What’s a Sign that there are Fewer Investors on the Market? Fewer HELOCs
It’s no secret that home buyers have shied away from activity in the housing market. Home sales have dropped almost every month since new rules were put into effect last July, and right now many of those buyers are just waiting with baited breath for prices to start dropping along with those sales. But those…
Read moreBanks Fought New OSFI HELOC Rules
There have been a lot of changes to home financing and home borrowing lately. Of those changes the most to be talked about lately was the one Finance Minister Jim Flaherty imposed in July, lowering the amount homeowners could borrow against their home equity to 80 per cent. And while this new regulation has gotten…
Read moreSigns You are too Deep in Debt
So you know you’ve accumulated some debt. And you’ve even heard that the debt level of Canadians is at the highest point it’s ever been. But, how do you relate the two? How do you know that you’re too far in debt, and that you need to start paying it down? Well, let’s take a…
Read moreWhat is a Readvancable HELOC? And why should you Get One Now?
November 1 is fast approaching and homeowners must start organizing their mortgages and making sure they’re all set up just the way they like them before this deadline hits. But what is it about this deadline two months away that’s making so many people panic and pull out their mortgage papers? It’s the day the…
Read moreWhen HELOCs Don’t Work for Emergencies
Not that long ago we published a post talking about how for many homeowners, it can make a lot of sense to use a HELOC as an emergency fund. That advice was timely, as a recent CIBC survey has just shown that 40 per cent of Canadians don’t have an emergency fund of any kind….
Read moreOverdraft Protection vs. HELOCs
Overdraft protection. That little feature so many of us buy into when we open our chequing accounts so that we can occasionally forget our bank balance and be no worse for the wear because of it. But is that really true? Is overdraft protection really the “protection” we think it is? When you look at…
Read moreIs HELOC Interest Tax Deductible for Renovations?
No one is envying the United States housing market right now. Sure they’re on the recovery but it’s slow-going, very slow-going, and Canadians for the moment are quite content that they live where they do. However, there’s still that one area of the U.S. mortgage market that many of us wish that we could capitalize…
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