If you are approaching the finish line of your mortgage payments, immediately close the browser and begin to celebrate. After all, paying off your mortgage is the biggest dream of every homeowner. Meanwhile, people who have one or more mortgage terms remaining should consider mortgage renewal as an opportunity to negotiate. Mortgage Renewal Process The process of […]
Mortgage interest rates make up a more daunting figure for home buyers than the actual price of the property, since the latter is significantly affected by persisting rates. Federal and private mortgage lenders set their rates with a goal of managing risk, whereas, borrowers indisputably seek the lowest rates. Income and financial status of borrowers affect […]
A significant drop in mortgage rates usually increases applications received by mortgage lenders. Mortgage refinancing is a procedure through which new mortgage payoff is attained in place of an existing mortgage. The new lease is usually an improved version with new terms. The biggest reason for refinancing a mortgage loan is reducing monthly payment […]
As market conditions in Vancouver are fluctuating every day, buyers are increasingly concerned. The Real Estate Board of Great Vancouver says that this April in 2018 saw a 17-year low for the month in buying trends. They said that homes and condominiums sold in Metro Vancouver registered a decline in value. Many more properties were […]
There are more and more self-employed people entering the Canadian market in recent years. The numbers have risen by over one million from 2001. Self-employment also means precarious earnings for many. With lack of steady income, it becomes harder for them to invest in a home. They are among the first to be refused by […]
If you are looking to buy a home, you have to look at a bank or mortgage broker to help you with the funds. There are very few who can afford to buy a home without a mortgage. What is a mortgage? Simply put, a mortgage is a loan that you borrow from a […]
How Canada’s New Mortgage Stress Test Affects You Since January 1, 2018, all Canadians renewing or refinancing a mortgage are required to pass a stress test to prove that they can handle a 2% interest rate increase. 2% might not sound like much to some, but it’s a lot, particularly when dealing with homes that cost […]
Can Canadians Deduct Mortgage Interest From Their Taxes? The short answer for most Canadian homeowners is no. While our American neighbours get to claim interest on their mortgages as a tax deduction, the Canadian tax system simply does not allow it. There are exceptions, however, so read on to learn more. How Come Mortgage Interest […]
There was a time when dad went to work, mom stayed home to raise 4, 5, 6, 7 (or more) children on dad’s wage, and everyone lived comfortably in a nice house and drove a newer car. Times have sure changed! Inflation has driven costs higher, and it’s driven them faster than our wages have […]
In our office, we have a lot of people coming in or contacting us via email or phone about a mortgage. And we tend to get the same questions all the time (don’t worry, we love it!) So we compiled a little list of the top 4 questions we get asked all the time: Questions […]
