When it comes time to renew your mortgage, most lenders will send you a renewal letter when there is around 3 months remaining on your term. While nearly 60 percent of borrowers simply sign and send back their renewal without ever shopping around for a more favourable interest rate, this is actually the best [...]
An investment (or rental) property, can be a great option for generating additional monthly income and growing your wealth over time, if done properly. This strategy has multiple options and outcomes that can benefit Canadians such as: Supplementing income now and boosting pension in the future creating more financial freedom Allowing you to buy [...]
Canada has seen a surge of international migration over the last few years and, with all these new faces in town wanting to plant roots in this great country, we wanted to touch base on some of the details surrounding mortgages and how new immigrants can qualify to be homeowners! Buying a house is [...]
Did you know, approximately 60 percent of people break their mortgage before their mortgage term matures? While this is not necessarily avoidable, most homeowners are blissfully unaware of the penalties that can be incurred when you break your mortgage contract – and sometimes, these penalties can be painfully expensive. Below are some of the [...]
Did You Know? The average Canadian owes $23,000 in consumer debt and has at least 2 credit cards. Source: CBC.ca If you live paycheque to paycheque, the idea of somehow having enough money to invest and eventually have financial freedom seems about the furthest thing possible. But experts in financial education like to point out, [...]
BREAKING NEWS! The Government of Canada eases the Stress Test rules for insured mortgages – effective April 6, 2020 READ THE FULL ARTICLE HERE! BREAKING NEWS!!
When it comes to our debt, it may seem very difficult to pay it off. Equifax Canada, which provides consumer credit bureau information, reported that in the second quarter of 2017, non-mortgage debt has risen 3.3 percent. This is already a problem as many people throughout Canada are already struggling to make ends meet. [...]
In today’s market, there is an ever increasing worry about the price of homes. Getting a home is looking to be more expensive and many first-time buyers are worrying about making the big purchase. The question of whether it is better to try and buy something now or wait it out and remain a [...]
When we deal with our mortgages, there are three terms that we all come across: prepayment, portability, and assumability. They look like words we recognize, but in the finance world, they’re different than what you might think. So let’s go over them. Prepayments A prepayment is the payment of a bill or expense that [...]
The new mortgage stress test is unnecessary and harmful. With additional mortgage regulations on the horizon it is more important than ever to deal with a mortgage broker who understands the industry and can help you make the right financial decision for your mortgage needs. If you are considering refinancing your mortgage to access [...]
