Variable Rates or Fixed Term? Choice Getting Harder for Canadians
It wasn’t that long ago that the choice was clear: interest rates are low, and they’re going to stay low, so get a variable rate mortgage because it’s going to be cheaper than a fixed rate. But now, the choice isn’t as clear. Discounts are getting so high on fixed rate mortgages that lenders need to be able to make up for some of that money somewhere. And the only logical place is in the variable rate.
Read moreAvoiding the Rising Cost of Home Insurance
If you’ve noticed the rise in natural disasters lately, you’re not the only one. Insurance companies, or rather reinsurers, the insurance companies that cover your insurance companies, also have. Hurricane Irene is the most recent example of a natural disaster that has caused extensive damage; but no doubt that many of us could list 5 natural disasters that have occurred in the last two years off the top of our heads. With this damage comes a lot of cost, and someone needs to be able to pay for it. Unfortunately for homeowners, most of the time it ends up being them.
Read moreYou’re Financially Prepared for an Emergency; are your documents?
With all the news of earthquakes and tornadoes in the GTA, and Hurricane Irene headed for Canada’s Eastern coast, there’s a lot of talk of emergency preparedness and getting ready for any disaster that may strike. And while having a storm cellar or a comfy nook in the basement is great; and having two to six months salary stashed away is even better, have you given thought to what’s going to happen to your paperwork should disaster really strike, and you end up losing significantly?
Read moreHousing Correction Won’t Happen, because Canada doesn’t Need One
Canadians were waiting and waiting for a housing correction, and many experts said that one was indeed necessary in order to slow down the amount of empty homes sitting on the market. And, with supply already far exceeding demand, more home starts would only mean more useless supply; and that could land Canada right back into a recession. But, according to the newest report from the Canada Mortgage and Housing Corp.(CMHC), no correction will be made – because none is needed.
Read moreJoint Ownership in Cottage Country Becoming More Popular
Canadians love their cottages, but with the national average price for a cottage mortgage being between $100,000 and $1 million, they don’t come cheap. So how is a homeowner who’s already paying one mortgage on their full-time home, supposed to pay another mortgage that’s possibly even more expensive – all for a home that they won’t use nearly as often? Well, Canadians are a creative bunch, and more and more are turning to joint cottage ownership,
Read moreNow is the Time for Canadians to Choose ARMs!
“They’re going up, they’re going up!” That’s all experts have been able to say about Canadian mortgage interest rates over the past few weeks. But while the panic has made some homebuyers jump into things like fixed rate terms, many others have held off, waiting to see what’s really going to happen before making any sudden moves. And while that may seem like a risky move when all the news has been that interest rates are going to skyrocket, in this case the risk is definitely worth the reward.
Read moreSaving for a Home? Should You Use an RRSP or a TFSA?
When it comes time to start thinking about buying a home, you’ll hear a lot of talk about the Home Buyer’s Plan, an incentive program provided by the government through the RRSP. This plan, which has been around since the early 90s, allows future homebuyers to use their RRSP as a savings account, from which the funds can later be withdrawn and used as a down-payment on a future home. But, when you start speaking to mortgage brokers about financing your future home, you may hear of different options: one of these being TFSAs, or tax-free savings accounts.
Read more
Contact Us
Contact us today to set up an appointment.