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.
Latest News
You bought a home—should life insurance be next? + MORE May 9th
Buying a home is one of the biggest financial milestones for young Canadians, and one of the riskiest. For many households, a mortgage becomes the single largest expense they’ll ever take on, often requiring two incomes to keep it manageable.
That reality is driving more homeowners to buy life .... More »
How not to overspend on your next car Apr 19th
Car-buying case study: Melissa and Dave
A car is the second-largest purchase you’ll ever make in your life, and you’re likely to make it many times over. Yet, unlike the home-buying process where you might have the professional assistance of a Realtor, mortgage broker, lawyer, and Certified Fina.... More »
Mortgage Borrowing Set a New Record in 2021 + MORE Mar 17th
The amount of mortgage debt taken on by Canadians set a fresh record in 2021, eclipsing the previous record set the year before..... More »
Mortgage rule changes are expanding insured market activity, insurers say Mar 4th
Mortgage insurers say recent federal policy changes are giving first-time buyers more purchasing power, even as broader housing market conditions remain uneven..... More »
Variable-rate mortgages are about to trigger payment increases Aug 9th
There's been a lot of discussion recently about how variable-rate mortgage holders could face their "trigger point." We're going to explore what that means, and the implications for borrowers..... More »
Is Rent to Own Housing Ever a Good Idea?
– ratesupermarket.ca
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.
Understanding rent-to-own deals
With a rent-to-own property, the end goal is to eventually own it after a period of renting. During your time as a tenant, you should be saving enough to make a down payment and/or improve your credit to qualify for a mortgage.
The seller will initially rent out the home for a period of time—often one to three years—before selling the property after that period at a price agreed upon in the present. This prevents buyers from being surprised if the value of the property increases significantly during that time. However, in some cases, the property may be appraised closer to the date of the sale to determine the price.
A rent-to-own agreement may include an option to buy the home or a commitment to buy it once the lease ends…
