Looking to get on the property ladder but strapped for (down payment) funds? Here, we reel out the insider scoop on High-Ratio Mortgage. If there’s anything that gets Canadians bogged down other than having to buy something online and realize a tad too late that it’s in USD and not CAD, it’s a Mortgage. .… Continue reading What is a High Ratio Mortgage?
$362,654 in cash up front and an annual income of $213,149. That’s how much you would need to buy a detached house in Toronto. We wanted to do some analysis and find out what it would take to qualify for a mortgage to purchase a detached house in Toronto, so we did just that. We… Continue reading You Need to Have $362,654 in the Bank to Afford a Detached House in Toronto (and an Income of $213,149) – Analysis
Your credit score is incredibly important to maintain, whether you acknowledge it or not. Having a good score is vital when applying for a personal loan, leasing a car, or applying for a mortgage. Maintaining a good credit score can be difficult and requires work, but it’s manageable if you understand how it works. High?… Continue reading What is a Good Credit Score in Canada for a Mortgage?
If you’re in the market to purchase a home and qualify as a first-time home buyer, the Government of Canada offers an assistance program you might want to consider. The program is called the First-Time Home Buyer Incentive. Introduced in 2019, the program aims to make homeownership more achievable and affordable for first-time buyers across the… Continue reading Guide to the First Time Home Buyer Incentive
The Canadian Housing Market is going through turbulent times as of late, with a 57% drop in sales activity for April. April also saw a year-on-year decline in the average price of houses sold. Things have changed considerably since the Canadian Real Estate Association (CREA) made their forecasts in December last year, which estimated that the Residential… Continue reading The Canadian Housing Market: More Questions than Answers?
The COVID-19 crisis has created a dent in the Canadian economy with almost 3 million Canadians unemployed in the months of March and April alone. To provide a stimulus to the economy, the Canadian government introduced several measures, one of which was encouraging financial institutions to expedite requests for deferral of mortgage payments. What is a mortgage… Continue reading Deferring Mortgage Payments during COVID-19
With wide-spread layoffs, reduced hours, and general job insecurity, thousands of Canadian households have been thrown into a financial tailspin by the coronavirus pandemic. In one recent news report, Hamilton homeowner Kim Petrie – whose three grown children have all lost their jobs – summarized mounting concerns when she said, “There’s a lot of uncertainty, fear,… Continue reading Managing Your Mortgage During the COVID-19 Crisis
When it comes to finances, most Canadians have the same two goals: buy a home and get out of debt. And it can feel like working towards one of those goals makes the other even harder to reach. That’s where a high ratio mortgage often comes into play. In simple terms, a high ratio mortgage… Continue reading What is a High Ratio or Insured Mortgage? (2020)
If you’ve been building equity in your home, why not use it to your advantage? You can perhaps get a better interest rate, pay for a home renovation, or pay off other high-interest debts. You may be able to achieve any of these things and more by refinancing your mortgage. What does it mean to… Continue reading What does Refinancing a Mortgage Mean?
When choosing a mortgage, it’s important to consider whether you want a closed term mortgage or an open term mortgage. The debate between a closed vs open term mortgage is one that’s worth spending some time on. Understanding the difference between them will help you make a smarter mortgage choice, so here we go. What is… Continue reading Open vs Closed Mortgage: What’s the Difference