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  • Determining Affordability and Getting Qualified for a Mortgage in Canada

    Before pursuing homeownership, it's essential to assess your financial situation and understand mortgage qualifications. Key factors include stable income, monthly expenses, savings for a down payment, and credit score. In Canada, the minimum down payment is 5% for homes under $500,000. Calculating affordability involves understanding Gross Debt Service (GDS) and Total Debt Service (TDS) ratios. Pre-approval is crucial for budgeting and competitiveness in the market. Final steps include property appraisal and legal assistance for closing the deal.

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  • 5 Smart Ways to Achieve Mortgage Freedom Sooner

    5 Smart Ways to Achieve Mortgage Freedom Sooner

    Speed up payments: Switch to biweekly payments to make an extra annual payment and reduce interest over time.
    Increase payments: Pay more toward your mortgage whenever possible to reduce your principal faster.
    Make lump-sum payments: Use windfalls like bonuses or tax refunds to make extra payments and lower interest.
    Weigh your options: Review your mortgage terms regularly to explore better rates, prepayment options, or lenders.
    Create a budget: Track your income and expenses to find extra money to put toward your mortgage.

  • 5 Tips to Secure Your Best Mortgage Lender

    5 Tips to Secure Your Best Mortgage Lender

    Know your finances first by checking your credit score, income, expenses, and budget before approaching lenders.
    Research lender types like banks, credit unions, brokers, and online lenders to find the best fit for your needs.
    Compare rates and terms carefully, including fees and loan programs, using Loan Estimates to get the full picture.
    Evaluate customer service by gauging responsiveness, transparency, and borrower reviews.
    Get preapproved with one or more lenders to show sellers you’re serious and to compare offers effectively.

  • 6 common mistakes homeowners make when it’s time for mortgage renewal — and how to avoid them

    Many Canadian homeowners miss key opportunities during mortgage renewal by waiting too long, not shopping around, or focusing only on interest rates. It's important to review options early, consider switching lenders for better rates, understand all terms, seek expert advice, and update your mortgage to fit current life goals. Renewal is also a chance to reassess needs and choose terms that align with your financial plans.

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  • Tips for Finding the Ideal Mortgage Lender

    Tips for Finding the Ideal Mortgage Lender

    Lender choice affects stress, support, and savings during home buying.
    Options: direct lenders (banks, credit unions), brokers, online, and private lenders.
    Key factors: interest rates, loan types, fees, digital tools, and communication.
    Right lender offers tailored options, clear guidance, and smoother process.
    Informed choice impacts cost, speed, and confidence in home purchase.

  • How to use home equity to take out a second mortgage

    Homeowners can utilize their home equity to finance renovations, education, or down payments. Equity builds through mortgage payments and property value increases. Options include second mortgages, home equity loans, and home equity lines of credit (HELOC). A second mortgage allows borrowing against home equity without refinancing. Home equity loans provide a lump sum, while HELOCs offer revolving credit. Both have pros and cons, including flexibility and potential debt accumulation. Careful consideration is essential before taking on additional debt.

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  • Smart Ways to Use Credit Cards for Mortgage Payments

    Paying a mortgage with a credit card is possible but often requires workarounds and incurs fees, making it less attractive unless earning significant rewards or welcome bonuses. Services like Plastiq charge about 2.9% fees, so benefits must outweigh costs. Using credit cards this way risks high interest if balances aren't paid in full. It can help avoid late payments if you can pay your card on time, but relying on this method long-term is risky.

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  • 6 tips for paying your mortgage off faster

    To pay off your mortgage faster, consider making biweekly payments to reduce interest and add an extra payment annually. Increase your payments yearly if possible, and make lump-sum prepayments using bonuses or tax refunds. Review your mortgage terms at renewal to negotiate better rates or switch lenders. Create a budget to find extra funds for payments, and celebrate milestones to stay motivated.

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  • Homeownership: Expense or Smart Investment?

    Homeownership: Expense or Smart Investment?

    Buying a home costs $3,500–$5K monthly, depending on location and mortgage terms.
    Each payment builds equity in a long-term asset that typically appreciates in value.
    Homeowners gain stability, control, and tax advantages unavailable to renters.
    Upfront expenses—down payment, closing fees, and maintenance—make buying a major financial commitment.
    Market conditions and interest trends will shape affordability and investment potential ahead.

  • What You Should Know as a First-Time Homebuyer in Canada

    What You Should Know as a First-Time Homebuyer in Canada

    Evaluate your income, expenses, and savings early to set a realistic budget and ensure long-term financial stability.

    Save at least 5–20% for a down payment to reduce mortgage insurance costs and overall loan burden.

    Secure mortgage pre-approval to know your borrowing limit, lock in rates, and strengthen your buying position.

    Research local markets and work with an experienced agent to find fair prices and negotiate effectively.

    Account for closing costs, home inspections, and first-time buyer incentives to avoid surprises and maximize savings.