February 18, 2020
The real estate market changes often and if you’re thinking of buying a home or investing in property, it’s important to know and understand the latest trends regarding real estate and mortgages to determine whether the timing is right for you. Affordability is something you need to think about, which is why you’ll need to check on all the trends related to housing and real estate so that y...
January 31, 2020
With record low interest rates for mortgages, it’s no surprise that borrowers are happy and homeowners even more so because they can benefit quite a bit from such low rates. It’s worth looking into refinancing your mortgage because you never know when you’ll see such low rates again. If you purchased your home a few years ago, there’s a very good chance you can benefit by refinancing y...
January 10, 2020
One of the biggest hurdles you have to overcome when planning to buy a home is coming up with the downpayment. With average house prices starting at $520,000, you will be looking at at least a 20% downpayment. The Home Buyer’s Plan (HBP) is a federal plan that was created to help first-time home-buyers get into the real estate market. Those who qualify are able to withdraw up to $25,000 from th...
November 29, 2019
Any debt can have serious legal consequences if it goes unpaid. The Canada Revenue Agency (CRA) charges compounded interest on a daily basis on your unpaid debt until you pay off the full balance. Turning a blind eye to your CRA debt does not make it go away. It’s better to do everything you can to pay up in full now than struggle with increasing debts later. Sometimes, the debts are not a ...
November 18, 2019
If you’re not entirely sure what home equity is, here is the simplest way of breaking it down: it is the amount of your home that you actually own. Your home equity will increase over time because as you continue to pay off your loan, you will own more and more of it. It will also build over time due to other factors, including the rise of the market value of the house as well as a...
October 17, 2019
It’s important to understand that pre-qualification and pre-approval are not the same and knowing which option you should go with can make a big difference in a competitive real estate market. The right choice will help you get your dream home, while the wrong one will cause you to lose it to another buyer. If you are pre-qualified, it means that a lender has been informed of your income, as...
October 16, 2019
Whether it’s your first home or one of many, buying a home is a significant investment that requires a mortgage. As exciting as this milestone in your life is, you may be vulnerable to mortgage myths and misinformation. These falsehoods can make the home buying process more challenging, so it’s imperative to be aware of them. The Collin Bruce Mortgage team is here for you, which is why we...
September 20, 2019
Buying a home is the biggest investment you will make, so you want to make sure there are no mistakes in the process. If it’s your first time buying a home, it’s particularly easy to make a mistake if you don’t know what to look out for, which is why it’s extremely important to know the details in advance so that you can make the right decision. In order for this milestone to be smoot...
September 4, 2019
A mortgage is a mortgage but the difference lies in who you secure it from. Choosing the right lender can help you save thousands of dollars. For first-time homeowners, the idea of selecting the right lender can be confusing. Should you borrow from a broker or a banker? But the decision is critical to weigh your mortgage options best and determine your budget for your first home. Moreover, th...
August 26, 2019
Declaring bankruptcy may make you feel like you’ve lost all hope, but that isn’t true. Bankruptcy does happen, but there are steps you can take to minimize the effects of it to start anew. Thankfully, there is no waiting time one faces after being discharged from bankruptcy. This means that you can apply for a new mortgage at any time, but before you do, make sure you know what to do. That...
