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Owning a home in Canada requires saving for a down payment, which ranges from 5% to 20% of the purchase price, depending on the home's value. Mortgages are loans from lenders to finance home purchases, with terms typically between three to five years and amortization periods up to 30 years. First-time buyers can utilize the First Home Savings Accounts (FHSAs) and the Home Buyers' Plan to save for down payments. Consistent saving and strategic budgeting are essential for achieving homeownership.

Self-employed homebuyers can secure loans but must provide more documentation, such as two years of tax returns, profit and loss statements, and IRS Form 4506-T. Maintaining a good credit score and separating business from personal finances is crucial. Business write-offs that reduce reported income may affect mortgage qualification. With proper planning and organization, self-employed individuals can successfully achieve homeownership.

Homebuyer incentives such as seller credits, mortgage points, interest rate buydowns, builder upgrades, and lender credits can reduce upfront costs or monthly payments, making homeownership more affordable. Seller credits help cover closing costs, while buydowns lower interest rates temporarily or permanently. New construction may offer additional incentives. Understanding and negotiating these options can maximize savings and ease the homebuying process.

Improving your credit score before applying for a mortgage can save you thousands in interest. Key steps include correcting errors on your credit report, reducing and consolidating credit card balances, keeping credit utilization below 30%, using credit cards responsibly, paying bills on time, and avoiding new credit applications. You can access free annual credit reports from Equifax, Experian, and TransUnion to monitor your progress.

If you want to pay off your mortgage quickly, consider adding extra dollars to each payment. For new borrowers, starting with additional payments from the first month can lead to significant savings. For example, adding $100 monthly on a $200,000 mortgage at six percent can save over $49,000 and shorten the term by more than five years. An online calculator from FinancialMentor can help determine how much to add for a specific payoff date. Additionally, lump sum payments from bonuses or tax refunds can also help achieve early payoff goals.

Understanding cash flow is vital when selling a tenant-occupied apartment, as positive cash flow attracts investors seeking immediate income. Benefits include consistent rental income, reduced vacancy risks, and minimal tenant disruption. Effective communication, legal compliance, market valuation, and strategic marketing are key. Respecting tenants during showings and evaluating offers carefully ensures smooth transactions. Post-sale, clear tenant communication and awareness of tax implications help maximize returns and maintain goodwill.