Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Q. I have an investment property that I rent out. Now that I’m retired, I would like to use the income to supplement my retirement income. That would leave me with no money to pay the expenses on the property (mortgage payment, maintenance, utilities, etc.). I’m wondering two things: One, can I .... More »
“Is it better to pay down our mortgage or ramp up contributions to our teen’s RESP?” + MORE Nov 30th
Q. My husband and I, both in our early 40s, bought a house in Toronto four years ago. Since then, our variable rate mortgage has gone up four times and is now at 3.2%. We have managed to pay down $150,000 of our mortgage in those four years with the extra bi-weekly payments and have $260,000 remaini.... More »
There’s no denying the mortgage industry—like many others—is in the midst of a digital transformation. Depending on your perspective, that’s something that can either be feared or embraced as a new opportunity. The fear, of course, is that as the industry moves towards greater automa.... More »
Have you received a different credit score from a credit monitoring website than you did when applying for a car loan or mortgage? This isn’t just surprising for you: it’s a likely result. Canadians can use several free credit report sites to monitor their credit; they can also pay for .... More »
Many people are shocked to discover that the amount they can borrow decreases drastically when they retire because the stress test looks at your income.