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Canadian Millennial’s Guide to Buying a Home
The transition from rent to homeownership has many obstacles for millennials. We’ve put together this guide to help young people make homeownership work for them.
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Canada’s Mortgage Rates Remain Low – For Now
Canada’s mortgage rates remain near historic lows, but developments south of the border indicate a shift may be under way.
Read moreNew Mortgage Rules Making it Even Harder for the Self-Employed
The new mortgage rules are making it harder for anyone to get a mortgage. But when it comes to self-employed mortgages, loans that have been harder to come by today anyway, it’s making them almost impossible. Just ask Pauline Kendall from Vancouver, who owns three homes and a condo, yet can’t get financing to purchase…
Read moreMortgage Requirements for Buying a Second Home for Parents in Toronto
When people are thinking of buying a second home, this one to be used and lived in by their parents, there’s a lot of confusion that goes around. What are the down payment requirements, and what are the requirements for getting a mortgage on a second property? These things can be confusing enough, but the…
Read moreWhat is a Bridge Loan in Real Estate in Canada
It’s a common scenario. You’ve purchased a home, and your existing home hasn’t yet sold. You’re hoping that when it does, you can use the proceeds as the down payment on your home. Unfortunately the home you’re buying is closing before the home you’re selling, leaving you short on the down payment. So how are…
Read moreCan You Really get a Mortgage Without a Down Payment?
There’s always a lot of talk about how people with bad credit have the money for a monthly mortgage payment, and maybe even have money for a down payment. But because they don’t have the necessary credit, they think that being approved for a home loan is out of their reach. But what about the flip side? What about those who have an impeccable credit history, but no money for a down payment? Is it still possible for those who fall into this group to obtain a mortgage?
Read moreClosing Costs, Part 1: Recurring and Non-Recurring Costs
The one term you’ll hear a lot when buying a home is “closing costs.” At first, it may appear that everyone’s getting all worked about them, but you. How bad can closing costs be after all? And why are your real estate agent and your mortgage broker talking about things like having the seller pay them? Closing costs can add up to a lot of money, and this is why every expert will advise you to take them seriously when thinking about your future mortgage. In this first part of our closing cost mini-series, we’ll take a look at the two different types: recurring and non-recurring.
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