Found 4 blog entries tagged as financial planning.

Buying a home is one of the most significant financial decisions you will ever make. The journey can be exciting and intimidating, whether it's your first home or your fifth. But to ensure your homebuying journey is successful, you must have your finances in order. By taking the reins of your finances, you're not just setting yourself up for success but also empowering yourself. The initial overwhelm might dissipate as you realize that with careful planning, you can determine your comfortable home budget, secure a mortgage, and avoid any last-minute surprises. By being proactive about your finances, you're not just making your dream of homeownership a reality but also taking charge of your future. Remember, with some planning and determination, anything…

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In the pursuit of homeownership, understanding the intricate relationship between your existing debts and mortgage approval is paramount. At RE/MAX Infinity, we recognize the importance of making informed decisions to secure your dream home. In this comprehensive guide, we'll look at various types of debt and illuminate effective strategies to manage them, ultimately improving your chances of obtaining that coveted mortgage approval.

Understanding the Debt-Mortgage Nexus

The link between debt and mortgage approval is undeniable. Lenders assess your financial health through a thorough examination of your debt profile, influencing their decision on whether to grant you a mortgage. Let's explore the different types of debt that can impact your…

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Are you a homeowner who is looking for a way to supplement your retirement income? If so, a reverse mortgage might be just what you need. Let's look at what a reverse mortgage is, how it works, and discuss Canadian mortgage regulations that may apply.

What is a Reverse Mortgage?

A reverse mortgage is a type of loan that allows homeowners to borrow money against the equity they have built up in their homes. Unlike a traditional mortgage where the borrower makes monthly payments to the lender, a reverse mortgage allows the homeowner to receive payments from the lender. These payments can be made as a lump sum, a monthly income, or a line of credit.

How Does a Reverse Mortgage Work?

To qualify for a reverse mortgage in Canada, you must be at…

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Though every modern household is unique, they all share two common features—a system for supplying water to the home, and one for removing waste water once it’s been used. Beyond turning on the tap or flushing the toilet, where does the water come from, where does it go once it’s used, and who is responsible for maintenance? You may not realize—especially when buying a home for the first time—these features differ depending on where your home is located. They’re also important considerations when planning to buy and play a key role in your long-and-short-term financial planning. Let’s investigate!

Image via Greg Jewett, Unsplash

Water supply systems

Two main types of water systems are used to supply homes: a well system, and a municipal (or city)…

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