Category: Uncategorized
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How to Save for a Down Payment
Saving for a down payment is crucial for homeownership. In Canada, minimum down payments vary by home price, with 20% often preferred to avoid mortgage insurance. Saving strategies include cutting expenses, using high-interest savings accounts or First Home Savings Accounts (FHSA), and planning for the Home Buyers’ Plan to borrow from RRSPs. For short-term goals,…
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Why Your Credit Score Owns Your Mortgage Future | Get Your Mortgage for a LilLez!
Your credit score directly affects your mortgage approval, interest rate, and loan terms in Canada. Scores of 680+ unlock top rates, while below 500 limits options to costly or no loans.
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Steps to Buying a House in Canada
54% of Canadians plan to buy a home in the next five years. Homeownership requires commitment, financial readiness, and clear motivation. Key steps include assessing if owning suits your lifestyle, improving finances, saving a down payment (5%-20% depending on price), exploring government programs, setting a realistic budget, getting mortgage pre-approval, and working with a full-time…
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RRSP vs. TFSA: Which One Should You Use? | Get Your Mortgage for a LilLez!
RRSP contributions reduce taxable income, but withdrawals are taxed later, making it ideal for retirement. TFSA allows tax-free withdrawals, offering flexibility for savings and investing without tax implications.
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Are You Missing out Without a Broker? | Get Your Mortgage for a LilLez!
Mortgage brokers provide access to more deals than banks, including exclusive and non-public lender offers.They offer personalized advice based on income, credit, deposit, and property type.
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Mortgage Renewals Surge, Payments Jump 15% | Get Your Mortgage for a LilLez!
60% of Canadian mortgages renew by 2026, with most facing higher payments due to rate hikes. Homeowners renewing 5-year fixed terms in 2025 face average monthly payment hikes of $300.
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Will Canada’s Home Prices Crash Harder Than Expected? | Get Your Mortgage for a LilLez!
Home prices in Canada are projected to fall by 3.2% in 2025 due to economic uncertainty. TD Economics downgraded forecasts after weaker-than-expected sales and price declines in Q1 of 2025.
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How to Win the Mortgage Pre-Approval Process
A mortgage pre-approval is a lender's initial approval of the loan amount you qualify for, securing a specific rate for up to 120 days. It involves a review of your financial situation and helps define your home budget while enhancing your credibility as a buyer. To obtain pre-approval, choose a lender, gather necessary documents, apply,…
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Canadian Rents Fall: A 4.8% Decline | Get Your Mortgage for a LilLez!
Average asking rents in Canada dropped by 4.8% in Mid-Q1, reaching their lowest level since July 2023. Despite declines, rents remain 5.2% higher than in 2023 and 16.9% above pre-COVID levels.
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Canada Housing Market: Tariffs Stall Spring | Get Your Mortgage for a LilLez!
Canada’s spring housing market is slowing due to economic uncertainty and U.S. tariff concerns affecting buyers and sellers. Home sales dropped 9.8% in Mid-Q1, with prices declining 3.3% and new listings falling 12.7%.