Canada loans: the basics of mortgage
For anyone wanting to buy a house for the first time or wanting to obtain additional property, you’ll have to get a mortgage, which is important for any homebuyer to understand what the entire process entails.
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Tools and tips from our team of experts to help you make the best decisions for your financial future.
Category: Mortgages
The many types of mortgages in Canada
A mortgage is used to buy a home in Canada, but it’ll be up to the homebuyer to decide what the flexibility and type of interest rate they want with the mortgage.
Credit card debt – save thousands of dollars
In the process of building creditworthiness, the possibility of spending too much on your credit card increases. When that happens and the amount of credit card debt reaches the thousands, getting relief feels difficult to achieve. However, the opposite is true. You can have financial freedom through some DIY solutions.
Consolidate your debt through a home equity loan
Anyone can achieve financial freedom with the right tools. With all these options on how to consolidate your debt, you want to choose what is best for you. Personal loans, debt management, debt settlement, and home equity loans are the most common methods, but it’s important to understand each one before making your first step.
Eliminate debt under a year
Whether you want to erase a portion all or your debt, it’s important to understand a few of the strategies that you can take in order to accomplish your goals of being debt free. You can make some changes in your lifestyle, add another source of income, or consolidate your debt through your home equity to make monthly payments more manageable.
An introduction to debt consolidation loans
Outstanding balances that are owed to credit cards, mortgages, and auto loans are the source of financial stress for Canadians. A common solution to make monthly payments more manageable is with debt consolidation through home equity. Understanding what the effects are and what this means for you as a homeowner is an important step.
How to refinance a mortgage with a low credit score
For some homeowners, getting a mortgage refinance can require a lot of contemplation. Before stepping into the decision, it’s important that those considering understand what remortgaging is, including the different types and ways to refinance a mortgage. In the long run, it has a number of benefits for you.
The relationship between credit score and interest rate
Interest rates are not always constant between types of loans, but what determines them generally is. Usually, lenders calculate interest rates based on creditworthiness, therefore a person’s credit score holds abundant value when applying for mortgages and personal loans. Getting an ideal interest rate is possible with the right lender and financial habits.
Bad credit mortgage doesn’t disqualify you
Credit scores play a significant role, according to Canadian banks. A bad credit score doesn’t stop someone from the opportunity to get a personal loan. Personal loans have a number of uses, including home renovation and debt consolidation, among other prospects. Even with a score that’s less than ideal, you have the chance to build it up or look into a home equity loan.
What is debt consolidation & how does it work?
Have you been juggling debt payments and feel like there’s no end in sight? If this sounds like you, you may be wondering: What is debt consolidation, and how does debt consolidation work? Consolidating your debt might be just what you need to get your finances back on track and make your payments more manageable.
How to take equity out of your home?
There are various methods on how you can pull equity out of your home without having to sell it or withdraw a costly personal loan. These options can allow you to access much needed funds for personal, business, or investment reasons, and let you do so by leveraging the highly competitive real estate market.
Home equity 101: What is it & how does it work
In this article, we’ll make it easier to answer questions like “what is home equity?” and “how does home equity work?” By the end, you should have a better understanding of what home equity is referring to and how you can leverage it towards getting the funding you need.
Are interest rates going up in Canada?
At the beginning of March 2022, the Bank of Canada announced its first interest rate increase since the start of the COVID-19 pandemic. This means that interest rates in Canada as a whole are likely starting to shift up as the economy begins to recover and the country learns to deal with the pandemic.
Home equity line of credit: New rules in Canada
New mortgage rules have been put into place that make it more difficult for Canadians to access their home equity through traditional avenues. These rules also come with higher interest rates, and together, qualifying for home equity line of credit options is harder than ever before.
Construction mortgages in Ontario
Many Ontarians on the lookout for the perfect home to settle down in are facing challenges. Whether it’s the property size, the structure, or the location, finding a home that meets all their criteria is much harder than it seems. Many Canadians decide to build their dream home from scratch instead of finding a pre-built home in these cases. However, you might be surprised to learn that aspiring home-builders can also qualify for construction mortgages in Ontario.
How to avoid a mortgage penalty in Canada
Breaking your mortgage comes with expensive penalty fees. For any number of reasons, homeowners within a mortgage term might find a need to break their mortgage. Others might have extra income to prepay their mortgage term. However, you may be shocked to learn about the steep penalty fees associated with prepaying or breaking a mortgage.
What is a good credit score in Canada for a mortgage?
Many young Canadians dream about purchasing a home. Apart from the down payment and closing costs, it is important to find an affordable mortgage option. A good credit score allows you to access the best mortgage options at low interest rates. Are you worried about finding a mortgage with a bad credit score? We will discuss the mortgage options available to borrowers with a bad credit score.
Can you get a mortgage for land?
Most people know about a property mortgage, which is a loan you can use to pay for your home. But, what happens if you want to build your home from scratch? For all those homeowners who would like to plan their dream house, owning a patch of land might be a better option. In this regard, the key question is can you get a mortgage for land?
Consolidating debt into a mortgage
If you have high-interest debt, are you wondering “Can I consolidate debt into a mortgage?” Any kind of debt can be hard to pay down and get permanently dissolved if the interest charges keep accruing. Many people may feel at a loss on what to do to start making a dent in their high-interest debt.
How to buy out your partner in a mortgage in Canada
Ending a marriage is never an easy process. One of the potential complications that can come with ending a marriage is how to split a jointly owned property. When a married couple buys a home, both people have equal rights to the property. When that marriage ends, that leaves complications for a divorce mortgage buyout.
12 tips for buying an investment property in Canada
Buying an investment property can be incredibly rewarding. It can also be a huge headache if you don’t go about it the right way. Keep reading for some tips on how to buy a rental property the right way.
A look at basement renovation costs
Basement renovations are among the most common home modifications in Canada. Keep reading to learn how much basement renovations cost and how Alpine Credits has been helping homeowners keep costs low for decades.