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What’s the best mortgage for first-time home buyers?
– moneysense.ca
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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)…
What it’s like to be a first-time home buyer in Ontario—for real
– moneysense.ca
Get the mortgage rate that works for you.Find the best rate for you in under 2 minutes at ratehub.ca. Let’s get started.I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.
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…