Are you a savvy home buyer… Or do you have your head in the sand? Despite the gravity Canadians place on home ownership (92% felt it’s an important life milestone in our recent survey), a surprisingly large number of us are still unclear on the home buying process.
This week, we’ve explored some of the biggest mortgage misconceptions: from reading your agreement to avoiding a bidding war, read on to learn more.
How a Bidding War Can Cost You Your Mortgage
In Canada’s hottest markets, engaging in a bidding war when house hunting is the norm. But your bank may not agree with your new home’s value – and they won’t cough up the funds you need for a mortgage. Here’s what you need to know about bidding wars, and when to walk away from one.
Read Allan’s Blog | How a Bidding War Can Cost You Your Mortgage
May Mortgage Rates to Rise Amid Global Bond Sell Off
Well… those record lows couldn’t stick around forever. Fixed mortgage rates may be in for a small hike this month as bond yields rise, according to our expert Mortgage Rate Outlook Panel. What will this mean for your short-term borrowing costs? Read on our expert’s full monthly forecast.
Read Penelope’s Blog | May Mortgage Rates to Rise
Two Thirds of Canadians Don’t Understand Their Mortgage Agreement
Would you sign away hundreds of thousands of your hard-saved dollars without fully understanding the contract? Seems like lunacy – but it’s a reality for two thirds of Canadian mortgage borrowers, according to a new Scotiabank survey. 33% of buyers said they didn’t read the entire contract – and of those, only 27% said they were clear on the fine print.
Here’s what you need to know to be an informed home buyer.
Read Andrew’s Blog | Two Thirds of Canadians Don’t Understand Their Mortgage
New TFSA Contribution Rules: What You Need to Know
The new TFSA contribution rules state Canadians can save up to $10,000 annually tax-free. But confusion still persists over how these accounts work. Here’s what you need to know.
Read Sean’s Blog | New TFSA Contribution Rules
Oaken Financial Adopts Cafe Banking Concept
Cafe banking – where clients are invited to sit and chat about their financial needs – is a growing trend in Canada. Oaken Financial is the latest lender to introduce this model, and MoneyWise was invited for a sneak peek. Check out our review.
Read Derek’s Blog | Oaken Financial Adopts Cafe Banking Concept
This week, we asked our Twitter followers:
Would you switch banks if they hiked your account fees?
The response was overwhelming – 85% of poll takers said YES – a rate hike would absolutely make them switch!
15% said they’d stay put to avoid the hassle of making a move.
What’s your favourite type of credit card rewards? Cash back, travel, gas, or specialty retailer?