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.
Increasingly Canadians looking to buy a house are seeking more information from the professional helping to secure their mortgage. They look to their mortgage expert for good financial advice, guidance and some level of consultation on what most likely is the biggest investment of their lives. Mortgage experts are now on the front line when giving advice to new homeowners on how much they should borrow and at what rate.
What if you had access to additional funds at great mortgage rates that you could borrow at your leisure? Sound like a dream? With a readvanceable mortgage you can actually make the equity you have built in your home work for you now, rather than later. Here’s how.