Should 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 moreA Down Payment – The Perfect Holiday Gift
So many of us are starting to think (or already have a closet full) of Christmas presents that we’re going to buy and give to our closest friends and family this year. But what about a down payment? Sure, it may not be exactly your most traditional holiday present, but the idea of gifting a down payment is nothing new; and it’s something we as mortgage brokers get asked about all the time. That’s because there are some very specific rules to gifting and receiving the gift of a down payment.
Read moreWhat are Private Mortgages?
If you’re looking to own a home, you need to go to a bank in order to get a loan, right? Well, not necessarily. In some cases, you might find a seller that is willing to offer you a private mortgage. And depending on your situation, it might be just the thing for you.
Read moreSaving for Your Mortgage Down Payment
For most people, it’s not the actual monthly payment that they think they can’t afford when it comes to their future mortgage, it’s the down payment. True, a down payment is a large sum of money that you’ll have to fork over all at once. And, with down payments being anywhere from 5% – 20% (and more if you really want to lower those monthly payments,) they can be tens of thousands of dollars. So how are you supposed to be able to save up that much? There are a few ways.
Read moreThe Canadian Debate: Pay off Mortgage, or Pay Into RRSPs?
It’s a question that’s been asked ever since both mortgages and RRSPs have existed: should you pay off your mortgage first, or invest in RRSPs? The question is definitely a good one, and one that’s difficult to answer without knowing your specific situation. However, it really does all boil down to one thing – taxes. And if you’re one of those people who likes to have it all, there’s really only one answer to this burning question – do both!
Read moreCredit Cards, Student Loans & Your Mortgage
So you have some credit card debt. And you have that huge student loan hovering around you, too. But you also want a mortgage. The problem is, with all that debt, you don’t think you’re ever going to get one. But now is not the time to despair. That could just leave you giving up altogether and going into defaulted debt, which will only damage your chances of getting a mortgage even further. Instead have hope, and start understanding that debt you’re carrying around with you.
Read moreAre you in Debt, or Defaulted Debt?
If you’re wandering around your rented apartment or house and sighing about how you’ll never get a mortgage, take a second to stop and ask yourself why. Making the move from a renter to an owner is the dream that many renters are trying to attain. But so many stop themselves before they even begin because they think they simply have too much debt. And that debt is going to prevent them from getting a mortgage. But will it really? To get the answer, you need to know whether you’re in debt, or defaulted debt.
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