With interest rates on the rise and more increases likely on the horizon – is now still a good time to buy a home? In terms of the rate, I say “yes” because purchasing a home means you are NOT renting anymore and you are building equity into your own home versus your landlords. For … Continue reading
While your down payment plus the mortgage will cover the purchase price of your home, you do need to be prepared to come up with even more money for all of the other expenses involved when getting a mortgage. You’ll pay some costs at the beginning of the home-buying process and others, known as closing … Continue reading
It’s not every day that you spend thousands of dollars buying a new home. Below are 5 important actions that every Homebuyer should be aware of. With this in mind I suggest starting with making a plan of exactly what you want, do your research and look into advice offered by several experts. You may … Continue reading
This is a repost of an article written By Mark Kerzner, President, TMG The Mortgage Group Changes to the mortgage rules may have gone too far. Just when we think, when we are told, that the mortgage regulation pause button has been hit, we see the Bank of Canada (BOC) increase its overnight rate by 25 … Continue reading
When it comes to qualifying for a mortgage, the current debts you have can determine what purchase price you can buy at. I often hear from people who have worked very hard to maintain a good credit score and have finally saved up the down payment and are now ready to buy. However, after my … Continue reading
Is your mortgage due for renewal sometime within the next year? Has your current lender called you or sent an offering of a one-time chance to “renew early and save” or some similar wording? With relatively low interest rates still available, it may be a good idea to renew your mortgage early and take advantage of the … Continue reading
For the first time in almost 7 years, The Bank of Canada (BoC) has raised the prime lending rate by ¼ of a percent, it increased from .50% to .75%. Doesn’t seem like a very big increase but it does have the potential to cost all of us more money as it affects the rates … Continue reading
Who is responsible for all of these mortgage rule changes? The Office of the Superintendent of Financial Institutions (OFSI) is an independent agency of the Government of Canada reporting to the Minister of Finance created “to contribute to public confidence in the Canadian financial system”. Wikipedia This time they are proposing to target Conventional Mortgages … Continue reading
When I get a call asking about refinancing a property, I always ask if you are presently in an open or closed term and will you have a pay out penalty if you leave your current lender? Not all mortgages are alike and neither are all mortgage lenders. The penalty for breaking a variable rate … Continue reading
If you own and live in a home with a sibling, partner or spouse, common law or married, and have decided to part ways; read on. I believe one of the most stressful issues of a relationship breakdown is what to do about the jointly owned home and mortgage. Over the years I have helped … Continue reading
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