The Truth Behind Pre-Approvals Most homebuyers start their journey with a mortgage pre-approval, assuming it’s a green light to shop for homes within that amount. But in reality? That number might be misleading and can quickly unravel if you don’t understand the full picture. Let’s unpack what that pre-approval actually means and what you still need to […]
The Real Price of Delaying Homeownership in Canada “Maybe next year.” “It’s not the right time.” “Let’s just wait and see.” Sound familiar? Many prospective buyers in Canada hit pause on purchasing a home hoping for a better deal, a dip in interest rates, or simply waiting until life feels more settled. But delaying your […]
When selling your home and buying a new one, you might face hefty penalties for breaking your mortgage early. That’s where mortgage portability comes in, a feature offered by many Canadian lenders that can save you thousands. But what exactly is it, and when should you use it? In this post, we’ll break down mortgage […]
When applying for a mortgage in Canada, most people focus on the obvious: credit score and income. But mortgage lenders consider a wide range of lesser-known factors that can impact whether your application is approved—or denied. Understanding these hidden variables could make the difference between moving into your dream home or going back to the […]
Breaking a mortgage before its term ends can come with a hefty price tag in Canada. Whether you’re selling your home, refinancing, or paying off your mortgage early, understanding mortgage penalties is crucial to avoid costly surprises. In this post, we’ll uncover the truth about mortgage penalties in Canada and share practical tips to minimize […]
Refinancing a mortgage is more than just replacing your old loan with a new one, it’s a powerful financial strategy that, when done right, can help you unlock equity, lower your interest rate, and streamline your overall financial picture. In Canada, refinancing typically involves breaking your existing mortgage contract and replacing it with a new […]
Purchasing a home is a significant milestone, but for many Canadians, the biggest hurdle is saving for a down payment. With soaring property prices in cities like Toronto and Vancouver, the idea of buying a home with just 5% down sounds almost too good to be true. Is it really possible? The short answer is […]
As the days get longer and your flowers begin to bloom, there’s no better time to transform your house into your dream home. If you want to unlock your home’s full potential, here are six renovations that can boost both your lifestyle and property value. Kitchen Transformation Imagine having a kitchen that not only […]
The Bank of Canada Cautious, but a Rate Cut in June is Possible Today, the Bank of Canada held the overnight rate at 5% for the sixth consecutive meeting and pledged to continue normalizing its balance sheet. Governor Macklem confirmed that inflation is moving in the right direction, labour markets are easing, and wage pressures […]
Curious about the CHIP Reverse Mortgage by HomeEquity Bank? If you’re a Canadian aged 55 or older, this financial solution could hold the key to tapping into your largest asset, your home. It’s a unique opportunity that allows you to use your home equity for various purposes, from paying off debts to funding home renovations […]
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