Think you are ready to be a homeowner? Here’s exactly how you can tell! 1) You have a budget Factor in homeowner’s insurance coverage, property tax, fees, upkeep costs, and the best available home mortgage rate. 2) You have a sizeable down payment. Generally, you’ll need a down payment worth 20 % of the house price. 3) You have a … Read More
How to Negotiate Your Mortgage Rate
It’s time to start bargaining! It goes without saying that you would like to secure the lowest possible mortgage rate. With that being said, negotiating your best mortgage rate will entail some homework. This way, you’ll be able to work out a fair request. Here are a few tips on how to negotiate the best Canadian mortgage rate. 1. Be … Read More
How to Prepare For Mortgage Rate Increases
Can your budget handle a rate increase? There is a bunch of talk about Canadian mortgage rate increases. The single biggest investment most Canadians make is their home; this represents almost 40 % of the average family’s total assets. The big problem at the moment is that many Canadians are living in homes they won’t be able to afford once … Read More
Is It Worth Refinancing My Mortgage?
Should you refinance early in order to benefit from low rates? Are you considering refinancing your mortgage? Early refinancing has become a bit of a trend; not surprisingly though, everybody is aiming to save money where they can. Securing a new loan with far better interest rates for your home might mean saving money on monthly low mortgage rate payments, … Read More
Land Transfer Tax
How much is the land transfer tax in your province? Each province has a land transfer tax, with the exception of Alberta and Saskatchewan. Ontario, British Columbia, Prince Edward Island and the city of Toronto offer land transfer tax rebates for first-time homebuyers. Considering purchasing some property? Be sure to review land transfer taxes when completing your budget and considering … Read More