The Importance of Home Appraisals Whether you’re an aspiring homebuyer or a homeowner looking to refinance, getting a home appraisal can be a nerve-wracking process. A lower-than-expected appraisal can significantly impact your ability to secure the mortgage you need. Understanding the appraisal process, why appraisals sometimes come back low, and what to do if you […]
Read MoreIn Canada, the concept of a halal mortgage is gaining traction as an ethical and religiously compliant alternative to conventional mortgages. Halal mortgages, the acceptance for which is currently being consulted by the Canadian government, are designed to adhere to Islamic Sharia law, which prohibits the payment or receipt of interest, known as riba. This blog […]
Read MoreThere has been a notable rise in private mortgages throughout Canada, including Ontario. A significant factor behind this trend is the growing difficulty Canadians face with traditional lending institutions. According to the Financial Post, over 35 percent of these institutions tightened their household mortgage lending requirements in the first quarter of 2023. This has led […]
Read MoreOver the past few years, rising interest rates have caused financial difficulties for many mortgage borrowers, both existing and prospective, as well as those facing renewal. Consequently, many distressed borrowers are turning to private mortgage lenders. This blog post offers a thorough overview of private mortgage lenders in Ontario, equipping you with the knowledge to […]
Read MoreWhat Is a Private Mortgage? A private mortgage is a lending solution designed for borrowers who do not meet the stringent requirements of traditional lenders, such as banks or credit unions. Private lenders offer an alternative for those with poor credit scores, unconventional income, or other financial challenges. Traditional lenders base approvals on credit scores, […]
Read MoreOwning a home is a significant milestone, representing financial security and personal accomplishment. For many, this dream requires years of saving and planning. However, tools like the Home Buyer’s Plan (HBP) can help make homeownership more accessible. The Home Buyers’ Plan (HBP) is a Canadian government program that allows first-time homebuyers to withdraw funds from […]
Read MoreMortgage Denial After Pre-Approval: Understanding the Risks It’s a commonly asked question, How can a bank deny my mortgage application after I’ve been approved? Getting pre-approved for a mortgage is an exciting step toward owning your new home. However, did you know that nearly 1 in 5 mortgage pre-approvals in Canada are denied at the […]
Read MoreThe Bank of Canada cuts key interest rate to 4.75%, marking the first rate cut since March 2020. Bank Governor Tiff Macklem announced that the monetary policy no longer needs to be as restrictive, given the progress in the fight against inflation. Why the Bank of Canada Cuts Key Interest Rate Inflation has moved closer […]
Read MoreIn our journey to better financial health, improving your credit score is crucial. A higher credit score can secure you lower mortgage rates, better refinance options, and favorable credit terms. Here, we’ll outline five straightforward steps to help you improve your credit score. 1. Monitor Your Credit Report and Score To improve your credit score, […]
Read MoreDebt consolidation involves combining multiple loans into one loan with a lower interest rate. This simplifies your payments and can reduce your overall monthly payment. But how can you consolidate debt with bad credit? People opt for debt consolidation for various reasons: Peace of mind: Track one bill instead of many. Interest rate reduction: Lower […]
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