You’ve Paid Off Your Mortgage! What Comes Next?
So many people wait and wait for that blessed day when they make their last mortgage payment and own their home free and clear. The average monthly Canada mortgage payment is about $1,500 – that’s a large chunk of change that’s left over each and every month when it’s all paid off! But, what do…
Read moreWhere Can You go for a Reverse Mortgage?
Reverse mortgages have been around in Canada since 1986, and they’re a type of home loan that’s becoming very popular. These mortgages are secured by your home equity but unlike other types of mortgages, there are no principal or interest payments for as long as the homeowner lives in the home. But while these loans…
Read moreShould Mortgage Rules be Even Tighter?
It was almost a full year ago when Jim Flaherty announced that the amortization period on insured mortgages would be reduced to 30 years instead of 35, while at the same time the federal government put tighter restrictions on borrowing through HELOCs and home equity loans. All of this in an effort to reduce Canadians’…
Read moreHow Much will Mortgage Insurance Cost you?
“We do a lot of talking on this blog about CMHC mortgage insurance, the high price it can cost you, and mostly, how to avoid paying it altogether. This insurance of course, is required by home buyers that have less than 20% for the down payment of their new home, and it protects the lender…
Read moreIs Canada’s Pension System Really so Bad?
“With all the bombardment of talk regarding the vast amount of Baby Boomers that are heading into retirement now or in the next few years, people are worried. Combined with rising debt levels, those retirees are worried about their Canada mortgage and how they’re going to pay it off when they no longer have income…
Read moreThings Not to Do in Debt Consolidation
Ah, debt consolidation! It sounds so wonderful, doesn’t it? Getting rid of those high interest rates and varying monthly balances, and just handing off all that debt to someone else in exchange for one low monthly payment. Yes, debt consolidation can be all of these things – if you do it properly. If not, it…
Read moreBefore Becoming a Landlord, get Your Own Home in Shape First
“There’s been a lot of talk about rental properties lately and it’s no wonder why. With the rental market getting hotter by the day, and prices continuing to increase on the housing market, a lot of people are finding renting a better option. And while for the moment, renters can rejoice and enjoy being on…
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