Advantages & Disadvantages to a Reverse Mortgage

July 8, 2019 Mortgage by CanWest No comments

A reverse mortgage is a special loan for homeowners 55 +, that lets them borrow against the value of their home, without having to sell. Unlike a typical home equity loan, reverse mortgages do not have to be repaid during the life of the homeowner, thereby protecting a homeowner from the possibility of foreclosure. The agreement […]

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Commercial Mortgages

July 7, 2019 Mortgage by CanWest No comments

Commercial mortgages are mid-term loans made using business or commercial real estate to secure payment. The proceeds from commercial mortgage financing loans are typically used to acquire or redevelop commercial property. You can also use commercial mortgage financing to bridge the arrival of longer term financing from a conventional institutional lender, or to provide time […]

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Canada`s First-Time Home Buyer Incentive

July 6, 2019 Mortgage, Uncategorized by CanWest No comments

The Government announced 2 changes to the mortgage landscape with: A new First Time Home Buyer Incentive Plan, An updated Home Buyers’ Plan (HBP). Until we see the fine print from the Canadian Mortgage and Housing Corporation (CMHC) for further details, here is what we know so far. What’s the new First Time Home Buyer […]

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Foreclosure Facts | Canada West Mortgage

July 4, 2019 Mortgage by CanWest No comments

If you are facing a foreclosure in Alberta and need help to salvage the situation, it is best to educate yourself about the options and resources available to you. There may be solutions available to stop the foreclosure, thereby saving your home, and initiating the credit repair process. Canada West Mortgage will guide you through […]

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What are Home Owner Associations (HOA`s)?

July 2, 2019 Uncategorized by CanWest No comments

Home Owners`Associations (HOA`s) are usually created when a new housing development is built. When you purchase a property in these communities, you pay an annual fee to the community association which goes towards the maintenance of community amenities, such as lakes, spray parks, tennis courts and outdoor skating rinks, to name a few examples. Part […]

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Debt Consolidation

June 8, 2019 Mortgage by CanWest No comments

Debt consolidation is a common way to ease the burden of household debt payments. Home equity is the difference between the value of your home and the unpaid balance of your current mortgage. For example, if your home is worth $250,000 and you owe $150,000 dollars on your mortgage, you’d have $100,000 in home equity. […]

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Second Mortgages – What are they?

June 3, 2019 Financial Planning, Mortgage by CanWest No comments

If you’re a Homeowner, you’ve probably heard about second mortgages. But what is a second mortgage? It’s a type of loan that is secured by your home, similar to a first mortgage provided by a traditional bank. Over time you build up equity in your house, and a second mortgage allows you to use the […]

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Mortgage for Laid-Off or Unemployed Clients

March 16, 2019 Mortgage by CanWest No comments

Alternative Mortgages can help impacted individuals on a case-by-case basis to find a solution that can provide temporary relief, without adding further financial stress in the long run. Alternative mortgages can also help anyone who simply does not fit the strict criteria of a bank. If you were fortunate enough to purchase property back when […]

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