People tend to rely on mortgages to fulfill their dream of buying a home. Besides the financial relief that they can get from it, it will also allow them to focus on other expenses that they may incur along the way. The thing is, things are way different in Canada than it is in the U.S., that is why one must familiarize themselves with the differences so they may get a great deal out of it.
Read MoreRefinancing a mortgage allows the borrower to move their existing mortgage somewhere else with more favourable terms. In a place like Canada, refinancing a mortgage is ideal for many people because the terms are generally more relaxed. However, despite its benefits, many people don't often choose mortgage refinancing for various reasons, such as sticking with their current terms or not knowing of it in the first place.
Read MoreAre you looking for a mortgage to purchase your new home? One of the biggest concerns you should have is its interest rate. Sure, different mortgages come with different rates—some higher and some lower. However, you need to be aware of two types of rates: fixed and variable.
Read MoreFor many, buying a home for the first time can be just as exciting as it is exhausting. It’s exciting because you're taking a leap in the right direction in terms of building equity and security. It's scary because it's a huge financial decision that can be very risky if you're not careful.
Read MorePerhaps one of the most important factors lenders will consider is your credit score when it comes to mortgages. With this, you'll get to qualify for different mortgage rates, allowing you to make big purchases.
Read MoreFor many individuals living in Canada, owning a home is a dream that they have. Of course, the reason behind this may vary. Some may simply want a home of their own to live in, while others see it as a lucrative business opportunity to up their income. Regardless, as a homeowner, there are a lot of responsibilities, and it isn't for everyone.
Read MoreSecond mortgages can be a smart financial decision as long as you understand the risks, and look at it as an investment into something that may have bigger returns in the future. Higher education, renovations, debt consolidation, and smart investments are usually the main reasons to take this on. Not only will this give you extra cash, but it can also protect your investment. However, before you jump on this decision, you must take time to research and understand the idea first.
Read MoreYou are planning to buy your first home, but you may be wondering if you are making the right choice. Purchasing a house can seem like an overwhelming endeavour, but that does not mean that you cannot succeed at it if you arm yourself with the right strategies.
Read MoreIt's not impossible to get a loan in Canada if you're self-employed. Usually, that just means more documentation is required. Largely, it's so that clear proof comes through about your income. If you had a regular employer you'd get paychecks and the like; since you employ yourself, you need to prove how consistent your pay is and for how much.
Read MoreWelcome to Canada, your home sweet home. Or so you would think, considering the dramatic increase in newcomers settling down across the great nation. If you’re one of these new Canadians, or even if you’re thinking of making the move, there are a few challenges we all share, and it might be time to prepare yourself for them ahead of time. What are they?
When you move to a new country, it can be challenging to adjust to the culture and begin a new life. As a result, several financial institutions provide mortgage choices for immigrants to aid their transition into homeownership.
Read MoreDid you know that you can get a loan to renovate a home that you are purchasing? You can add the costs to your mortgage using what is called a Purchase Plus Improvements mortgage. Of course, this only applies to properties you intend to purchase in Canada.
Read MoreWhen should you lock in your variable into a fixed rate mortgage? If you are buying a home this year, which option will save you the most money? If you understand the innate differences between fixed and variable rates then the below breakdown will help you make the best educated decision.
Read MoreThe terms credit score and credit rating are more or less used interchangeably in casual conversation, but there is a difference. A credit score ranges from 300 to 900. Nine indicates the highest risk for payment default, while a credit rating is one to nine and is specific to individual accounts or tradelines that appear on a credit report.
Read MoreWhile buying a house can be a rather daunting experience, there are ways to make it easier. Considering how grueling this process can be, it would be in your best interest to do all you can to make buying a house go more smoothly. One of the best ways to make buying a house easier is the First-Time Home Buyer Incentive.
Read MoreConsider the following scenario: you've been looking for a home and have seen numerous, each time acquiring a better picture of your perfect home. Then there's the perfect house. However, there is a snag: the property is not yet ready for occupancy, and you lack the finances to complete the necessary renovations. A loan for the purchase and improvement of a home may be advantageous.
Read MoreAs a homeowner who wishes to unlock the equity that you’ve already built up in your current property, you might have been toying with the idea of getting a second mortgage. However, you might be wondering if it is indeed the best choice for you.
Read MoreBuying your dream home is something not all people have the means to do for many reasons. They could be in a financial state where getting approved for a mortgage is extremely difficult due to bad credit or having a low income. However, there are ways to get your mortgage approved with the help of a co-signer or guarantor. For the uninitiated, these two terms may seem confusing or unfamiliar. This guide will help you understand the difference between the two and which option would be more suitable for you.
Read More57% of Canadians don’t check their credit scores. Your credit score can determine whether or not you are granted a residential lease or a mortgage? It also has the power to determine your quality of life by controlling things like purchasing a vehicle. It's incredibly important to maintain a good score and be consistent over time.
Read MoreOne of the most common questions in personal finance is whether to cancel unused credit cards. After all, if you aren't using the card, why keep it?
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