Mortgages

Buying a home is a long-cherished dream of many Canadians. However, the process is not easy, especially with a limited income. You will have to look at all the options and related risks involved to make a safe decision. One of the things you need to know is the mortgage stress test.

Perhaps you have been thinking about buying a new home and even have your eye on the one that you would like to buy. Before finalizing the process, take the time to know of the need to pay the land transfer tax.

When you buy a home, you need a mortgage down payment. Learn everything about it if you’re planning to buy a new home in Canada.

Are you planning to buy a home? Do you want to know how to make it possible? For many people, having their own home is a lifelong dream. However, the rising housing costs make it nearly impossible to do so.

In Canada, home buyers are required to get mortgage default insurance if they pay a down payment that is lower than 20% of the cost of the home. This type of insurance serves to protect the lenders in case the buyer defaults on their loan mortgage payments.

Table of Contents Home prices across Canada are skyrocketing. According to the Canadian Real Estate Association (CREA), the national average home sale reached $661,788 in July 2021. With homes selling in larger volumes and at higher prices across the country, homeowners considering buying or selling are curious about fees associated with this expensive transaction. In… Continue reading Real Estate Commissions: Everything You Need To Know

Mortgage Payment Frequency   When taking out a mortgage, you have the option of choosing the payment frequency that suits you the most. Canadians have five different mortgage payment frequencies to choose from: monthly, bi-weekly, accelerated bi-weekly, weekly and accelerated weekly. While monthly payments are the most common, you can opt for more frequent payments… Continue reading Mortgage Payment Frequency

Mortgage Amortization Explained Amortization for your mortgage is the length of time it takes for the loan to be paid off. In Canada, the maximum mortgage amortization period depends on the down payment amount. The limits are a maximum of 25 years when the down payment is lower than 20% of the property’s purchase price… Continue reading Mortgage Amortization Explained

Mortgage Terms Explained   A mortgage term is defined as the length of time you’re committed to a specified mortgage rate, lender and parameters defined by that lender. At the end of a mortgage term, the borrower can pay off the remaining balance, renew the mortgage term, refinance the mortgage, or change lenders. Canadian homeowners… Continue reading Mortgage Terms Explained

First Time Home Buyers Guide: 2023 Edition   In 2018, 457,600 Canadians purchased a home, that’s a lot of people for one year! Purchasing a property is one way of investing your money, which explains why buying a home is a popular endeavour for many Canadians. Not only does investing in a home help you… Continue reading First Time Home Buyers Guide: 2023 Edition