The land transfer tax rebate for first-time buyers can be used as closing costs or reinvested to accelerate repayment. B-Lender Mortgages provide financing to borrowers declined at standard banks but include higher rates. Different rules apply to mortgages on new construction, including multiple draws of funds during building. Lump sum payments through double-up or accelerated […]
Conventional increasing are generally 0.5 – 1% less than insured mortgages because the risk to lenders is gloomier. The monthly interest differential or IRD is the penalty fee for breaking a closed mortgage term before maturity. The mortgage market in Canada is regulated with the Office of the Superintendent of Financial Institutions, which sets guidelines […]
First-time buyers should research available incentives like rebates before buying homes. Renewing mortgages past an acceptable limit in advance of maturity results in early discharge penalties and lost savings. Anti-predatory lending laws prevent lenders from providing mortgages borrowers cannot reasonably afford based on strict standards. The First Home Savings Account allows first-time buyers to save […]
