What’s the best mortgage for first-time home buyers? + MORE Dec 8th

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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What’s the best mortgage for first-time home buyers?

– moneysense.ca

Q: I’m buying my first home—a starter home—that I plan to live in for the next five to seven years. How do I know which mortgage is right for me? — First-time Buyer, Toronto

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A: When you’re looking to buy a home, you want to find the mortgage that’s right for you. Thankfully, there are a variety of options out there, and choosing the mortgage for your needs means you’ll need to shop around and do a little research. It starts with knowing the elements that make up a mortgage contract, so that you can properly assess how different mortgages will impact your finances as a first-time buyer.

Fixed vs variable rate: Which mortgage is best?

One of the major distinctions between types of mortgages is fixed-rate versus variable-rate. Both have pros and cons, so which one is the best mortgage for first-time home buyers?

A fixed-rate mortgage is just like it sounds: The rate and monthly payments will stay the same for the whole mortgage term (more on mortgage terms below)…

Continue Reading On moneysense.ca »

What it’s like to be a first-time home buyer in Ontario—for real

– moneysense.ca

We’d been looking for over two years when we finally closed on our home last spring in Vaughan, Ontario, just north of Toronto. As first-time home buyers in Ontario, my husband and I had seen around 30 houses, had been outbid on five or six and had expanded our search area from the middle of Toronto, where we both grew up, to the suburbs.

Our journey as first-time home buyers in Ontario is by no means unique. Amid soaring prices, many people are experiencing the same relentless competition and are having to expand their search criteria and stretch their budget to land a property.

Five years ago, the average price for a property in the Greater Toronto Area (GTA) was just shy of $763,000. By March 2020, prices had climbed 18% to more than $902,000, according to the Toronto Regional Real Estate Board…

Continue Reading On moneysense.ca »

Getting a great mortgage in Canada can be tricky – let us help! Visit our Canadian Mortgage page for the latest rates and articles.

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