Everybody dreams of owning their own cottage, to use especially in the warm, sunny summer holidays. There is no nicer feeling having a second home by the lake, and being able to come back from a jetski ride to a large, cozy home to relax in, on a quiet weekend afternoon. Before this dream…
Around this time, the government has probably collected the first installment of your 2016 property taxes. For the majority of people, personal federal and provincial income taxes for 2015 will be due by April 30th. Borrowers should educate themselves about why lenders are always very concerned that both property taxes and income taxes are kept…
If you are a new immigrant to Canada, welcome! It can be daunting to get settled in a new country, and if you have purchasing a new home high on your list of priorities, this blog article should help get you acquainted with what is involved in securing a Canadian mortgage. You may be happy…
You made a few financial mistakes when life’s speed bumps got in the way, but now you’re on the right track and are ready to take the plunge into home ownership. The only issue is that you are not sure if your less than admirable credit history is going to keep a lender from giving…
Keep in mind that the minimum down payment for new insured mortgages will increase for homes above $500,000 on February 15th. Check out the new down payment requirements by home price below or contact me for more information! On December 11th, 2015, Finance Minister Bill Morneau announced upcoming changes to the rules for government-backed…
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…
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…
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…
