Open or Closed? Do you know which option is right for you? Closed mortgages provide lower interest rates than open mortgages. Nonetheless, open mortgages include a smaller amount of fees. What is a Closed Mortgage? Closed mortgages cannot be prepaid, renegotiated or refinanced prior to maturation without paying a penalty. The majority of closed mortgages do provide a little flexibility … Read More
Preparing For Your First Mortgage
Four moves to make when getting ready for your first mortgage. Step 1: Know What You Want Should your mortgage be fixed or variable? Fixed Mortgage Rate: Enables you to “lock in” a predetermined rate for a set amount of time (term). Variable Mortgage Rate: This type of mortgage rate changes monthly according to the mortgage lender’s prime rate. Anyone … Read More
Seller’s Market vs. Buyer’s Market
Understanding the housing market Have you ever wondered who decides how much a house is worth and how they do it? The market is influenced by a variety of factors, all adding to the final asking price. A few of the factors include: Tempo of the market– the speed at which homes are currently selling Confidence in the economy– prices … Read More
Should I Rent Or Buy?
Are you ready to take the leap into homeownership? Weighing out the pros, cons, costs, and considerations is the best way to help you determine if you are ready to own a home. Renting Pros Renting is a wonderful first step to living on your own. Given that it lacks long term commitment many rental agreements generally only last one … Read More
Should I Use RRSPs For A Down Payment?
Bulk up your down payment with help from your Registered Retirement Savings Plan. The Home Buyers’ Plan (HBP) is a program from the Government of Canada that allows first time home buyers to withdraw up to $25,000 from their RRSP towards their Canadian mortgage rate down payment for their first home, tax free. How Does the Home Buyer’s Plan Work? … Read More