Why you Should Always Pay your Mortgage First
It happens all too often. A homeowner is looking over their monthly bills and find that they’re coming up short in order to pay them all. Forget about RRSPs and retirement planning; today, it can be hard just to cover the costs of day-to-day living, especially with the average Canadian’s debt-to-income ratio exceeding 151%. So…
Read moreQualifying Rate Increases, Toronto Brokers Aren’t Worried
This past Sunday may have seen what Mark Carney is hoping will slow down the housing market – an increase in the qualifying rate. However, Toronto mortgage brokers say that with the current mortgage market environment, the small jump isn’t going to do much to deter buyers. The qualifying rate should not be confused with…
Read moreHow to Pay for that Home Reno
We’ve talked a lot on this blog about using HELOCs to pay for home renovations, and it’s no wonder why – that’s the form of payment 37% of Canadians use when it’s time for a remodel or a reno on their home. But aren’t there other ways to pay for these types of projects? Of…
Read moreCanadians Working on Debt Want Help from Banks
A new survey has found that Canadians are starting to get serious about our rising debt levels and that we want to start paying it back. But as we do, we also want advice and help from the experts, and that’s why so many are turning to their local banks for help. The survey, which…
Read moreIs Your Mortgage Tax Deductible?
Even if we don’t want to admit it, we’re often a lot like the United States. Oh sure, we have hockey and maple syrup to set us apart and sometimes, we even have our own language (“Can I get ya a Timmy’s?”) But still, we listen to the same music, watch the same movies, and…
Read moreHome Prices Still Rising
If home prices are going down, it hasn’t happened yet. According to the Royal LePage House Price Survey, home prices went up in the first quarter of this year, when compared to the same time last year, and they increased by 2.2% – 5%, depending on where you’re looking at in the country. On a…
Read moreRenewing Your Mortgage? Keep your Payments the Same!
There’s an interesting thing happening with Ottawa mortgages, Oakville mortgages, and mortgages all around the country right now – and it has many homeowners who obtained their mortgage in 2007 asking themselves some pretty tough questions. In 2007, the Canadian mortgage market looked slightly different than it does today, although there were some similarities, too….
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