A Quick Lesson from Mary Bach
Lately, we Canadians have been somewhat guilty of holding our noses up to our friendly neighbours across the border. Yes, the States’ economy is in a little bit of trouble, and yes, ours is doing much better for the time being. But it turns out that even with bad decisions and a tumbling housing market, there are a few Americans that we can take a lesson from – or at least one of them at least. While it may not be breaking mortgage news, Mary Bach has recently given all Canadians a very important lesson in the value of a dollar. Or rather, the value of two cents.
Read moreHow Does Rent-to-Own Work?
We touched briefly on rent-to-own homes a couple of months ago when we explained how to recognize the scams from the legitimate offers on the market. And now that you know what you’re looking for, just how exactly do rent-to-own homes work?
Read moreWhat are Canadian Requirements for Refinancing Your Home?
Refinancing your home essentially means that you turn in your existing mortgage in order to get a better deal on a new one. And with interest rates as low as they are, more and more Canadians are understanding that if they’re interested in home refinancing, there’s no better time than now. What they don’t understand exactly is what they need in order to be eligible for it.
Read moreWhat’s the Difference Between a Second Mortgage and Home Equity Loan?
Second mortgages, home equity loans, home equity lines of credit – what’s the difference? If you’re a homeowner and looking to borrow money by tapping into your home equity, these are just a few of the different terms you’re likely to hear, and you might be wondering what the difference is. Is there a difference between a second mortgage and a home equity loan? And how does a home equity loan differ from a home equity line of credit?
Read moreCanada is not in a housing bubble; but is that cause for concern?
The housing market in Canada is one that walks a fine line. It slows down too much, and people start panicking. It picks up speed, as it has recently, and people start panicking. The current reason for this latter panic is because mortgage interest rates are so low, more and more people are starting to take on mortgages. This then, has the potential to lead to the dreaded “bubble” – and even worse, the bubble burst – when people gobble up new homes at low rates, only to later find that they can’t afford them. And the panic in Canada right now is that this burst is going to happen on a multi-million scale
Read more4 Questions to Ask Before Taking Out a Home Equity Line of Credit
If you’re looking to invest in a new car, a remodel, or any other expense that you’ll need to borrow for, you might think that a home equity line of credit is a good way to do it; and you wouldn’t necessarily be wrong. But, before taking on a home equity loan, or any type of borrowing, you first need to ask yourself a few questions. Just because you’re able to pay your bills now, including mortgage payments and other debt, your situation could change in the future and you don’t want to find yourself drowning in debt
Read moreSaving for Your Mortgage Down Payment
For most people, it’s not the actual monthly payment that they think they can’t afford when it comes to their future mortgage, it’s the down payment. True, a down payment is a large sum of money that you’ll have to fork over all at once. And, with down payments being anywhere from 5% – 20% (and more if you really want to lower those monthly payments,) they can be tens of thousands of dollars. So how are you supposed to be able to save up that much? There are a few ways.
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