Should I Use RRSPs For A Down Payment?

familylendingMortgage Talk Canada

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

familylendingMortgage Talk Canada

Do I really need mortgage insurance? A down payment serves 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 managed easier, and you’ll be less likely to default on your mortgage. Lenders commonly group low mortgage rate shoppers that … Read More

Should I Rent Or Buy?

familylendingMortgage Talk Canada

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

Mortgage Fundamentals: Pre-Approved Vs. Pre-Qualified

familylendingMortgage Talk Canada

What’s the difference? There are several stages of the Canadian mortgage rate approval procedure when you apply for a mortgage. It is essential to understand what they are and what they really mean. What is Pre-Qualification? This is the initial step of the low mortgage rate approval process wherein your mortgage broker takes a look at your overall earnings and … Read More

Making a Budget

familylendingMortgage Talk Canada

Make a budget and find out the best ways to manage your mortgage money better We recently took a look at the expenses beyond securing a low mortgage rate, the purchase price that you should anticipate to pay, and the expenses related to moving in. Now it is time to have a look at your ongoing month-to-month expenses, ways to … Read More