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
Understanding Mortgage Insurance and CMHC
Do I really need mortgage insurance? A down payment serve as a form of security– so the larger your down payment, the better. If you have a greater amount of equity built up in your home, unforeseen circumstances may be more easily managed, and you’ll be less likely to default on your mortgage. Lenders commonly group low mortgage rate shoppers … Read More
Using a Home Equity Loan for Debt Consolidation
Have you considered this popular alternative? The biggest debt you are going to deal with as a property owner is your mortgage. With the right approvals, you are able to borrow against the equity of your house with a home equity loan. What is a Home Equity Loan? This style of loan is somewhat different to a home equity line … Read More
Ways to Obtain a Mortgage When You’re Self-Employed
Own your own company? Find out how you could have a house too! Data shows that almost 20% of all income earners in Canada are now self-employed. Today, lenders desire evidence of a steady income. Here are a couple of ways to ease the process and raise your possibilities of obtaining a low mortgage rate. Document Every Penny You’ll be … 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 … Read More