The Rookie Home Buyer Cheat Sheet

Rookie Home Buyer mistakes

July 12, 2013

Entering the mortgage market can be incredibly overwhelming for first time home buyers (heck – it’s a lot for anyone to take in!). With summer traditionally such a hot buying market, this week’s Money Wise guide is all about common first timer pitfalls – and what you can do to avoid them!

From choosing your mortgage term to dealing with new affordability rules, we’ve got you covered. Read on, and you’ll be well on your way to making your best decision for home, sweet home.

Should You Choose a Long Or Short Term Mortgage?

Scoring the lowest interest rate is often top of mind among mortgage shoppers – but choosing the right mortgage term length can have a profound effect on the what payments will look like.

A long term mortgage provides stability, while shorter terms offer flexibility and the ability to move with the market – but which is right for you? Read on to find out!

Read Allan’s Blog | Long Or Short Term Mortgage?

CMHC Mortgage Changes: 1 Year Later

It was this time last year that the CMHC shook up the housing market with affordability restricting rules. These changes included the capping of amortization periods to 25 years among high-ratio borrowers, sending some would-be buyers back to the savings drawing board.

Concerns have persisted on the impact of these developments on the housing market and economy as a whole. So, on the anniversary of change, how do things stand?

Read Diane’s Blog | CMHC Mortgage Changes: 1 Year Later

Stigmatized Properties: Would You Buy A “Murder Home”?

Stigmatized properties are homes where crimes, death, or drug trade may have occurred. Often, they sell for far below market price – but could you bring yourself to live in one, even for a bargain?

Here’s what you need to know if considering such a property – and your rights as a buyer should you be caught by surprise by your new home’s history.

Read Melanie’s Blog | Would You Buy A Murder Home?

What’s happening in finance news this week?

Bank of Canada Rate Bias: Why It Matters

With no change made to the Bank of Canada’s Overnight Lending Rate since September 2010, economists look the the perceived “rate bias” indicated in the wording of rate announcements. This bias is seen as a hint of where rates may go next, and are powerful enough to influence global markets.

Read Rubina’s Blog | Bank of Canada Rate Bias

Backyard Renos That Boost Your Home Value

Looking to create your own personal slice of paradise? Backyard renovations can provide the perfect setting for a money-saving staycation – AND will boost the equity of your home, to boot!

Read Andrew’s Blog | Backyard Renos That Boost Home Value

Temporary Foreign Workers: Helping or Hindering?

The Temporary Foreign Workers Program was introduced to help fill the job gap in some industries. However, misuse has caused scandal and resentment among Canadian job seekers.

Read Sean’s Blog | Temporary Foreign Workers

A History of Pensions

Retirees face a number of pension plan challenges as interest on savings reaches record lows while debt remains high in Canada.  But it wasn’t always this way. Read on to see how pension plans have evolved over the past few decades.

Read Sean’s Blog | A History of Pensions

Mutual Funds: Often An Expensive Choice?

One area of confusion surrounding mutual funds is cost and commissions. How can investors get the real answer from their financial advisors? Read on to learn about the fees associated with your investments, and what to ask your advisor.

Read Gord’s Blog | Mutual Funds: Often an Expensive Choice

Got a finance question? We can help! Tweet us at @RateSupermarket with the hashtag #MoneyWise for some TLC, ASAP!

Also be sure to shoot us a comment, or visit us on Facebook! Thanks for reading this week – P


Related Topics

Buying A Home / First Time Home Buyers / Mortgage News / Mortgages

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