Because buying a home is usually considered to be a good investment, many people want to get into the real estate market, regardless of their credit history. Right now, the real estate market is favourable to buyers since interest rates have remained low for so long. But for those who have a bad credit history, buying can be tough. In 2012, the Globe & Mail reported that more than one in eight Canadians will declare bankruptcy or negotiate a debt settlement with creditors. This means that there are a lot of Canadians with bad credit who recognize the value in purchasing a home. Here are somethings to keep in mind if you’re buying a house with bad credit.

You might need to wait two years after you’ve been discharged from bankruptcy or consumer proposal…

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You’ve saved enough money for your down payment and have been preapproved for a mortgage but now what? Before you go ahead and purchase your dream house, you need to be aware of the hidden closing costs in Ontario which could impact your home buying budget. Having enough money to cover all the closing costs and hidden fees you might not have considered will make for a smooth closing with no surprises.

 

Typical Closing Costs in Ontario:

  • Home Inspection – If the home you’re purchasing isn’t brand new, a home inspection fee will cost around $500. The home inspector goes through each room of the house to evaluate the structures and its condition. You’ll get a written report with the findings and what the costs to any repairs would be when the…

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