PURCHASING A HOME
There is an endless supply of different types of homes available for purchase – ranging from condos to fully-detached homes. The key is to decide what you can afford and which amenities you prefer before heading out shopping for a new home. Your best first step is to seek the advice of a Mortgage Centre Canada Mortgage Professional and get pre-approved on a mortgage. That way, you already know what your price range is – and, therefore, which type of home you’re in the market for – before you begin shopping. Budgeting is also an important part of preparing yourself for the purchase of a home. If you save for a down payment and up-front costs, such as closing costs and emergency reserves, much sooner, you’ll be sure to save enough to cover the many expenses facing a new homeowner, including moving, utility hook-ups, tools, maintenance supplies, window coverings, etcetera. Once you have the money available to make your home purchase a reality, you should weigh the following options to help decide what type of home is right for you:
REFINANCE MORTGAGE
You need some new landscaping, an extra wing for your growing family, an expanded kitchen, or a swimming pool in the backyard. Rising real estate values and have tapped into their home equity through equity take-outs. There's never been a better time to access the extra funds that can help bring your home to that next level of comfort. Consider accessing the cash you need for the renovations and improvements you've been dreaming about!
INVESTMENT PROPERTY MORTGAGE
Investment properties - particularly smaller, residential real estate - are now accessible to many average Canadians. And as any homeowner will confirm, real estate has been one of the most attractive investment categories in Canada for the past decade. If you're considering an investment in real estate, start by having a conversation with our team, to explore some of the innovative new options and great rates available today.
CONSOLIDATE DEBT
Use Your Home Equity to Reduce Credit Card Debt
Many Canadians are taking advantage of refinancing some of the equity in their mortgage to reduce their credit card debt. Why pay high interest rates on your bank's credit card debt when you can add that debt to your mortgage and pay a much lower interest rate! One important part of a strategy is knowing "good debt" from "bad debt". A well-planned mortgage can help you turn those bad debts into good debts and get them out of the way.
