There are plenty of ways to purchase a home with no down payment. This does not mean you get to completely forgo this part of the payment. Rather, it does not need to be paid initially.
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If you are a foreign investor or homeowner you’ll want to be acutely aware that Canada has many housing taxes that have been introduced throughout the recent years. While most provinces will have similar approaches, **below is how Ontario and British Columbia** set the various taxes that apply when you just buy a home and on a yearly basis for both locals and foreigners.
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As of September 2019, The federal government intended to make homeownership more affordable for young people by introducing the First-Time Home Buyer Incentive (FTHBI) - but is it worth it?
As someone who might be self-employed or if you are friends with an entrepreneur, you’ll likely appreciate a similar scenario when I was on CBC’s Dragons’ Den. Like the government, the Dragons’ wanted to inject capital in my venture to allow us to afford to be an entrepreneur for longer, and with faster growth. But it came at a cost.
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Before you consider putting in a firm subject-free cash offer, you need to understand the risks involved and understand that usually this can backfire because of something being wrong with the property instead of your paperwork.
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75% of Canadians choose fixed-rate vs variable-rate mortgages because they want the "peace of mind" of paying the same every month and the rate not changing on them...but do they have the full picture? And what is best for you?
Most home buyers are unaware of the advantages when choosing a variable rate and have some misconceptions based on its name. Based on the past decade and a half, variable rates have been slightly lower than fixed rates, aside from 2007 and 2019. This may sound like a no brainer for a lower rate, but before you start leaning to one side instead of the other, let’s take a step back and understand what a fixed and variable rate means and the pros and cons of each. To conclude I’ll provide case studies on how to leverage a fixed and/or variable rate so you can determine which one is right for you.
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Any mortgage calculator can whip up estimated monthly mortgage payments but what is often left as a surprise with many future homeowners is the addition of one-time closing and total recurring monthly costs in which the latter can account for approximately 40% of the monthly mortgage costs!
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After a series of good news the last few weeks with mortgage rates dropping below 2% and the easing of the stress test, home buyers with under 20% down payments are about to afford 10-15% less starting on July 1st.
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A collateral mortgage is a type of mortgage product that is “re-advanceable,” which means the lender can loan you more funds as the value of your home increases without the need to refinance your home loan. In this case, your lender would register your property with a collateral charge, often for a higher amount compared to the loan amount required.
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Most people who spend hundreds of hours house-shopping online don’t realize that spending a mere 28 minutes getting a mortgage pre-approval can make them $10,000 wealthier while getting protection from losing thousands of dollars.
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Only one-third of Canadians check their credit score before applying for a mortgage. Even fewer actually know what factors can improve or damage their credit score.
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If you’re new to Canada and want to start looking into your mortgage options, you’re in luck. Given the increasingly closed-off immigration policies in America, Canada knows that its policy to openly encourage immigration comes at an opportune moment.
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With the stress and hard work of being Self-employed, people often forget to plan for the foundations of setting themselves up for their future mortgage.
Additionally, Self-employed Canadians are finding it increasingly difficult to qualify for their ideal mortgage as stress tests and financing get tougher. It’s hard to balance out saving taxes with reduced income declarations and the realities of stress tests.
Here are three foundational things to not forget to do before you’re ready to actively find a mortgage that’s best for you.
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