Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Refinancing your mortgage? Here’s why a professional home appraisal is step one + MORE Mar 28th
Before you refinance your mortgage, it’s important to know your home’s true value. A professional home appraisal gives you an accurate picture of the value of your property, helping you make smarter financial decisions from lowering your monthly payments to accessing equity to evaluating your re.... More »
Latest in Mortgage News: Housing Affordability Back on the Decline + MORE Aug 15th
Following improvements in 2020, housing affordability worsened in the second quarter of this year by its widest margin in 27 years. The main culprit was rising home prices, according to National Bank of Canada’s latest Housing Affordability report. “Income growth and lower interest rates.... More »
Tools to calculate your mortgage payments and costs in Canada Nov 1st
Owning real estate is a goal for many Canadians, and while it can be a rewarding investment, it comes with financial responsibilities that you must carefully manage. First and foremost, you need to be able to calculate your mortgage payments, down payment, penalty fees and other costs. Onli.... More »
Rise in bond yields could send fixed mortgage rates higher, experts say Jan 21st
A sudden rise in bond yields this week could cause some lenders to reverse recent fixed mortgage rate cuts, experts say..... More »
Navigate through these uncharted waters in 2020 Jul 4th
In 2009 and 2010, for the first time ever we saw mortgage rates under 2.00%. That’s right, if you were in a variable rate mortgage, you had a rate under 2.00%. We were coming off the catastrophic US sub-prime mortgage crisis. The financial US scam that cost the world trillions of dollar.... More »
New Study: Blended Families Say They Face Financial Challenges
– ratesupermarket.ca
Merging families is never easy, but if you plan on sharing a home with a new partner, stepchild or even your great aunt, you need to be prepared for the potential financial challenges you may face. As more and more families blend together, having the ability to talk openly about the household’s finances is vital. Who will pay for bills, groceries, mortgage payments, or minor fixes around the house? This should all be discussed from early on to avoid the common challenges that come with sharing a home.
And according to a recent TD survey, there will be challenges: 40 per cent of Canadians who consider themselves a part of a blended family say they didn’t discuss finances before moving in together, and 66 per cent say they now face financial hurdles as a result.
The top challenges faced by blended families include determining who pays for ongoing household expenses (25 per cent), conflicting opinions on how to manage the household budget (23 per cent), and deciding on household saving priorities (21 per cent)…
Paying down an income property
– moneysense.ca
Q: My husband and I are teachers and we will be retired and collecting pensions in approximately 8 – 10 years. We have been mortgage-free since 2008, have RSPs, some TFSAs and we are approaching maximum contributions allowed in our children’s RESPs.
In 2015, we purchased an investment property. I’m wondering whether it would be wise to cash in our RSPs and use the after-tax amounts to pay down the mortgage on our investment property, which is substantial right now (and I’m concerned about interest rates going up).
I’m also starting to wonder whether we’ll be making too much money in our retirement and therefore will likely be paying a lot in tax for our RSP withdrawals. I stopped contributing years ago for this reason (my husband still does). We could use that RSP money right now, not in the future. We’ll also be inheriting two other properties from my parents in the coming years so we’ll also have those two rentals bringing in income for us as well. Any suggestions on what we could do?
—Rosey
A: Before you consider shifting assets to pay down your current mortgage do some analysis on your current investment property…
Self-Employed but Need a Loan? 7 Things You Need to Know
– ratesupermarket.ca
Being self-employed has its pros and cons: you may have a more flexible schedule, but you also have a lot more responsibility, especially when it comes to managing your own finances.
According to Statistics Canada, 2.76 million people were self-employed in 2016. And with the swelling ranks of the self-employed, you’ll likely find many lenders are weary of handing out money to those who don’t fit their idea of the “perfect borrower” with a steady, predictable income. Banks and lenders are not always too fond of risk, so as a self-employed borrower, you’re going to have to convince them that lending to you isn’t as risky as it seems, and that you can pay your debts on time.
Maybe you’re looking to refinance credit card debt with a personal loan or trying to get a mortgage – here are some things you should know about qualifying for a loan when you’re self-employed.
1. Apply before you quit your day job
First and foremost, if you still have a 9-to-5 job, you may want to apply for refinancing or that personal loan or that auto loan or that mortgage before leaving your current position…
