Financing – Ask Yola

HOUSING PROGRAMS FOR HOME BUYERS AND HOME OWNERS

There are various measures and programs available to make home ownership more affordable, especially for first-time buyers. These include government initiatives, programs designed to ease the financial burden of purchasing a first home, assistance programs for first-time buyers, as well as energy efficiency and renovation programs for all. It is important to be aware of them in order to make informed decisions while navigating the home buying process.

Buying | Financing

THE DIFFERENCE BETWEEN BEING PRE-QUALIFIED AND PRE-APPROVED

Pre-approval and pre-qualification are two different things. Although getting pre-approved or pre-qualified for a mortgage is not a requirement in the home buying process, it might make the process much easier. So should you get pre-qualified or pre-approved? What is the difference?

Buying | Financing

LAND TRANSFER TAX EXPLAINED

When you plan your budget for buying a home, you need to account for the Land Transfer Tax that you’ll have to pay when you purchase a new home in Canada (except in Alberta and Saskatchewan). Since in most provinces it is calculated as a percentage of property value, it is best to be prepared and know in advance how much tax you will pay.

Buying | Financing

CLOSING COSTS FOR BUYERS

The purchase price of the property is not the only cost of buying a home. When buying a new home in Ontario, it’s important to take closing costs into the consideration. The estimate of these additional expenses is usually between 3-5% of the purchase price.

Buying | Financing

BUYING A PROPERTY FOR THE FIRST TIME

The first time Buyer Incentive allows first time buyers to buy a property without huge savings for a down payment and still have lower mortgage payments.

YOLA PADIASEK

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