please don’t hesitate to reach out to Capital Mortgages to get started on the pre-approval process and put your rate hold in place!

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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

The Benefit of Rate Holds

The term “rate hold” may be something you are familiar with if you have worked with us in the past. If not, it is a term that all prospective buyers should know!
 
A rate hold is offered by the majority of lenders to clients who are purchasing a new home and need a mortgage. The purpose of the rate hold is to secure the interest rate on your mortgage application for a certain time period. Often, these holds range from 90-120 days. Bear in mind, these are typically not provided for anyone refinancing their mortgage or looking to transfer it from one lender to another. Only those looking to purchase a home or establish a brand-new mortgage.
 
Once you have created an application with us, We can submit it to an available lender who is offering a rate hold on an interest rate you want to take advantage of – all without a property attached.
 
For an example of how a rate hold works, consider this. On day one you submit your application to a lender for a fixed interest rate of 2.64% for five-years. On day 60, that interest rate moves to 3.12%. As long as your mortgage closes in the next 60 days, you are protected and can keep your lower rate of 2.64%. Plus, if rates happen to trend downward, you can also take advantage of the lower interest rate.
 
This rate hold does not commit you to working with that particular lending institution, nor does it commit you to working with us. It also does not hurt your chances of receiving an approval down the road! All it does is protect the agreed upon interest rate for you while you shop the market, so you don’t have to worry about it increasing while you are hunting for your perfect home!
 
Once the 120 days expires, if you have not found that perfect home fit or want to take advantage of different interest rates, there is nothing stopping you from submitting another rate hold! It will just be subject to the current rates on the day of submission.
 
If you are looking to purchase a new or secondary home this summer, please don’t hesitate to reach out to Capital Mortgages to get started on the pre-approval process and put your rate hold in place!

 

Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Home Renovations That Can Increase Your Property’s Value

Thinking of selling your home? Lucky for you, Ottawa is currently experiencing a resounding seller’s market, with the average price of homes sitting at a historical all-time high. To generate even more income from the sale of your property, why not consider some of the following renovations to increase its total value?

Finish your basement

This is a great way to add more heated square footage to your home and increase your home’s value by about $50,000 on average.

Open up your floor plan to create space

Today’s buyers prefer open concept living spaces that combine the kitchen, living room and dining room. Invest in knocking out the walls between these spaces to create a wide-open, inviting room that will attract potential buyers.

Increase closet space

Living in Canada with four seasons, extra closet space for seasonal wardrobes is always welcome! 

Modernize kitchens and bathrooms

You don’t necessarily have to completely overhaul your home’s kitchen and bathrooms, but a minor remodel that will modernize them by incorporating new cabinet fronts or hardware will instantly boost your home’s value.

Improve your home’s curb appeal

A new front door, clean landscaping and nice outdoor lighting fixtures are just some of the ways that you can wow potential buyers when they first see your home. These are quick, easy improvements that greatly boost your home’s physical appearance upon first glance.

Replace carpets with hardwood floors

Carpeted floors are a thing of the past! Modern buyers are interested in hardwood floors throughout the house and will add in their own accent rugs to warm up a space.

Redo the roof

If your home is due for a new roof, replacing yours can recover 107% of its cost at the time of resale and will set your property apart from similar homes for sale in the neighbourhood.

Install a smart thermostat

These types of thermostats can adjust your home’s energy consumption and lower your utilities costs. They’re currently ranked as one of the three most-wanted home technologies by prospective buyers.

 

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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Why is Buying Property More Financially Savvy Than Renting?

There’s no denying it – owning a home in today’s incredibly competitive real estate market can be daunting. From bidding wars to the highest property prices in history in Ottawa, it can seem like much more comfortable of a bet to rent. However, there are some undeniable benefits of buying property – read on to find out why it may be a better choice.

1. You’re building equity

Each payment you make towards your mortgage is putting money in YOUR pocket, not somebody else’s! Granted, the first few years of your mortgage payments will go in part towards interest, but at the end of the day you’re still building equity and increasing your net worth.

2. You gain privacy and the freedom of choice

Not a fan of your kitchen? You can renovate! Feel like painting your walls in a bright color? Nobody is stopping you. Owning a home means that you have the option to decorate and make changes to it as you please. You’ll also get to avoid visits from landlords, or having to play by anybody else’s rules (unless you live in a condo, in which case you’re required to follow the building’s guidelines). 

3. Your property will likely increase in value

At the rate that the Ottawa property market has been accelerating, the same home that you bought for $600,000 today will likely be worth more in even just a year. This means that if you choose to sell, you get to keep the capital gains on your property, minus any applicable tax.

4. Your monthly mortgage payments will sometimes be cheaper than renting

Depending on a variety of factors such as your neighborhood, the cost of your property, and the cost of your property taxes, your mortgage payments will sometimes be cheaper than renting the same home. Even if your monthly mortgage payments when factoring in additional costs ends up being higher than the cost of rent, know that you’re guaranteed to be paying a fixed amount per month for years to come – unlike renting, where a landlord can easily spike the price.

If you’d like to crunch the numbers and figure out if buying a home is worth it for you, don’t hesitate to give us a call today at 613-228-3888 to speak to a mortgage broker.

 

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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Best Ottawa Neighbourhoods To Buy In As A First-Time Homeowner

Property prices in Ottawa neighbourhoods have been on the rise for years, with the average price of home sitting at $677,197 at the time of writing. That is no small number, and one that can easily feel discouraging for a single person looking to buy their first home, or a young family just getting started in real estate. 

You can easily move further out from the city, but not everybody is open to that. There are also neighbourhoods where prices are still affordable, but that doesn’t necessarily mean that they’re areas you’d want to live in.

It’s a tricky market for sure, and one that requires lots of research when it comes to deciding what you’re willing to be flexible about, and what your non-negotiables are.

Here are ten Ottawa neighbourhoods you could consider as a first-time buyer, based on a mixture of affordability and a high standard of living.

1. Carleton Place

Located just 20 minutes past Kanata, this charming town offers a mix of natural beauty and most of the amenities you could need.

2. Kars

Right next to Manotick, this rural town is quickly developing and is right along highway 416.

3. Findlay Creek

This newer neighbourhood in Ottawa’s South end is incredibly popular with families. 

4. Kanata

If you don’t mind suburban life, this is an excellent choice. Prices are still relatively affordable, and Kanata is its own mini-city within Ottawa.

5. Stittsville

Similar to Kanata, and just slightly further out.

6. Carlington

Reasonable price points, with the convenience of being just a few minutes’ drive from the city center. 

7. Hintonburg

While prices are climbing due to its location, you can still find a great fixer-upper in this trendy neighbourhood.

8. Vanier

Yes, historically Vanier has been a rough neighbourhood. However, it’s gentrifying at an incredible pace and parts of it are surprisingly scenic due to its close proximity to New Edinburgh and Rockcliffe.

9. Hunt Club-Windsor Park

This will be quite a commute if you work downtown, but you can find beautiful, new single family homes here at an affordable price.

10. Gatineau

Ok, this isn’t necessarily an Ottawa neighbourhood – but hear us out! You can stumble upon some absolutely gorgeous properties right across the bridge at a fraction of the cost of what you’d pay on the other side of the border. It’s worth checking out.

Looking to buy a home in Ottawa? At Capital Mortgages, we will provide you with the right advice and make the application process lucid, simple, and tailored to your needs.

Connect with one of our experienced mortgage agents today!

 

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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Besides My Mortgage, What Other Costs Are Involved In Buying A House?

Congratulations! You’ve found your dream home, have been pre-approved for your mortgage and have all the funds ready for your down payment. Buying a house is a moment many people dream of, and it is one of the most important milestones in many of our lives. 

Not to be the bearer of sobering news, but there are quite a few other costs to consider before you collect your mortgage funds and get the keys to your new abode. Arming yourself with the facts and being prepared for the entire process are what will make it go smoothly, so here are some other costs you should anticipate:

A home inspection (optional)

Before purchasing your new home, you’ll want to make sure it’s in good condition. This cost is optional, but one that we recommend to many of our clients.

Property appraisal

Your lender may request an appraisal to get an idea of the property’s value for financing purposes.

Property survey

This looks at your property’s boundaries, potential setbacks and restrictions that can impact its value. The seller may have one they can give you, or you can hire a land surveyor to provide it.

Title insurance

Your lender may require you to provide this, which protects you from title fraud, municipal work orders, zoning violations and other property defects. This is usually included in the legal bill from your lawyer.

Property insurance

This one is a given! This type of insurance protects you from fire and other damaging disasters.

Mortgage life, critical illness, disability, or job less insurance (optional)

There are all sorts of unforeseen circumstances that could affect your ability to pay your mortgage. This is an optional decision that would protect you and your family’s financial future.

Land transfer tax

This tax is based on your home’s purchase price and other factors. Most provinces charge this, and some cities charge their own municipal land transfer tax.

GST or HST

New homes may be subject to GST or HST.

Property taxes, utilities, condo fees

The seller may have pre-paid these before you take ownership. You would reimburse them for a portion of the costs from your closing date. 

Mortgage default insurance

Mortgage default insurance is required if your down payment is less than 20%.

Legal fees 

Your lawyer’s legal fees and any other expenses your lawyer had to pay on your behalf are part of your closing costs.

Questions about the specifics of any of these costs? Don’t hesitate to give us a call at 613-228-3888 today!

 

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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

What You Should Know Before Flipping A House

If you’re considering flipping a house, chances are you’ve watched a couple of HGTV episodes and figure the process is fairly straight forward. Buy a fixer-upper, give it some tender loving care and before you know it, you’ve made a sizeable chunk of change!

While the concept might seem simple, know that you aren’t necessarily guaranteed to turn that much of a profit – even if you’ve put a lot of money into the house. That being said, there is definitely money to be made in flipping homes, when done correctly. Here are some of our top tips for finding success:

Don’t skimp on location​

Your goal is to sell this property fast once you’re done flipping it. Buy in an area that you know people want to live in, and avoid speculating about which neighbourhoods are up and coming, or buying in an undesirable location purely because of the low cost of the property.

Expect the unexpected

You don’t truly know a property until you start peeling away at its layers. Always mentally and financially prepare yourself for the unknown, whether that’s mold in the bathroom or a foundation in need of repair.

Your time is worth money

​Keep in mind that all the time you spend communicating with contractors or doing the upgrade work yourself is valuable. That’s time you could be spending earning money elsewhere. It should be factored into your planning when deciding how much you’re willing to spend on a property, or sell it for once it’s flipped.

Have plenty of cash on hand

​Many new investors get ahead of themselves and buy a property without a sizeable down payment or money in the bank for repairs. It’s a dangerous game to rack up repairs on credit cards and rely on the notion that your home will soon sell and pay everything off. If you’re not adequately financially prepared, you could be in over your head before you know it.

Work with a contractor you trust

​Think of your contractor as your partner on this project. You’ll spend lots of time together and will be in constant communication. Their work directly contributes to the success of your flip, so be sure to work with someone you trust and that you know you can work efficiently with.

Follow the 70% rule

Experienced flippers follow the 70% rule when figuring out how much they want to spend on a house. ​The concept is that you should pay no more than 70% of the after-repair value of a property, then subtract the cost of your repairs. If the home is worth $200,000 and needs $30,000 in repairs, you should pay no more than $110,000 for it. ($200,00 x 0.70 = $140,000 – $30,000 = $110,000)

Stay neutral

​Try not to let your emotions cloud your judgement when flipping a home. Your goal is to sell this property, not live in it – try to look at everything objectively and from a financial perspective!

 

Do you have additional questions about securing a mortgage to flip a home? Give us a call at 613-228-3888 today.

Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Renting Vs. Owning – What To Know Before Buying Your First Home

Chances are, you’ve heard from countless people that owning a home is the best financial decision you can make. By investing in property, you’re accumulating net worth over time. By renting, you’re “throwing money out the window”. 

Although people will always need a place to live, which costs money regardless,  there are definitely a few major upsides to owning property.

Renting offers tenants flexibility, predictable monthly expenses, and the peace of mind of knowing that somebody else will cover the cost and time needed to make any necessary repairs to the property you’re living in. You don’t have to worry about the sudden cost of replacing a new roof, and your biggest concern is whether your landlord will sell the property or increase your rent at the end of each lease term. 

On the other hand, home ownership provides you with the coveted opportunity to build long term equity, a sense of stability, and a feeling of belonging to your community. It provides you with the freedom to renovate to your heart’s content, the ability to grow your net worth within a secure investment and the future potential to earn rental income and pay off your mortgage faster by renting out your basement, or a spare room within your home.

There is also the added possibility of your home increasing exponentially in value over several years. We’ve seen this at an increasing pace in Ottawa, with the value of local homes skyrocketing within even the past year. This means that you could easily have bought something at $400,000 just a year or two ago, and now be able to sell it for $550,000 in the current bidding war climate.

Do note that your new home will come with several expenses in addition to your mortgage before making the decision to buy. Some of these expenses include: transactional costs, property taxes, garbage removal, water and sewer service, repairs and maintenance around the house, pest control, landscaping, homeowners insurance and mortgage interest. However, pretty soon you’ll be chipping away at your principal payments and eventually, will own your home outright – putting several hundreds of thousands of dollars in your pocket!

Choosing whether to rent or buy is a unique decision that will be different for everyone depending on their lifestyle and personal preferences. Our team has the knowledge and experience to help you make the best decision based on your needs. Give us a call today at 613-228-3888.

Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

How To Go About Financing Your Custom Home

Do you know exactly what kind of home you’d like, but are unable to find it on the market today? Or perhaps you just want to be the very first person to live in a house that’s been tailored to your specific preferences and tastes?

Regardless of the reason, building a custom home is an option that many people opt for. However, there’s a common misconception that a new build will cost you MORE than buying an existing house, or that you have to save up much more in advance to get the ball rolling.

Luckily for you, there’s such a thing as a construction mortgage. It allows you to take from the full amount of the home’s approved mortgage at various predetermined steps along your building journey.

Instead of loaning you all the money at once, banks give it to you in stages as you hit certain milestones in the building process. Some of these stages include:

  • Your excavation and foundation being completed
  • Your roof being installed and the structure of your home being certified as weatherproof
  • Plumbing and wiring being started, plastering and dry wall complete, furnace installed and so on
  • Kitchen installed, bathroom built, doors on their frames
  • The home nearing occupancy, with seasonal and outdoor work still to be done

Of course, somebody will need to inspect your new home’s construction to ensure that its building quality adheres to the New Home Warranty policies. An inspector will visit your property at each stage along your building journey and confirm that work has been completed accurately before more funds are released to you.

Keep in mind that the cost of these inspections will fall on you, with some banks deducting inspection fees from the various stages of funds being released.

Lastly, note that once your construction mortgage has been signed by all parties, you won’t be able to change its amount to accommodate for changes or upgrades to your home that you might think of along the way. Make sure you work with a builder or designer who knows their stuff and can create a home that you love on the first go!

 

Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in build mortgages in Ottawa area.

Will Today’s Low Fixed Mortgage Rates Soon Start To Rise?

News of the impending Pfizer vaccine has brought optimism to many Canadians, with a seemingly tangible solution to the COVID-19 pandemic in sight. While the fact that it’s been proven to be 90% effective in clinical trials is great news, it’s also left many of our clients with one looming question – will fixed mortgage rates start to rise?

To break it down, bond yields determine fixed mortgage rates. Currently, the 5-year bond yield is hovering around 0.50%. Since rising yields are tightening lenders’ profit margins, naturally many people expect fixed mortgage rates to increase as a result. 

Bonds tend to be priced based on good news one or two years in advance. This means that by the time the average Canadian is aware that the economy is rolling along at pre-pandemic levels, fixed mortgage rates will have already risen. 

At this point, the consensus is that the only thing that can lower mortgage rates would be a failure of Health Canada to approve the Pfizer vaccine. Rates are already sitting at historical lows and may not necessarily skyrocket anytime soon, but there is definitely an increase on the horizon – at some point. However, just because a vaccine is imminent, it’s important to note that the economy is still sluggish and Canada still has a lot of debt. As a whole, the Canadian economy couldn’t necessarily afford higher rates in the near future.

To put it simply, if you’re looking for a mortgage – now would be the time to lock it in and make use of the incredibly low rates we’ve seen during the pandemic. There’s no definitive answer as to whether rates will rise tomorrow, next month or even next year, but they will eventually. It might be best to act on a sure thing if you can.

If you need help navigating the world of mortgage rates, one of our experienced brokers would be more than happy to assist. Give us a call at 613-228-3888 today!

Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Should You Trade The City For Country Living?

As the COVID-19 pandemic drags on, one trend that doesn’t seem to be tapering out anytime soon is the large number of city dwellers trading their urban properties for country living. With many of us still working from home, or having switched to remote work permanently, people no longer want to be cooped up in small homes simply to be close to their offices. 

If you’re considering making the move, we recommend weighing the pros and cons carefully. Sure, you may get a newer and larger property for the same amount as what you were paying for something small in the city, but there are other factors to consider.

Walkability

Are you used to walking everywhere? That’ll be a thing of the past with country living! Prepare to be in your car a lot, even if you’re just running a quick errand. Public transport is scarce, or non-existent in rural communities. 

Business

Living in the countryside means less business options at your disposal. If you really love a variety of restaurants, you’ll now have just a few to choose from. Same goes for a hairdresser, handyman, dentist, and so on.

Environment

The air will be cleaner in the countryside and you’ll have plenty of space, but you’ll also have to account for the clearing of snow taking longer in the winter, or dark country roads being tricky to drive on in messy weather conditions. 

Utility bills

Given that you’ll have more of a house to heat and cool, keep in mind that your utility bills will naturally increase.

Population size

In the city, it’s easy to feel like a fish in an ocean. There are tons of people, and chances are that you won’t quickly be recognized by frequenting the same establishments. In the countryside, you have much more of an opportunity to make a personal impact and build one on one connections. 

Cost of living

Annual spending has repeatedly been proven to be lower in the countryside vs. the city. 

Availability of amenities

If you’re used to having many shops, grocery stores, entertainment centers and leisure facilities at your disposal, you may be in for a reality check when it comes to country living – where options are limited.

Leaning towards making the move? Give one of our brokers a call at 613-228-3888 to find out how we can help you get the best mortgage rate for your needs.

Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

5 Tips for Selling Your Home During the Pandemic

Due to the unprecedented amount of time people are now spending in their homes, the demand for larger homes has increased. People are selling their previous dream homes for new ones that can accommodate everything from online learning to at-home workouts to working from home. This has led to a unique situation where folks are putting their homes up for sale and buying new ones despite the global pandemic. If you are one of these people, read this blog for some important tips for selling your home during the pandemic.

1. Don’t undervalue your home:

While you may feel like you need to make changes rapidly, do not make an emotional decision and put your home up for sale at a low price out of fear. According to studies, there continues to be low inventory on the market and therefore prices are remaining in tact. Moreover, low interest rates are enabling buyers to spend more than they may have a year ago.

2. Sell safely:

While many open houses have gone completely virtual, if you are planning on having an in-person open house, be sure to wear a mask, have gloves and sanitizer on hand, and deep clean your home before and after potential buyers come through. Be ready for virtual appraisals, inspections and bidding wars too!

3. Boost your curb appeal:

Due to the limiting of open house and in-person home visits, potential buyers are more likely to look at the front of your home again and again. From front yard gardening to decorating to a fresh coat of paint, try to improve your curb appeal for all those drive-by potential buyers. 

4. Be Patient:

The virus has changed the way the world works, and you cannot rush the process right now. This may result in a lot of last minute cancellations due to illness or delayed closings due to inspection or appraisal bookings.

5. Go for it:

It is still a great time to list your home, especially considering how many other people are aching for a new space, different space or more space in their own home in order to manage this new at-home focussed life. If you want to sell, go for it!

Are you planning on selling your home during the pandemic, and are looking for a team that you can trust to help you secure a new mortgage loan for a new home, contact us at Capital Mortgages today.  

Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Young Canadians Are Buying More Homes During the Pandemic

The pandemic has had an incredible impact on many peoples biggest life decisions. From selling or buying homes, to delaying or changing wedding plans, to cancelling birthdays and reimagining retirement entirely – it is without a doubt that the impact of the pandemic on peoples lives will be unforgettable. 

 

One interesting way that the pandemic has had an affect on many of our clients here at Capital Mortgages is that “nearly one in five young Canadians aged 18-34 say the pandemic has accelerated their plans to purchase a home or investment property, according to a recent Scotiabank survey.” Read on to learn what is motivating them to do this.

 

1. Interest Rates have Dropped

The current low interest rates have catapulted many young peoples decisions to buy homes now, rather than later. Even if home prices have not dropped substantially, the remarkably low interest rates are making purchasing a new home accessible for many buyers who did not have this option pre-pandemic. 

 

2. The Purpose of the Home has been Redefined

Suddenly, with working from home, homeschooling, eating in more often and even working out from home, the home has been completely redefined. Many people are looking for more space, or rather, more functional space, to do each of these new things we did not previously do from home. 

 

3. Outdoor Space has become Essential

While urban dwellers have certainly embraced daily walks during the pandemic, there is nothing more valuable, especially to young families, then having ones own outdoor space to play. Many people are seeking new homes with more space inside and out. 

 

4. Optimism about Price Drops has Increased

Young Canadians are eager and optimistic that home prices will fall drastically due to the pandemic, and therefore, they are making plans to buy but sitting patiently to make the offer. 

 

5. Cottages are Calling

Many young Canadians who cannot afford to buy in high-priced urban centres have retreated to buying their rural pandemic-friendly retreat. From fixer uppers to dream country escapes, Canadians are taking these low interest rates and hard times to secure their future. 

 

Canadians are spending an astronomically bigger amount of time inside their houses and the overall value of owning a home has become highlighted during this pandemic, especially when public spaces were (are) closed down. If you are interested in purchasing a new or second home, an investment property or a dream cottage, contact our team to get pre-approved for your mortgage today.

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