Some Things Never Change: What We Can Learn From the Past + MORE Mar 5th
Latest in Mortgage News: Why the Fed Cut Rates this Week Aug 4th
The Financing Hub Aims to Simplify Commercial Deals Apr 9th
The Run Down on Reverse Mortgages: What Are They and Why Do Homeowners Get Them? + MORE Jun 23rd
Mortgage Borrowing Set a New Record in 2021 + MORE Mar 17th
10 Consequential Numbers from the MCS
– canadianmortgagetrends.com
How To Shave Years Off Your Mortgage
– walletpop.ca
But paying a few extra dollars every two weeks instead of the usual monthly payment or making an extra lump sum payment once a year can also save borrowers thousands in interest and shorten the time it takes to pay off a mortgage by years.
Wade Stayzer of Meridian Credit Union says homeowners need to understand of how much they can afford to pay and work from there.
“You really need to understand your personal financial situation and what it is you’re trying to accomplish,” said Stayzer, Meridian’s vice-president of sales and service.
The rules governing how much borrowers can increase payments or put down in a lump sum vary depending on the mortgage contract, so it’s important to read the fine print.
For those looking to pay off a mortgage faster and can afford it, Stayzer recommends increasing regular payments over saving up and making an annual lump sum payment…
The Cost of Being a Homeowner
– ratesupermarket.ca
This shouldn’t be a surprise to any Canadian, but real estate prices continue to rise. At the start of May, the Toronto Real Estate Board reported that April sales were up 18.9% with single-detached homes now costing an average of $1.258 million. Although these numbers are shocking, the demand for real estate is nothing new. What’s interesting though is this headline which recently appeared in The Huffington Post: “Toronto House Prices Are Rising By $550 A Day”.
From a straight math perspective this is technically true, but anything is possible with creative accounting. It’s absolutely ridiculous to take the increase in prices from 2013 to 2016 – now one of the hottest time periods in Toronto real estate history – and use it to estimate prices for the next 10 years. Instead of thinking you’ll have a more than two million-dollar home in 10 years if you buy now, why not focus on the hard numbers that you will have to deal with when you become a homeowner?
Prior to house hunting, it’s well advised to seek the assistance of a mortgage broker so you can find out how much you’ll be pre-approved for…
Black seeks emergency hearing into tax matter holding up the sale of his home
– canadianbusiness.com
In documents filed with the Federal Court, Black says he’s paying more than $1 million a year towards three mortgages on the home, which come to more than $13.5 million in total, and that it’s eating away at the amount of equity he has in the property.
The court documents say Black had agreed to sell the home for $14 million to an unnamed buyer who was willing to allow the former media mogul and his wife, Barbara Amiel-Black, to continue living in the home.
But the sale of 26 Park Lane Circle was delayed after Canada Revenue Agency placed two liens against the property last month over allegations that Black owes taxes from 2002, 2003 and 2008.
The CRA claims Black is in arrears in the amounts of $12,307,717 and $3,513,877.
The prospective buyer of the nine-bedroom, 11-bathroom home says he is willing to extend the closing date until June 30, but not any later, according to the court files…
TORONTO — Conrad Black is seeking an emergency hearing next week into tax-related matters holding up the sale of his Toronto mansion, arguing that servicing the three mortgages on the property is hurting his personal financial position.
In documents filed with the Federal Court, Black says he’s paying more than $1 million a year towards three mortgages on the home, which come to more than $13.5 million in total, and that it’s eating away at the amount of equity he has in the property.
The court documents say Black had agreed to sell the home for $14 million to an unnamed buyer who was willing to allow the former media mogul and his wife, Barbara Amiel-Black, to continue living in the home.
But the sale of 26 Park Lane Circle was delayed after Canada Revenue Agency placed two liens against the property last month over allegations that Black owes taxes from 2002, 2003 and 2008…