Mortgages

All articles about mortgages

How to Pay Off Debts Fast

Are you up to your ears in debt? If you’re financially disciplined and have a plan, there are ways to pay off your debt sooner. By only paying the minimum on your outstanding debt, especially credit cards, it could take you year s and cost you thousands in interest. Two popular debt repayment strategies include …

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The Impact of Qualifying Rate vs. Discount Rate – Why 5 Year Fixed Gets You Much More Money

With the spring housing market in full bloom and summer just around the corner, it’s the perfect time to buy a home. Despite skyrocketing real estate prices in the most sought-after housing markets like Calgary, Toronto and Vancouver, mortgage rates have never been more affordable. Today you can find a variable rate mortgage at the …

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Using Your RRSP and TFSA to Save Towards a Home Purchase

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 …

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Household Debt to Disposable Income Ratio at New High… but that’s not the real story!

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 …

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Should You Pay Down Your Mortgage Early? Setting Financial Priorities

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 …

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Why the Bank’s Posted Mortgage Rate Matters (even when practically no one pays it)

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 …

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Should You Use Home Equity to Catch Up on an RRSP Shortfall?

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 …

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