All articles about mortgages
Statistics Canada released its latest GDP numbers. To say they aren’t pretty would be the understatement of the century. The Canadian economy shrank by 0.6 percent in the first quarter of 2015. The numbers are even worse than the Bank of Canada had forecasted. Our central bank had forecasted growth of 0 percent for the […]
Dismal GDP Numbers: What They Mean for Homebuyers Read More »
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
How to Pay Off Debts Fast Read More »
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
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 »