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Government to allow 30-year amortization for first-time buyers’ mortgages on new homes. The Canadian government announced that it would allow first-time homebuyers to extend their mortgage amortization period to 30 years for insured mortgages on new homes, up from the current limit of 25 years. This change is part of the government’s efforts to make homeownership more accessible, especially for young Canadians struggling with high housing prices. The longer amortization period can lower monthly mortgage payments, making them more affordable for first-time buyers. However, it’s important to note that longer amortization periods can also mean paying more interest over the
For most people, credit score isn’t something you spend much time thinking about. Especially if you are someone who is making good money and paying all your bills on time, but it never hurts to be aware of your current score and ensure you are maintaining it – even when you’re not in the market for a home. The reason your credit score is so important is because it tells lenders the basic story surrounding your credit. It essentially indicates whether or not you are a “good investment” by relaying how long you’ve had credit, your ability to pay back
In a world with an abundance of options, it can be hard to know which way to turn to ensure that you make the best decision for your future. Fortunately, a mortgage broker can help! With access to over 200 lending institutions including big banks, credit unions and trust companies, mortgage professionals like myself are familiar with a vast array of available mortgage products. From first-time homebuyer programs to financing for the self-employed or those with credit blemishes, I can help find the best mortgage for you – no matter what stage of life you are in! A Mortgage Broker
I understand you are looking to purchase your first home! This is truly one of the most exciting and rewarding moments in life; regardless of whether you’re buying an apartment, townhouse, rancher or two-story family house. Not only is buying your first home an amazing accomplishment that comes with a great sense of freedom and security, but it is also a great step into the real estate market and can provide you equity and a leg-up towards future expansion. As amazing as it is to be a first-time home buyer, it is important to remember that this is likely the
Make 2022 the year of finance by improving your financial direction from the start! Even if you are living paycheck-to-paycheck, a few changes to the way you spend and look at money can make all the difference. It’s never too late to start again and reverse course! Here are a few simple ideas to get you started: Create a Budget: In order to stop living paycheck-to-paycheck , you need to know where that paycheck is going. Creating a budget is simple with Google docs, or look into other online tools and sites to get started. Pretend You Earn Less Than