Q & A: Mortgages for Self-Employed in Ontario
It’s no secret that getting a self-employed mortgage anywhere in the nation is pretty tough right now. The banks restricting their lending practices and the federal government imposing new rules every day has made this type of mortgage even more confusing and has left self-employed homebuyers with even more questions. Here are those questions you’ve…
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…
Read moreCommonly Asked Questions about Bridge Loans in Ottawa
In their most simplest form, a bridge mortgage loan is funding that can be borrowed to cover a homeowner’s cost when they are selling one home and buying another. When this happens, often the closing date of the home that’s being sold is after the closing date of the home that’s being purchased. Relying on…
Read morePenalty to Pay off Mortgage Early in Toronto
Historically-low interest rates have had many homeowners thinking about pulling off a “break and run.” This is a term coined in the mortgage industry that describes breaking your mortgage when the interest rate saving will be at least 2 – 3 per cent. And while this makes sense for many homeowners, breaking a mortgage is…
Read moreAre Canadians Prepared for Higher Interest Rates?
Just like the question we answered earlier this morning, here’s another that has been asked for years: are Canadians prepared for higher interest rates? According to the federal government, no we’re not. And while that might be true, it might not have as much to do with the home equity loans and HELOCs they’ve been…
Read moreIs Toronto’s Housing Market Cooling Off?
It’s a debate that’s been going on for years; and it won’t stop until the price on Toronto mortgages starts to come down. Is Toronto’s housing market cooling off? The answer to the question today is no different than it’s always been: it depends on who you ask, and what the numbers are showing on…
Read moreAre Reverse Mortgages for Seniors in Ottawa a Good Option?
When many people think of mortgages for seniors, the one that first enters their mind are reverse mortgages. Reverse mortgages can either be a godsend or a disaster waiting to happen, depending on who you speak to. So what are these mortgages? And are they really a good borrowing technique? Like all mortgage products, it…
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