Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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Is Rent to Own Housing Ever a Good Idea? Sep 17th
The majority of Canadians are homeowners, and many more want to buy, but not everyone can afford to do so. If you’re one of those who are looking to get into the market and don’t have enough money saved up yet or you currently have poor credit, there’s always the option to rent to own.
Unders.... More »
Mortgage payment calculator + MORE Aug 24th
For the majority of Canadians, buying a home will be the single biggest purchase they ever make, and getting a mortgage is an essential part of this process. But how do you ensure you get a mortgage that you can actually afford over the long term? That’s where a mortgage payment calculator com.... More »
The best credit cards for newcomers to Canada for 2024 + MORE Feb 2nd
Credit Cards
The best credit cards for newcomers to Canada for 2024
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
.... More »
How a Mortgage Pre-Approval Can Protect You from Rising Rates Nov 1st
In times of steady or declining rates, you barely pay attention to your pre-approval rate. But these days, this rate hold can be a total game-changer..... More »
RBC says it’s ready for competitive spring mortgage market and upcoming renewal wave Mar 4th
As the spring mortgage market approaches, Canada's largest bank says it's getting ready for a busy season of mortgage renewals..... More »
What Is a Mortgage Gift Letter, and When Do You Need One?
– ratesupermarket.ca
When you’re buying a home, you may receive a monetary gift from a family member to help make a larger down payment. But your mortgage lender will usually want proof that the newfound funds are a gift and not a loan. In that case, the lender will want a mortgage gift letter.
What is a mortgage gift letter?
A mortgage gift letter is a form from your donor stating that the funds for your down payment are a donation and you’re not required to pay the money back.
In fact, more first-time homebuyers are getting a little assistance from their family to help buy their first home. Between 2015 and 2019, 40% of first-time buyers received a monetary gift from their parents or other family members to help buy a home, according to a Mortgage Professionals Canada survey.
That number has continued to trend higher over the years. Thirty percent of first-time buyers who bought between 2010 and 2014 received funds as a gift from their family to help with their down payment. Similarly, 24% of those who purchased between 2005 and 2009 can say the same…
Q2 Lender Earnings: Mortgage Deferral Situation Easing
– canadianmortgagetrends.com
Despite Canada Mortgage and Housing Corporation CEO Evan Siddall warning of a mortgage “deferral cliff,” and sharp rise in mortgage defaults this fall, data from the country’s key mortgage lenders appears to be telling a different story.
Should you buy a vacation property?
– moneysense.ca
The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or extended winter stay for a snowbird.
There are many emotion-driven reasons for buying a vacation property, or not. I like to evaluate a property purchase from a financial point of view—and here’s how.
Say a property’s purchase price is $500,000. Whether you use cash, a mortgage/home equity line of credit, or a combination, there are other costs to consider. If you purchase with cash that you could otherwise invest at a 4% return (to use a conservative assumption), there is an opportunity cost of not investing that money. If you borrowed money, despite current mortgage rates being around 2%, over the long run the interest rate is likely to go higher. On a $500,000 property, there may therefore be an initial cost of 4%, or $20,000.
Property taxes, utilities, insurance, condo fees and maintenance could easily add another 2% to 4% per year in costs…
There are many emotion-driven reasons for buying a vacation property, or not. I like to evaluate a property purchase from a financial point of view—and here’s how.
Say a property’s purchase price is $500,000. Whether you use cash, a mortgage/home equity line of credit, or a combination, there are other costs to consider. If you purchase with cash that you could otherwise invest at a 4% return (to use a conservative assumption), there is an opportunity cost of not investing that money. If you borrowed money, despite current mortgage rates being around 2%, over the long run the interest rate is likely to go higher. On a $500,000 property, there may therefore be an initial cost of 4%, or $20,000.
Property taxes, utilities, insurance, condo fees and maintenance could easily add another 2% to 4% per year in costs…
