Are you thinking about buying a home within the next year, but can’t seem to save the down payment and closing costs fast enough? Here is a trick to get you there much faster by using the Home Buyers Plan which smartly leverages RRSP loans and gets you a tax refund in the thousands.
In the case study below, a young couple made $21,000 appear overnight by smartly using RRSP loans and then applying for a mortgage.
Read MoreAs people make a furious rush to either upsize or downsize in a hot market, there are some often overlooked mortgage strategies to consider when buying and selling real estate at once. Failing to plan ahead can cause some serious stress and jeopardize the potential of your new home.
Read MoreIf 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.
Read MoreAs 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.
Read MoreStarting June 1, 2021 you might need to save $20,000-$45,000 more to afford the same home after an announcement last week by the Office of the Superintendent of Financial Institutions (OSFI). As of now, this only applies if you are planning to have 20% down payment or more.
Read MoreBefore 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.
Read MoreAll the murmurs of fixed rates rising finally came to fruition as rates jumped as high as 3% overnight. This means that someone seeking a $500,000 mortgage needs to pay almost $1000 more a year than they did yesterday - procrastinating is getting expensive. Get pre-approved to have your rate reserved and consider a variable rate that is rumoured to go down in the coming months.
Read MoreAs you start to consider buying your personal home or investment property, it’s important to consider how world-class design can impact the space. In an exclusive interview with the Director of Armani Casa, Nora Szeleczky, we uncover how the global Italian fashion giant approaches home decor so you can live boldly or home stage your place at a new level.
Read MoreThe addition of a 2nd reverse mortgage provider combined with the COVID-19 pandemic has been a catalyst in setting record low reverse mortgage rates which provide a steady stream of cash flow for baby boomers who have worked hard enough in their life but simply have not been able to save enough money to enjoy their golden years.
Read More75% 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.
Read MoreWith 15% of Canadians now being self-employed and COVID-19 being the catalyst to increasing this number, lenders are taking notice by reviving their stated income programs for entrepreneurs to afford more even though they declare less income.
Read MoreAny 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!
Read MoreAfter 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.
Read MoreA 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.
Read MoreMost 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.
Read MoreRefinances let you tap into your home's growing equity and save money which can be a lifesaver especially in hard times. In this post, we talk about how it all works alongside what it looks like in action with some case studies about how clients on our team used the power of refinancing to save money and pay off expensive debt.
Read MoreAs the COVID-19 global battle ensues, there have been decisive action by the Canadian government to give small businesses and workers the best chance of weathering the storm. We have compiled a live list of government grants and cash flow strategies that we believe are worth consideration for your small business so that you can continue to save for a mortgage down payment or make current payments on time.
Read MoreAs COVID-19 escalates dramatically in the second week of March 2020, several changes in the mortgage world directly start to affect homebuyers in both advantageous and potentially detrimental ways.
In the webinar above, Paul Davidescu speaks to the record low mortgage rates and how they are starting to trend upwards as lenders put in extra precautions and some even close their doors. We also cover the new-new stress test which replaces the one announced last month, and finally, we cover what else you can do as a current homeowner or renter to thrive in times of uncertainty.
Read MoreThe silver lining of the Coronavirus pandemic is that those who are in the market for a new home or investment property may be in for some big savings. Along with the outbreak of COVID-19, we’ve also seen mortgage rates drop to as low as two percent— which means now could be the perfect time to refinance or purchase a new home. If you’re curious how and why the Coronavirus is affecting the real estate market, and what this could mean for you, read on.
Read MoreOnly 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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