Just last Friday, the federal government announced significant changes to mortgage rules. The new regulations will increase the minimum down payment to buy a home that costs more than $500,000. The new plan will increase the minimum down payment from 5 per cent to 10 per cent for the portion of the home over $500,000….
A mortgage pre-approval is extremely beneficial in showing you, the home buyer, what value of home you can afford as well as the mortgage payments associated with various purchase prices. It also guarantees a mortgage rate for a set period of time, thus, protecting you against possible rate increases. You are not obligated to the bank…
It’s been a tough journey but you are now ready to join the ranks of the home owning class. You’ve cleared your debts, saved enough money for a reasonable down payment, gone through open houses and found the perfect home. Your offer has been accepted and you have two months to seal the deal! This…
The holidays can be a joyful time of year. They are a time for relaxation, celebration and coming together with the people you love most. Unfortunately, all the traveling, entertaining, gifting and feasting comes with a large price tag. On average, each Canadian planned to spend $1,517 during the holiday season last year, according to…
Our family and friends always mean well when trying to give us advice about our first home, but unless they’re mortgage specialists, they’re probably going to give you advice that’s more myth than fact. Here are some of the most common mortgage myths that we hear of: “The market is going to crash” We have…
Ottawa is a great city to call your home. What is your favourite season in Ottawa? Do you mind the frosty days of our capital’s Winterlude? Do you long for the colourful tulip festival, or the warm and relaxing days of summer at Dow’s Lake? Despite the strong arguments that these other seasons make, fall…
Deciding you’re ready for home ownership is just step one on your long journey. Then you need to get your financial situation under control in order to be able to actually afford to purchase a home. The typical down payment on a conventional mortgage is twenty percent of the purchase price of the home. Mortgage…
Whether you are hovering over the edge of going bankrupt or simply trying to find a way to manage your finances more efficiently, you must have noticed somewhere all the advertisements touting debt consolidation. But before you decide if debt consolidation is the way to go, first understand the advantages and disadvantages. There are different…
There are many important milestones that will come around when you are in a committed relationship such as a first date, a first kiss, a first anniversary, a first trip together, etc. For many couples that seek each other’s company over the long-run, buying a home together is also quite a significant milestone. This is…
Big news for the real estate market! The market for houses with basement apartments may soon be getting more attention. The Canada Mortgage and Housing Corporation (CMHC) has announced it will now allow 100% of the rental income from legal secondary suites to be used when qualifying for a mortgage. Currently it allows just 50%….
