September 12, 2018
There is not one set mortgage rate that everyone gets when it comes time to buy a property. Depending on your own financial situation, the downpayment you are placing on the home, the location, and also what kind of property you are purchasing. It is relatively common knowledge that if you are buying a business or commercial property that the mortgage rate will be higher, often by around 25%-75%. ...
July 30, 2018
Buying a home for the first time is a huge financial step forward. It is an investment like none other and one that needs to be taken seriously. Housing markets across Canada are vastly different, and the Edmonton market is no exception. The Edmonton market features affordable homes, with steady growth, and lacks in nasty surprises that plague other more volatile markets. It is an excellent market...
July 15, 2018
Life is not without hiccups. There are many reasons why someone may not have a good credit score, but regardless of someone's credit score, they will reach a time in their life where they will want to become a homeowner. Is it possible, though, for someone with bad credit to procure a mortgage and purchase a home? Or someone without a down payment? Or someone with a low credit score and without a ...
June 28, 2018
Mortgage payments occupy a large chunk of all homeowners’ monthly expenses. People, who plan on residing in the same house for numerous years to come, employ various methods to pay their entire mortgages earlier than anticipated. Being liberated from mortgages earlier may help you save thousands of dollars in interest, completely own the house, and significantly reduce monthly expenses. Monthly...
June 28, 2018
When you are purchasing a home or renewing your mortgage, whether for the first time or not, then you want to get the best rate possible. A lower mortgage rate will help save you money that you can then use to pay down your mortgage faster or save up for a rainy day. How do you get a great mortgage rate though? There are a few tips and tricks to securing a great mortgage rate, but one of the most ...
May 14, 2018
When you agree to a mortgage and sign on that dotted line, you enter into a long, legally-binding commitment. Depending on your terms, a mortgage can outlast the house/property or even its owner. With mortgage terms lasting several decades, it’s understandable that sometimes people want a way out. Here are a few ways homeowners can get out from under their mortgages. Defaulting Or Walking Away ...
May 14, 2018
It’s unfortunate, but self-employed Canadians have to work harder than most to secure a mortgage. Thankfully, it’s not impossible and can go very smoothly if done right. Read on to learn more. What you should know before seeking a mortgage Mortgage lenders are picky people and most of them consider self-employed people as higher risk. On the lender’s end, there’s more paperwork and a...
April 2, 2018
The Home Buyers Plan (HBP) allows first-time home buyers to borrow from their RRSPs for a down payment. It allows first-time home buyers to borrow $25,000 from their RRSP tax-free. The only catch is that this $25,000 must be paid back over 15 years following the withdrawal. Don’t think of the HBP as free money; it’s more like a loan to yourself. Why Bother With The Home Buyer's Plan? You...
April 2, 2018
There are many reasons why you’d pick a condo over a duplex, townhome, or detached house, but there are also a few reasons why a condo might not be the right choice for you. When considering a condo purchase, you need to ask yourself, is a condo lifestyle something you want? The Advantages of Condo Ownership Condos are relatively low maintenance Condos still need to be maintained, but ...
April 2, 2018
We have good news and bad news. The good news is that you don’t have to file anything for your mortgage on your income taxes. The bad news is that most of us do not get to claim mortgages / mortgage interest as a deduction. While our neighbours down south get to claim interest on their mortgages as tax deductions, the Canadian tax system does not allow it. There are exceptions, however, so c...
