When buying your first home, it’s easy to get carried away by emotions from the reality, but it can be a costly mistake. You might find yourself spending on costly repairs a few months after moving into the property. However, all this is avoidable. Your home is probably the biggest Continue Reading
Using RRSP to Purchase a Home
First time home buyer? Don’t forget about the RRSP Home Buyers’ Plan. It can be all or part of your down payment. The rules have changed in recent years, so if you think you know them, double check here! What is the Home Buyers’ Plan? Benefits Who can participate in Continue Reading
Types of Mortgages
TYPES OF MORTGAGES AVAILABLE This section consists of two parts.The first part deals with the difference between a conventional mortgage and a high-ratio mortgage. Part two deals with the different types of mortgages available. However, these are fairly generic explanations – just as there are many different lending institutions, so Continue Reading
Self Employed
Self-Employed? Credit Issues? Unique Income Situation? Financing Considerations for Non-Traditional Borrowers/Situations Below we have provided a list of the most common non-traditional situations, however, please note, that not all situations are listed and each is looked at on a case-by-case basis to fit with the appropriate lender each situation is Continue Reading
Renting vs. Home Ownership
This is a decision which many people face, and the decision is not as easy to make as it may sound. As a homeowner, you can reasonably expect the equity in your home to increase over time as your mortgage is paid down. That, combined with regular appreciation in property Continue Reading
Mortgage Renewal
When renewing your mortgage your current lending institution will not necessarily offer you the best rate. Too many people don’t take advantage of their position at this critical time of home ownership. This is the time when your equity grows substantially from decreasing your principal load balance combined with the Continue Reading
Greater Savings with Larger Down Payment
The size of a down payment can vary. Depending on the type of mortgage, down payments generally range from 5% to 20% of the purchase price. To obtain a conventional mortgage, home buyers are required to put down at least 20% of the purchase price or appraised value (whichever is Continue Reading
First Time Home Buyers
The Federal Home Buyers Plan allows first time home buyers to withdraw up to $20,000 from their RRSP for the purpose of buying or building a qualifying home. The primary benefits are that the RRSP issuer will not withhold tax on the amount nor will you have to claim the Continue Reading
Closing Costs
Closing costs are a list of charges your lawyer presents to you on the closing date of your home. Many people are surprised at the additional costs over and above the price of the home. According to the CMHC and Genworth Financial you should have at least 1.5% of the Continue Reading
Credit Rating
Your credit rating is a measure of your credit-worthiness or in other words, your record of borrowing and repayment. Without a credit rating, few institutions will lend you money. Governed by provincial laws, the credit bureau – the clearing-house of information on consumers’ use of credit – provides a credit Continue Reading