Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Latest in Mortgage News: Canada’s Housing Market Not a Bubble…Yet: BMO Feb 15th
Despite concerns about ever-rising home prices, Canada's housing market still doesn't resemble a bubble, at least not yet..... More »
Over half of mortgage borrowers concerned about renewals Nov 1st
A new survey has found that 53% of Canadian mortgage borrowers are concerned about the prospect of higher monthly payments at renewal time..... More »
The Latest in Mortgage News: CMHC to Review Investment Property Down Payments + MORE Jan 13th
It's no secret that the federal government is eyeing reforms to investment properties in an effort to help reel in runaway house prices..... More »
How to save on home insurance Jul 10th
Affordable home insurance: Does it even exist? While home insurance is not mandatory by law, like auto insurance is, most mortgage lenders require it—and for good reason. Home insurance protects your home and personal possessions from damage or loss. Your home is collateral for your mortgage loa.... More »
A guide to five-year fixed mortgage rates + MORE Mar 2nd
After consecutive years of record-low interest rates in Canada, many experts predict we are entering a period of rising rates—which would make the cost of borrowing money, be it for a mortgage or a student loan, more expensive. The possibility of these rate hikes can make the stability of a f.... More »
Creative Ways to Finance Your New Home
– ratesupermarket.ca
In a tight housing market, it can be tough to come up with the cash you need for a new home. Many Canadians looking for new alternatives are having to get creative. For some folks, it may be as simple as finding friends or family to take the journey with them, or sharing their homes with others.
Co-Ownership
It’s not often discussed, but any adult can buy a home with any other. Those individuals become tenants in common in the property.
Sharing the mortgage may sound like a hassle, but that debt can be formally split according to how much debt each person wants to incur. Albeit, each mortgage applicant is wholly responsible for payments if the other defaults.
Tip: We highly recommended speaking with a lawyer to set up such a co-ownership arrangement, especially when it comes to actually living in the space. Things can get tricky if one person wants to sell their interest or move before the other.
However, co-owners don’t always have to reside in the same house. Family members, like Mom and Dad, can contribute part of the down payment and be non-resident co-owners (or they don’t need to be owners at all)…
