Found 4 blog entries tagged as refinancing.

Owning a home is a significant milestone, but as life evolves, so do our financial needs. If you're looking to ease the burden of your mortgage or leverage your home equity for other opportunities, refinancing may be the key to unlocking financial freedom. In this article, we'll explore the various options available for refinancing, ensuring you make informed decisions that align with your goals.

Understanding Refinancing

Refinancing is the process of replacing an existing mortgage with a new one, often with more favorable terms. In the Canadian landscape, this financial maneuver is governed by guidelines from the Canada Mortgage and Housing Corporation (CMHC), government regulations, and individual bank policies. Before diving into the options,…

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When it comes to real estate transactions, understanding the importance of a home appraisal is a cornerstone for informed decision-making. Whether you're purchasing a new home or refinancing your existing property, a home appraisal plays a pivotal role in ensuring fair value assessment. In this comprehensive guide, we'll demystify the concept of a home appraisal, its mechanics, and the benefits it offers. If you're new to the world of real estate, fret not – we'll break down the differences between a home appraisal and a home inspection, equipping you with the knowledge you need.

What is a Home Appraisal?

A home appraisal is a professional evaluation of a property's value, conducted by a licensed appraiser. Unlike a home inspection that focuses…

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Qualifying, renewing, refinancing, oh my! Mortgages can feel confusing sometimes. Luckily, it’s not always as complicated as it seems. If you’re feeling overwhelmed, there’s an abundance of resources in place to help you, including the expert advice of your REALTOR®! 

Let’s break down the process of refinancing your mortgage—what it means, when it happens, and why. 

A row of colourful Victorian- style homesImage via Pexels

What is refinancing?

Simply put, refinancing your mortgage is the process of breaking your current mortgage agreement and starting a new one. It’s essentially a “restart” button you can press to change your mortgage terms—including its length, rate type (fixed or variable), and your monthly payment amounts. You can change your lender, or stick with your current one.…

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If your family home lacks space but you don’t want to move, you’ll be joining thousands of other Canadians who have chosen to renovate their properties. Whether you’re adding an extension, overhauling your kitchen, or knocking down walls to create better flow, you can likely count on one thing: you’re about to embark on an expensive project. Don’t fret if your dreams are bigger than your budget—there are a lot of ways to finance home renovations. While it may be tempting to borrow money, just remember you’ll have to pay that loan back, so be sure to make a plan that factors in the potential of further interest rate increases. Here’s how you can pay for upgrades to your property.

1. Take out a personal loan or borrow from family and friends 

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