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While the RRSP has long been the preferred way to save towards buying a home, the introduction of the TFSA in 2009 changed that. The TFSA offers another great way to save towards the purchase of a home. While the RRSP is exclusively for first-time homebuyers, the TFSA is for homebuyers property virgins and non-property […]
Using Your RRSP and TFSA to Save Towards a Home Purchase Read More »
For most families, a mortgage is the largest amount of debt you’ll incur in your lifetime. With home prices reaching the stratosphere in many housing markets nationwide, homebuyers are taking on larger mortgages than ever before. A mortgage represents a lot of money, so mortgage lenders do their homework before approving your loan. Lenders use
Why Your Debt Service Ratios Matter Read More »
After the winter that seemed like it would never end, spring is finally here! Spring is the perfect time to enjoy the outdoors, spring clean (sorry, I couldn’t resist!) and of course, buy a home. The first shots have already been fired in what seems to have become a yearly tradition. Two of the big
Why Now May Be the Best Time to Refinance in Canadian History Read More »
Household debt is once again making news headlines for all the wrong reasons. The household debt to disposable income ratio reached a record high of 163.3 percent in the fourth quarter of 2014, according to Statistics Canada. That means for every dollar of income earned, the average Canadian household has $1.63 of debt. What the
Household Debt to Disposable Income Ratio at New High… but that’s not the real story! Read More »
The RRSP deadline has come and gone for another year. Did you join the frenzy of last minute savers by contributing to your RRSP this year? For the typical Canadian family Canadian, it can be difficult to set financial priorities. You only have two paycheques (only one if your partner stays home and raises the
Should You Pay Down Your Mortgage Early? Setting Financial Priorities Read More »
Homeowners are a lot more savvy about mortgage rates these days. When it comes to signing up for a mortgage, very few homeowners accept the posted rate. The big banks are notorious for having the highest posted rates. While you can find a five-year fixed rate mortgage for under three percent at secondary lenders or
Why the Bank’s Posted Mortgage Rate Matters (even when practically no one pays it) Read More »
A common dilemma faced by homeowners is, should I contribute to my RRSP or pay down my mortgage? If you speak with your parents or grandparents who grew up during the Great Depression, they’ll clearly favour paying down your mortgage. While that strategy may have worked when they were growing up, it doesn’t necessarily make
Should You Use Home Equity to Catch Up on an RRSP Shortfall? Read More »
With the RRSP contribution deadline fast approaching, the age-old question comes up: should you contribute to your RRSP or pay down your mortgage? We all know what the big banks want you to do: contribute to your RRSP. I’m sure it has nothing to do with Barry the banker receiving commission from the bank’s high-fee
RRSP Contribution vs Pay Down Your Mortgage… Do the Math! Read More »
A lot of people view their mortgage as a life sentence when they sign on the dotted line. Just because you signed a five year mortgage term, doesn’t mean you can’t see what else is out there. Whether you’re borrowing money for that walkout patio you’ve always dreamed of or you’d like to invest in
3 Reasons You Should Consider Refinancing Your Mortgage Read More »
It looks like mortgage rates could finally be heading higher in 2015. I know what you’re thinking: we hear the so-called mortgage experts at the big banks predict this every year. What makes this year any different? Plenty. While the Canadian economy is still lagging, the U.S. economy has never been in better shape. While
4 Tips To Get Your Financial House in Order Read More »