Who Keeps Our Home After Separation?

Who Keeps Our Home After Separation?

Separation and divorce create uncertainty, especially in the early stages. The question of where you, and any children involved, are going to live is one of the biggest long term and short term decisions that you will make. So now what? You are separating, the whole point is that you do not want to live together anymore. And what about the kids, they still have school, you do not want to disrupt their lives any more than they already are.

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Use a legal Separation Agreement to Re-finance Your Matrimonial Home for More

Use a legal Separation Agreement to Re-finance Your Matrimonial Home for More

For most families, the matrimonial home is the most significant asset they own. Deciding how to deal with it after the breakdown of the relationship is an important decision with long term consequences. Did you know, when refinancing as part of a separation, the spouse keeping the home may qualify to refinance at a higher percentage of the value of the home than the standard maximum. The standard maximum is 80%, but the maximum for a spousal buyout can be as high as 95%.

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Are You Really Approved? The Difference Between Mortgage Pre-Approval and Approval.

Are You Really Approved? The Difference Between Mortgage Pre-Approval and Approval.

Getting pre-approved for a mortgage is a great first step in your home shopping process. It will give you an idea of how much you qualify to borrow, which in turn gives you a budget to work with when you are looking. This is a number to work with before you decide on a certain property. It is important to note that there is a difference between pre-approval and final approval for your mortgage.

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Inspection and the Final Walk-through: Bring it up on or before closing day or forever hold your peace.

Inspection and the Final Walk-through: Bring it up on or before closing day or forever hold your peace.

One major piece of the picture when buying your home is inspecting the property to decide A) what issues there are and B) how they will be addressed OR if you are willing to live with them.

Professional Inspection

One of the first steps after you have signed an agreement of purchase and sale is a home inspection. It is always a good idea to use a professional home inspector come in and do an inspection of the home you are considering buying. Their job is to flag any issues that may change your mind about purchasing the property, or the price you are willing to pay for it.  The inspection is the opportunity to raise issues that will need to be addressed. As a result there may be further negotiations with the seller to either take care of the issue prior to closing, or sell at a lower price so you will have the money to fix it. You should look for an inspector that has both liability AND errors and omissions insurance. This protects you not only from any damage they might cause while on the property to do the inspection, but also provides you with possible recourse if they miss something important on the inspection.

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How to find the best mortgage broker for you.

How to find the best mortgage broker for you.

It can be hard to decide who is best to help you find the right mortgage.  What makes one broker a better fit for you than another? While the search can seem overwhelming, it is worth taking the time to find the right broker for you. A few tips to help you make this choice:

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Everything You Should Know About 'Closing Costs'

Everything You Should Know About 'Closing Costs'

We've all heard the term "closing costs", have you been provided with an explanation of what that really means. I've outlined below things that constitute closing costs for both a sale, and a purchase. It is important to understand closing costs for a purchase do not come out of your mortgage funds. You will have to come up with this amount before the transaction closes. For a sale the closing costs would come off of the top of the sale price.

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Looking to move out of an apartment, but may not be able to afford a mortgage? There may be a solution.

Looking to move out of an apartment, but may not be able to afford a mortgage? There may be a solution.

Are you interested in moving out of an apartment, or building equity instead of paying rent, but a traditional mortgage isn’t the best choice for you? There may be a solution out there for you that you were unaware of. Foxwood Village is a new development in Hubley that is taking what some might consider an unconventional approach to creating their development. If you buy a home in Foxwood Village, you are buying the house itself, but you will lease the land it sits on.  You pay a monthly rental fee for the land. The rental fee and collateral mortgage payments would still be less than the average traditional mortgage payment.

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Need a new mortgage?: The new qualifying rules coming in January

Need a new mortgage?: The new qualifying rules coming in January

There are a several new rules coming into effect on January 1st 2018 that will affect Canadians' ability to get a mortgage, and for what amount. These rules are not limited to people looking to purchase a home with a mortgage, but also apply to those looking to refinance a home. 

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To buy or not to buy? that is the question

To buy or not to buy? that is the question

Deciding where to live can seem overwhelming. There are a lot of factors that contribute to that choice. What you may not know is that it is not simply a choice between renting OR buying, there is also a third option: buying a home on leased land. This blog focuses on some pros and cons of each to help you decide.

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