What is an Underwater Mortgage?
Thankfully, even with the recession that hit in 2008, the Canadian housing market never really suffered all that badly, and we didn’t have thousands of underwater mortgages on the market. But the U.S. did, and lots of people lost their homes because of it. Now, the housing market in the United States is the best it’s been in 5 months, and people are rejoicing at the number of underwater mortgages going down. While this is obviously great news, it has a lot of people (in Canada and the U.S.) asking the same thing: just what the heck is an underwater mortgage?
Read moreSelf-Employed and Getting a Mortgage: Get your Documents Ready!
For the past two weeks we’ve been exploring the different ways to get around the obstacles of obtaining a mortgage when you’re self-employed, and the many options that are available for those that work for themselves when it comes to home loans. But the process of getting a mortgage when you’re self-employed can be a bit more complicated than if you have a paycheque coming from the Big Boss every two weeks; and being armed with all the documentation you’ll need will help you get your mortgage that much quicker.
Read moreCan You be an Extreme Couponer in Canada?
We usually gather on this blog to discuss the latest Canada mortgage news and discuss how you can get and use things like home equity loans. Today though, we’d like to talk about a way to use that mortgage (and those loans) to save you even more money – we’re talking about extreme couponing!
Read moreHow to Wisely Use Home Equity
Home equity is a great thing and the more you have, the better off you are. When you have home equity, you are either a lot closer to paying off your mortgage, or you can use it to obtain a second mortgage. But before you go ahead with the latter, first make sure that you’re using your home equity wisely, so that you don’t pay more than you have to and so that you can still be a lot closer to paying off that mortgage!
Read moreThe Self Employed and Private Mortgages
When you’re self-employed, a private mortgage can be your best friend. Private mortgages are loans that are financed through a private individual or organization that are not a bank or other lender. You may have seen advertisements for homes with the banner ad “Owner-Financed” splashed across it – that’s a simple way of saying that property comes with the offer of a private mortgage. And when you’re self-employed, it can be just what you’re looking for.
Read moreHow to Pay Off Your Student Loan
As Toronto mortgage brokers, there is one thing we see all the time that either stops people from getting a mortgage, or at least makes them a little wary of doing so – student loan debt. Today, more than half of college and university graduates leave school with this kind of debt hanging over their heads, thinking that they’ll soon get a career, pay it off, and move on with their life. Why then, are so many people still stuck with that debt 5, 10, even 15 years after they’ve finished school?
Read moreHow to Retire Your Mortgage Before You’re 65
A Royal Bank of Canada housing study done in the past couple of weeks has everyone all in a flurry, after that report stated that the majority of Canadians will be carrying their mortgage with them into their retirement years. But just because a study says it, does that mean that’s what’s actually going to happen? Of course not, it’s simply a reminder of where we are, and what we need to do to get where we want to go. And in order to make sure that you’re not one of the majority taking your mortgage with you, here are a few things you can do to avoid it.
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