Closing Costs, Part 4: Closing and Refinancing
Over the past two weeks we’ve spent a lot of time taking an in-depth look at closing costs, in our first ever mini-series. We’ve looked at everything from what they are, to how much they can actually cost, and even how you can get other people to pay them for you. But, we’ve been focusing mainly on first mortgages. What closing costs are you facing when you refinance your home? That’s just what we’ll look at in this last part of our mini-series.
Read moreObvious – and Not so Obvious – Ways to Build Equity in Your Home
Equity, the one thing that every homeowner wants. But aside from paying your monthly mortgage payment regularly, how can you build equity in your home so that it’s yours, and only yours, sooner?
Read moreCash-Out vs. Cash-In Home Refinancing
There’s been a lot of talk about home refinancing these days. And with interest rates so low, it makes perfect sense. But, before you get all excited and start thinking that now is the time for you to refinance your home too, you need to know a couple things. The first is that if you’re considering home refinancing, you need to know what the amount of your mortgage is, and how much you owe. These two amounts will determine if you will be eligible for cash-out home refinancing, or if you’ll need a cash-in home refinancing. And of course, you should also know the difference between the two.
Read moreWhat are Canadian Requirements for Refinancing Your Home?
Refinancing your home essentially means that you turn in your existing mortgage in order to get a better deal on a new one. And with interest rates as low as they are, more and more Canadians are understanding that if they’re interested in home refinancing, there’s no better time than now. What they don’t understand exactly is what they need in order to be eligible for it.
Read moreHome Refinancing in Canada Down by 40% on Insured Mortgages
Home refinancing has always been a good option for Canadians who want to reduce their debt or get a better deal on their mortgage. But, according to the CMHC, home refinancing on insured mortgages is down by a whopping 40% from last year, and stringent borrowing rules outlined by the government are mostly to blame. This was outlined in the corporation’s second quarter financial report.
Read moreKeeping Your Head while Protecting the Roof Above It
Among the many good reasons Canadians have for getting a home refinancing loan, home improvements and repairs are high on the list. And among those repairs and improvements, installing or repairing a roof also ranks very highly. It’s not hard to see why, either; roof repairs can cost on average anywhere from $5,000 – $20,000. With expenses that high, a home refinancing loan is just the answer. But that loan willonly stretch so far, and you need to make sure that once the money is gone, that roof is there to stay.
Read moreWhen is Home Refinancing a Bad Idea?
With interest rates so low today, and a forecast that says they’re not going to stay that way for much longer, many homeowners are thinking that there’s no time like the present for home refinancing. And while home refinancing can be a huge help to homeowners and save them a bundle in the long-run, it can also be a nightmare that the homeowners will live through for years to come. So, when is refinancing going to hurt you more than it’s going to help?
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