Things to Consider Before Co-Signing a Mortgage
On Monday we began our mini-series about co-signers and mortgages in Canada. While we covered who they were, what they do, and how they can be a great help to home buyers, there are still a few things you need to consider if you’re considering being a co-signer for someone’s mortgage. Most of these revolve…
Read moreYou’ve Paid Off Your Mortgage! What Comes Next?
So many people wait and wait for that blessed day when they make their last mortgage payment and own their home free and clear. The average monthly Canada mortgage payment is about $1,500 – that’s a large chunk of change that’s left over each and every month when it’s all paid off! But, what do…
Read moreIs Canada’s Pension System Really so Bad?
“With all the bombardment of talk regarding the vast amount of Baby Boomers that are heading into retirement now or in the next few years, people are worried. Combined with rising debt levels, those retirees are worried about their Canada mortgage and how they’re going to pay it off when they no longer have income…
Read moreShould you Pay your Canada Mortgage with a Credit Card?
“So often we speak of the evil of credit cards. How they’re high interest rates are going to keep you locked into debt for years to come, and how they’re considered “bad” debt in the finance world. But let’s be realistic. There are times when having a credit card to fall back on can be…
Read moreMortgage Debt for Canadians is Going Down
For months we’ve been hearing about how Canadians need to start taking their debt seriously. The federal government started that ball rolling early in the year, putting tighter restrictions on secured line of credit borrowing. Canadians in turn, started to take their own debt seriously. Maybe because of the economic uncertainty around the world, or maybe just to keep our economy’s head above water – something we managed to do even during the recession. But among all the talk, there was always one exception – mortgages
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Need a Co-Signer or a Guarantor? Know the Difference!
As Toronto mortgage brokers, it’s something we see quite often. A person wants to apply for a mortgage, but they know they won’t qualify on their own (or they just found out that they won’t.) Panic-stricken, they start reaching for any option available. Can they get a co-signer? A guarantor? Who can they ask? Whoa, hold on a second! A co-signer and a guarantor are two very different things, and it’s important that you understand them both. So that when the time comes to ask, you’ll know what you’re asking of the person.
Read moreCanadians are Saving Money on Refinancing – and You Can Too!
Things have been good for the Canadian economy in the past 10 – 11 months or so. And despite naysayers touting that interest rates are going to spike, and that we’re not saving enough for that potential economic downfall, that’s just not happening. In fact, the opposite is true
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