Becoming a Landlord in Ontario, Canada
So often we talk about people buying properties and obtaining mortgages so that they can move into their dream home. But what about those mortgages we take on (or want to take on) for those houses we don’t want to live in? Ah yes, it’s the envied rental property! With interest rates so low, and the stock market being somewhat shaky at the moment, investment property does seem to be the smart place to put your money. But hold up. Before you start signing new mortgage papers and interviewing tenants, you need to know a few things.
Read moreCan You get a Second Mortgage on a Commercial Loan?
A few days ago we talked about the differences between a commercial mortgage and a residential mortgage. And while the two certainly do have their differences, that post also outlined some of their similarities. One of those similarities, that was not covered in the earlier post, was that second mortgages can be obtained on both. However, there are still some differences between a second mortgage on a residential loan and one on a commercial mortgage. And the reasons a homeowner wants a second mortgage are probably going to be different than the reasons of a business owner.
Read moreHow Much will You Spend this Christmas?
Every year it seems, people tap into their HELOCs and run up credit card charges, all in an effort to buy gifts for those they love (and maybe even try to make it bigger and better than last year.) But, we as Canadians are going to be a little smarter with our money this year. While we’ll still buy gifts, and probably make sure that ‘everyone has a little something,’ we’re not planning on spending as much as we have in the past.
Read moreWould Your Canadian Money be Considered Official Currency?
You would never pay your mortgage payment by searching your couch for loose coins and paying in pennies. But, how many of us have searched our pockets and coin jars for nickels, dimes – and maybe even some loonies and toonies! – when you really need a bag of milk or something at the grocery store? Many of us have, but how many of us have been turned away, with heavy pockets, because we weren’t carrying “legal tender?” That’s just what happened to a woman in Portland earlier this week, and it’s raised some interesting questions.
Read moreCommercial Mortgages and Residential Mortgages: What’s the Difference?
If you’re already a homeowner with a residential mortgage, and are also a business owner looking for a commercial mortgage, you might think the process is going to be exactly like when you got your home loan. But the two do have some differences among them. And being prepared for those differences will help you be better prepared for not only applying for that commercial mortgage, but it will also help you be approved for it!
Read moreIs a Secured Line of Credit the Only Way to Complete Home Renos?
So you want to add onto your home. Or redo your kitchen, or your bathroom. You need the extra space and you know that it will add a lot of value to your home. The problem is that you don’t have the extra cash laying around in your bank account to do it. So, what’s a homeowner to do?
Read moreRelax! A Steady, Low Interest Rate is a Good Thing!
Maybe it’s because we’re always looking for the catch, waiting for the other shoe to drop. Maybe by nature, we as Canadians really are a pessimistic bunch. The most pessimistic among us will tell you, that it’s because we’re realists. Whatever the reason, it’s less than one week since The Bank of Canada has announced that they would keep interest rates low, right where they are now as a matter of fact, and instead of rejoicing, what are we doing? Worrying about what that will do to our economy. How much will we borrow? Are we going to send ourselves right back into a recession?
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