When Prepayment Penalties go Too Far
Prepayment penalties are nothing new. If you get a Toronto mortgage (or a mortgage anywhere in Canada for that matter) and you want to pay it off early, you’ll need to pay a certain amount in prepayment penalty fees in order to do it. While these fees are something that every homeowner tries to avoid…
Read moreManulife Loving Mortgage Changes
It’s been the same story for over a year now. The government of Canada sees a problem with HELOCs and home equity loans in Canada and so, they tighten up the rules a bit. Afterwards, economists and analysts praise the Finance Minister, while banks get in an uproar about how they’re unnecessary. Of course, why…
Read moreCanadians want to be Mortgage-Free by 55, and they Can!
If someone were to tell you today that they wanted to be free and clear of their Toronto mortgage by the time they turn 55, would you laugh outright? Or perhaps wish them the best of luck while walking away and snickering behind your hand? Sure, in today’s housing environment with high prices that are…
Read moreCMHC Changes: Good, Bad, or Indifferent?
There’s been a huge amount of talk this week surrounding the most recent changes made on mortgages in Ottawa. While this one – the changing of CMHC’s oversight and governance – isn’t nearly as severe as the other changes Ottawa has made, Jim Flaherty is still hearing a lot about it. Some think the changes…
Read moreMore Canadians Choosing Shorter Amortizations
There are lots of ways Canadians are trying to save money on their mortgages. Just two days ago we told you about how more Canadians are choosing the budget-friendly fixed rate over the variable rate, which is thought will be going up quite soon. But now, we’re finding yet one more way to save money…
Read moreIs the 30% Rule a Good One?
“How much home can I afford to buy?” That’s often the biggest question people have when they’re looking to take on a Toronto or Ottawa mortgage. And while the first thing they do is often to jump onto an online mortgage calculator and try to figure it out, there is a much simpler way –…
Read moreThe Assumable Mortgage: Another Opportunity in Low Interest Rates
Everyone knows that when you buy a home, even though you may have the debt of a Toronto mortgage, in several years that mortgage is going to turn into one huge asset. This is after all, one of the biggest draws of home ownership – and one that many have been able to realize thanks…
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