Make your Kitchen Look Pricey, for Cheap
It’s no secret that remodeling your kitchen will tack on lots of bucks to the resale value of your home, but you also don’t want to go broke in the process. Real estate experts agree that you shouldn’t go over $70,000 when remodeling your kitchen, and many homeowners can’t even afford to go that high. But that doesn’t mean that you’re destined to live in (and eventually try to sell) an outdated kitchen. You just have to know how to make renovations that will give your kitchen that polished look, but that can also be done for cheap.
Read moreThe Benefits of a Reverse Mortgage in Canada
As reverse mortgages become more and more popular in Canada, many are wondering what they are exactly, and if they’re a safe way to borrow. Many people also confuse these with home equity loans or second mortgages, but they work vastly different from each of these types of loans. So just what is a reverse mortgage, who’s eligible for one, and what are the benefits?
Read moreWhy do we Pay More?
While it may have taken us awhile to get there, the Canadian dollar has been soaring past the American dollar for several years. And while that means that Canadians can enjoy things like great exchange rates at their bank, we still pay the same amount, if not more, on everything from our mortgages to our magazines.
Read moreHow Much do You Need for a Down Payment?
Lots of people, especially people who don’t have a lot of extra pocket change, too often brush off the idea of ever being able to get a mortgage – because they don’t have the necessary 20% down payment. So if you find a home and can’t immediately cough up at least 20% of the purchase price, you can forget about it, right? There’s obviously no point in even trying. Well, there is actually. While it might be harder to get a mortgage without a 20% down payment, and you’ll probably end up paying more in the end, you should never deny yourself your dream home just because you don’t think you have enough cash.
Read moreInterest Rates will Remain Low, How Does that Affect Borrowing
The speculation is over. Analysts and experts can stop talking about “what if” interest rates are hiked by The Bank of Canada, because they’re not going to be. Mark Carney, governor of The Bank of Canada, said today that due to the uncertainty of the global economy, the bank will keep the interest rates low. While this news obviously has all Canadian homeowners rejoicing, it also has them asking some questions about what to do now for their borrowing needs.
Read moreMortgage Brokers and Banks: The 3 Major Misconceptions
When it comes time to apply for a mortgage, you might wrestle with the decision to go through a mortgage broker, or to go through your bank. The one you’ll choose will ultimately be the one that’s best for you, but so many people automatically favour banks for their mortgages because they think bank mortgage loans carry more benefits than loans obtained through a mortgage broker. But, that’s not actually true. And you need to break through the major misconceptions before you make your choice.
Read moreUS Banks Being Sued; Here’s for What
It was on Friday that the news rang out through the world that the U.S. banks were being sued by the Federal Housing Finance Agency (FHFA), on behalf of Freddie Mac and Fannie Mac. But just why are they being sued, and what banks exactly can expect to go to court (or at least shell out some major bucks in damages in order to avoid it?)
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