Borrowing money for a down payment can help get you into a house faster. Learn the pros, cons and alternatives.
Here’s what to consider if you want to buy a new home, refinance or accelerate the pace of your mortgage debt payments, so you can avoid prepayment penalties.
Are you thinking about refinancing your mortgage? Early refinancing has become a bit of a trend; not surprisingly though, everyone is looking to save money where they can. Obtaining a new loan with better interest rates for your home could mean saving money on monthly mortgage payments or using the extra money on other projects such as renovations or making investments.
Debt by the Numbers: new cbc program reveals the shocking statistics of Canadians’ finances
A reverse mortgage is a home equity product that allows home owners aged 55 years and older to access up to 55 per cent of the value in their home. Home owners can choose to receive the money…
The concept of buying a starter home and eventually buying something bigger and better may be obsolete – a CIBC study finds the price gap between starter and higher priced homes to be too wide for homeowners looking to move up, even if they have equity from their first home.
Property tax deferral programs, created to help seniors maintain affordability in their homes, are gaining traction across Canada.
The concept behind a Home Equity Line of Credit (HELOC) is simple – leverage your home in return for a hefty line of credit to draw from. However, it’s the underlying challenges associated with HELOC variable interest rates that makes a HELOC a tool best reserved for the thrifty and financially astute.
Jim Flaherty’s new rule announcement for amortizations and refinancing has left a lot of Canadians puzzled this morning – what will this mean for those already in government-backed plus-25-year mortgages? And is there a silver lining when it comes to mortgage interest paid over time?
Finance Minister Jim Flaherty announced this morning new mortgage rules for Canadians. The maximum amortization period for government backed mortgages has decreased from 30 to 25 years. And the amount that Canadians can borrow against their home equity has been reduced from 85 per cent to 80 per cent.