How does a reverse mortgage work?
You may have seen the ads or recently heard the buzz around the reverse mortgage, but you will also be asking “What is a reverse mortgage and how does it work, how can I benefit from this process/program?
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How to give up renting without going broke
For three long, miserable years, my husband and I rented a unit attached to our landlord’s sprawling house in northeastern Toronto. Every time the landlord lit a cigarette, the stench filled our apartment. Every time we took a shower, someone would flush a toilet and scald us. The owner kept two cats but didn’t allow us to have pets, so the mice that infested the place took refuge on our side of the house.
(more...)Worst mistakes first-time home buyers make
Getting pre-approved for a mortgage is a great way to budget for a home and signal that you’re a serious buyer. However, keep in mind that the amount for which you are approved is the maximum amount the lender feels you can afford based on your income and projected property expenses. That figure doesn’t account for other expenses you may face, such as renovations or emergency home repair, as well as regular household costs.
(more...)How to Get a Low Interest Rate Mortgage
One of the best investments you can get for your family is to have a great home, but of course, acquiring one requires a lot of considerations. You have to think where to get the best deals, get a good house at the right location, but most of all, get a low interest rate mortgage that will allow you to pay them easily within its terms.
(more...)New rules on home loans may be too harsh
The risk of mortgage rates rising to unaffordable levels in the near future is “negligible” and recent measures taken by Ottawa to clamp down on housing loans may be too harsh, according to a mortgage industry association.
(more...)5 Smart Moves to Get the Best Rate
If you’re in the market for a mortgage, here’s what you can do right now to find and qualify for the cheapest possible loan.
(more...)The long-term vs short-term fixed mortgage dilemma
We have seen a significant increase in the number of customers taking out shorter term fixed rate mortgages in recent months. It has been said that financial freedom comes from having your heart and mind free from worry about the ‘what-ifs’ of life. This is never truer than when an economy is gently balancing on a fine line between growth and recession.
(more...)Easy Ways to Fix Up Your House for Sale
Selling a home is never a small task, and with home sales still suffering it can be harder than ever within the current real estate market. Today, it’s not enough just to present the facts and let buyers use their imaginations as to how they might rework or redecorate the place.
(more...)Should you pay off credit cards with a home equity line of credit?
During the real estate boom of the early 2000s, paying off a credit card with help from a home equity loan seemed like a no-brainer. After all, housing prices in most parts of the country were skyrocketing. Why would you pay double-digit interest rates on a credit card when you could cut those finance charges in half or more?
(more...)RBC predicts period of stability in Canada’s housing market next year
Canada’s largest bank is predicting a period of stability in the housing market next year as rising mortgage rates are offset by improvements in the job market and household income.
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