It is safe to assume that being a homeowner is almost everyone’s dream. We work hard to save for a downpayment, we make that house a priority on our list of goals, and we survive the entire process. Awesome! Unfortunately, getting the keys to our...
Perhaps the most used term when it comes to mortgages, but one many people still don’t really understand. What are interest rates? We want to pay the lowest percentage possible. But do we know what they actually are and how this percentage is calculated? You are...
Here’s a word no one likes, but we all know and should understand fully, especially when it comes to purchasing a property in Toronto. Do you know, for example, the difference between land transfer and property tax? Often times we have clients telling us they...
Many people pay no attention to their credit score as they believe (or have been told) it is just a number about your finances. While that is true, a credit score is indeed a number that represents your overall credit health, it is much more...
Are you planning to use your RRSP for a down payment on a house? Under the federal government’s Home Buyer’s Plan (HBP), if you are a first time home buyer, you can borrow up to $35,000 from your RRSP savings to help finance a home...
With the introduction of the stress test and higher interest rates, qualifying for a mortgage became a challenging process. So, what is the alternative? Most Canadians may not know this, but one of the alternatives to being able to own a home, even if you don’t...
In a previous post, we talked about the difference between A and B lenders, as well as private mortgage lenders. (Read here). Many of our clients have inquired if these were the only options to alternative financing. Well, there are a few other options. If you...
Many mortgage borrowers are unfamiliar with this term or think that it is the same as a mortgage insurance or life insurance. They are different. (To know more about mortgage or life insurance, check out this previous blog post). So, what is CMHC mortgage insurance?...
It is no secret that the family home is the most significant asset many families have. So, what happens to this home if the couple ends up getting a divorce? Most couples begin saving for the down payment of this home as soon as they...
In a previous blog, we explained what “appraised value” means when it comes to a home as well as how the entire process is done. This blog addresses the other side of the equation: when is this appraisal required? Remember that an appraisal is a...