Many people do not seem to understand or even know what a prepayment penalty is, whether because it was not well explained or it was not even brought up. If you are not well informed about this aspect, it can be very costly to you...
How are prepayment privileges calculated? A mortgage prepayment privilege gives you the choice to increase your monthly mortgage payments before it is due and without a penalty. The extra amount is applied to the principal. If you are under this type of privilege, you can...
Is there a difference between refinancing your mortgage and home equity? Yes, there is. In fact, you have two options: refinancing the first mortgage that you have or taking out a home equity loan. Both of these can provide funds for whatever you need (debt consolidation,...
A starter home is a “somewhat” small house or condo that meets the requirements of young people buying their first home. This is usually the case for the vast majority of young people (single or couples). So, what should be your priorities if you are...
Since January 2018, qualifying for a mortgage has been very challenging for first-time homebuyers, unless they got a “down payment” gift from a family member. As we have discussed numerous times, the federal stress test and climbing prices are the main reason why it is...
One aspect we often forget consider when hunting for the "dream home" is the neighbourhood. So, before you begin looking at houses, narrow in on your chosen location. Someone once said that the houses are like spouses and that the neighbourhood is like the extended...
You have purchased a home. The moving day is fast approaching. Have you considered all the costs? We decided to write this blog post to help every homebuyer budget for the costs - the obvious and the hidden ones - related to moving. What are the...
We all know the homebuying process is a complex task. From saving for a downpayment to finding the home of our dreams many steps need to be taken. We often tell people to budget on a monthly basis and to try to cut on certain...
We keep coming back to this topic of credit. It’s a crucial aspect for anyone planning for homeownership. However, similar to most things in the financial side of life, you need to be careful when building your credit history. It is very easy to get...
The home buying process can be exciting and very stressful at the same time. You know, you are preparing to make perhaps the biggest investment of your life and you want to make sure you get the house of your dreams that you work so...