How Much Are Closing Costs in Canada There are quite a few measures one needs to take before purchasing a property. Families in Canada need to come up with a minimum of 5% down-payment or more. But that isn’t all there is to it. There are various closing costs that most families fail to consider that are known as closing costs, and they can end up being a lot down the line for a family that isn’t prepared for them. Budgeting For Closing Costs It isn’t the end of the world, of course! There are several ways you can budget for closing costs. By default, you should have a minimum of 1.5% of your house's value as part of closing costs. Suppose you have your eyes set on a home that costs $300,000 in Canada. You must have saved up at least $4,500 in funds to pay closing costs. Without having saved this amount, likely, you will not qualify for an insured mortgage. In the circumstances that you are buying and selling a property at the same ti
Using Home Equities to Buy Rental Properties Ever find yourself thinking about home equity and what it can do for you? It isn’t just a thing you only see in mortgage commercials; it’s an aspect of our lives. Home equity is essentially the money that your home makes for you. Suppose you own a property that was once worth $200,000 but is now valued at $600,000. The $400,000 increase in the market value of your property is your home equity, and it has been growing steadily over the time you have been a homeowner. Interest rates continue to rise, which means that the initial price you paid for your property will eventually become a small fraction of its current market value. If the value of your property rises by 80%, then perhaps it is time for you to leverage your home equity for a loan on second investment property so you can grow your money even more. Keep in mind that you must go into this with the mindset to cash in on it down the line. Vacation o