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.
As mortgage professionals, we are sometimes asked to solve problems slightly outside the scope of our mandate. Naturally, we must take care not to position ourselves as tax experts, accountants or lawyers..... More »
We are excited to announce that RateSupermarket.ca will become RATESDOTCA. Don’t worry, besides a name change, how you compare the best credit cards and mortgage rates will remain the same. What does this mean for you? Our name is changing, but rest assured, everything else will remain the same. .... More »
What’s in a name? Well, in the case of the Canada Housing and Mortgage Corporation, “mortgage” likely won’t be for much longer. The housing agency announced last week that it will be undergoing a rebranding in the coming months to better reflect its mandate. CEO Evan Siddall .... More »
Rates are at all time lows and are expected to stay that way for a while! This means payments can’t go much lower. Let’s put interest rates and mortgage costs in perspective. Here is what MORTGAGE PAYMENTS on a $400,000 mortgage look like with a 30 year amortization: .... More »
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…