Mindblown: a blog about philosophy.
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How Does a Mortgage Work in Canada?
A mortgage is a loan for purchasing real estate, involving key components like loan amount, down payment, repayment period, interest rate, and mortgage term. The application process includes pre-qualification, pre-approval, and formal application, requiring financial documents. Approval depends on credit score, savings, income, and debt. Interest rates can be fixed or variable, affecting payment stability.…
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Down Payment Tips for First-Time Homebuyers
A down payment reduces the total price of a new home, with the remaining cost financed by a mortgage. In Alberta, the minimum down payment varies by home price: 5% for homes up to $500,000, 5% on the first $500,000 and 10% on the remainder for homes priced between $500,000 and $999,999, and 20% for…
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Mortgage Questions Every Canadian Should Ask | Discover your path to homeownership with me today.
Understanding mortgage type, rate, and term helps avoid renewal shocks, penalties, and costly long-term financial commitments. Clarify amortization period, down payment, and insurance requirements to balance affordability with total interest and borrowing costs. Account for all closing costs, fees, and taxes upfront to prevent last-minute financial strain during home purchase. Learn about prepayment options, penalties,…
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ਫਸਟ ਹੋਮ ਸੇਵਿੰਗਜ਼ ਅਕਾਊਂਟ (FHSA) ਦਾ ਸਹੀ ਉਪਯੋਗ ਕਿਵੇਂ ਕਰੀਏ
ਫਸਟ ਹੋਮ ਸੇਵਿੰਗਜ਼ ਅਕਾਊਂਟ (FHSA) ਪਹਿਲੀ ਵਾਰ ਘਰ ਖਰੀਦਣ ਵਾਲੇ ਕਨੇਡੀਅਨ ਖਰੀਦਦਾਰਾਂ ਨੂੰ $40,000 ਤੱਕ ਟੈਕਸ-ਮੁਕਤ ਬਚਤ ਕਰਨ ਵਿੱਚ ਮਦਦ ਕਰਦਾ ਹੈ। ਇਸ ਵਿੱਚ $8,000 ਦੀ ਸਾਲਾਨਾ ਹੱਦ ਹੈ ਅਤੇ ਨਾ ਵਰਤੀ ਰਕਮ ਅਗਲੇ ਸਾਲ ਲਈ ਲਿਆਈ ਜਾ ਸਕਦੀ ਹੈ। ਯੋਗ ਘਰ ਖਰੀਦਣ ਲਈ ਨਿਕਾਸੀਆਂ ਟੈਕਸ-ਮੁਕਤ ਹਨ, ਜਦਕਿ ਗੈਰ-ਯੋਗ ਨਿਕਾਸੀਆਂ 'ਤੇ ਟੈਕਸ ਲੱਗੇਗਾ। ਰਕਮ ਨੂੰ…
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5 Tips to Secure Your Best Mortgage Lender | Discover your path to homeownership with me today.
Know your finances first by checking your credit score, income, expenses, and budget before approaching lenders. Research lender types like banks, credit unions, brokers, and online lenders to find the best fit for your needs. Compare rates and terms carefully, including fees and loan programs, using Loan Estimates to get the full picture. Evaluate customer…
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Airdrie Homebuyers Benefit as Supply Grows, Prices Ease
Housing market activity in Calgary has slowed, with new listings reaching a record high in October, keeping inventories elevated at 535 units. Sales remain consistent with long-term trends, but the supply exceeds four months, putting downward pressure on resale home prices. In Airdrie, home prices have declined since April, with the October benchmark price at…
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Things not to do when finalizing mortgage financing
Between removing your financing subject and finalizing a home purchase, avoid actions that could jeopardize your mortgage approval. Key cautions include promptly informing your mortgage professional of changes like closing dates, not financing new purchases without approval, making all payments on time, not co-signing loans, not changing jobs without consultation, and preserving your down payment…
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Tips for Finding the Ideal Mortgage Lender | Discover your path to homeownership with me today.
Lender choice affects stress, support, and savings during home buying. Options: direct lenders (banks, credit unions), brokers, online, and private lenders. Key factors: interest rates, loan types, fees, digital tools, and communication. Right lender offers tailored options, clear guidance, and smoother process. Informed choice impacts cost, speed, and confidence in home purchase.
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ਘਰ ਖਰੀਦਣ ਦਾ ਤਰੀਕਾ: 2025 ਵਿੱਚ ਪਹਿਲੀ ਵਾਰ ਘਰ ਖਰੀਦਣ ਵਾਲਿਆਂ ਲਈ ਗਾਈਡ
ਜੇਕਰ ਤੁਸੀਂ ਕਦੇ ਘਰ ਨਹੀਂ ਖਰੀਦਿਆ, ਪਿਛਲੇ ਤਿੰਨ ਸਾਲਾਂ ਵਿੱਚ ਘਰ ਨਹੀਂ ਰੱਖਿਆ, ਜਾਂ ਤੁਸੀਂ ਵਿਛੋੜੇ ਹੋਏ ਘਰੇਲੂ/ਇਕੱਲੇ ਮਾਪੇ ਹੋ, ਤਾਂ ਤੁਸੀਂ ਪਹਿਲੀ ਵਾਰ ਘਰ ਖਰੀਦਣ ਵਾਲੇ ਮੰਨੇ ਜਾਂਦੇ ਹੋ। ਵਿੱਤੀ ਯੋਗਤਾ ਮਹੱਤਵਪੂਰਨ ਹੈ—ਘਰ ਦੀ ਲਾਗਤ ਤੁਹਾਡੀ ਕੁੱਲ ਆਮਦਨ ਦੇ ਲਗਭਗ 28% ਤੱਕ ਰੱਖੋ। ਕਲੋਜ਼ਿੰਗ ਲਾਗਤ ਖਰੀਦ ਮੁੱਲ ਦਾ 2-5% ਹੁੰਦੀ ਹੈ, ਪਰ ਵੱਖ-ਵੱਖ ਲੈਂਡਰਾਂ…
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Smart Mortgage Planning for Newcomers | Discover your path to homeownership with me today.
Newcomers must build Canadian credit history early—secured cards, on-time bills, and monitored reports boost approval. Lenders assess credit, income, job stability, debt ratios, and down payments—typically 5% to 20%. Budgeting for mortgage readiness includes saving 20% down payment, taxes, insurance, and maintenance costs. Mortgage brokers and real estate agents help newcomers secure best rates and…
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