Foreclosure may be forced on a homeowner because of criminal activity or bad living conditions. There are many circumstances that can cause someone to be removed from their property. Lenders who keep the liens to properties like this will need to do something to get some of their money back as they will be at a loss. The lender is legally allowed to sell the home, putting it up for sale.
The technology of real estate has made great progress, making it easier than ever to house hunt while navigating complex home equity loans applications. Here’s our list of the 10 best real estate apps available to Canadians.
There is a specific age requirement in order to take advantage of the benefits of a home equity loan. Watch this video to find out if you’re eligible for a home equity loan.
Find out if a reverse mortgage will have an effect on old age security in this YouTube shorts video.
If you’re looking to get a mortgage, you may be able to purchase for less than you could a year ago but you’ll be dealing with much higher interest rates. It’s harder to meet the requirements for a good mortgage rate at the moment as the CMHC changed protocols based on the change in interest rates. However, for those who have excellent credit, the interest rate can be reduced, which is a silver lining. There are a few facts you’ll want to know as a Canadian looking to get in or out of the real estate market in 2023.
The Bank of Canada Interest Rate and How It Impacts Canadians Now and Looking Into the Next Few Years
Interest rates with the Bank of Canada tell a tale of how the economy in Canada is doing. As interest rates rise, consumerism falls so there’s a major impact on Canadians in general. To get the full scope, it’s important to understand the influence of the Bank of Canada. It’s a crown corporation and the main bank of Canada and is responsible for putting together Canada’s monetary policy.
It’s expected that the Bank of Canada’s target overnight rate will reach at least 2.00% by the end of 2022. As a result, Canadian bank prime rates will likely be at least 4.20% by the end of the year. Looking back at the decades before now, there have certainly been some higher interest rates based on economic problems. History shows us that things are ever changing and what we’re experiencing now with Prime rates isn’t permanent. Learn more!
Watch this 1 minute video to learn whether the proceeds from a reverse mortgage are taxable or not.
We often hear that a recession is coming. You may be wondering, why do we worry about recessions so much? Let’s gain a better understanding of recessions by looking at what a recession is and what does it mean for the average Canadian.
Better still, so far as the US government is concerned, there are no restrictions for Canadian citizens wanting to purchase real estate in America. With that in mind, here’s what you should know about buying and financing an investment property in the US.