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So you’ve just gone out and looked at approximately 285 houses, finally deciding on that perfect place. Now comes what’s arguably the hardest part of the home buying process, which is getting financing for the thing. Of course, you can just avoid this whole process completely by paying cash for the house, but who has…
The personal finance community has some kind of love on for paying down your mortgage early. I can understand why too. Not having a mortgage payment is attractive, since you’re no longer paying interest to an evil, evil bank. You get to live practically for free, excluding utilities and property taxes, but you’d have to…
The trick to staying in a home is being able to afford its mortgage to start with. Here are a few tips that you can use to acquire an affordable mortgage for you and your family. Buy a Home that you can Afford According to Realtor, one of the mistakes that a lot of people…
With yesterday’s announcement changing the maximum mortgage length from 35 to 30 years, you might be asking how much mortgage can I afford? As The Globe and Mail pointed out, if someone bought a home at the average Canadian resale price of $344,551 at a 4% interest rate and a 5% down payment, a 35-year…
While Tom has pointed out that reverse mortgages are controversial, they are becoming increasingly popular in Canada. It’s a plan that gives older Canadians greater financial security. A reverse mortgage is a type of home loan that allows homeowners to convert a part of the equity in their home into cash. Through this mortgage, the…
For many Canadians it can be difficult deciding whether they should chose the security and predictable payments that fixed rate mortgages offer or go with a variable rate mortgage which typically offer lower interest rate margins and outperform fixed rates about 80% of the time. The decision often divides couples who are looking for a…
If you and your spouse are both over 60 and your house is completely paid off, you may have considered getting a reverse mortgage to take advantage of the equity you’ve built up in your home. A reverse mortgage is a product that allows you to borrow a lump sum amount based on your house…
