What are Closing Costs?
As exciting as it is to purchase a home, many home buyers are also always looking at the bottom line: how much is this home going to cost me? And while looking at the listing price is a good place to start forming an idea of just how much exactly you’re going to pay for a home, you need to also figure in some additional costs. These are the closing costs, the money you will have to pay in addition to the price of the home, just to make the sale of the home happen. Knowing about closing costs, and which ones you’ll have to pay, is a huge help when it comes time to make that final purchase
Read moreTrying to Choose Between a Condo or a House?
For many, the choice is easy. The benefits of living in a condominium are far too great to overlook. No weekends spent cutting the grass, no worrying about small repairs, and you might even get a swimming pool or tennis court thrown in. Others can’t stand the thought of additional condo fees on top of a mortgage, neighbours crammed up against each other, and small living quarters. For these homeowners, a house is the only way to go. But what if you can see yourself living in either a condo, or a house?
Read moreWhat Goes Up Must Come Down
Homeowners have been clapping their hands in glee since this past spring, while renters have been wringing theirs in worry. All of this because home prices keep going up, up, up. Good news for those who already own or are thinking about selling, bad news for those who are thinking about buying and the high mortgage that’s going to come with it. But just how long are prices going to stay at the top for? And just how high are current home prices anyway?
Read moreCanadian Home Sales are Up!
There’s good news for both home sellers and home buyers after The Canadian Real Estate Association released statistics showing just how many Canadian homes are starting to sell. While the stats don’t show an increase throughout the entire country, there is enough of an upswing right now to make any Canadian looking for a home and a mortgage finally feel good about it again!
Read moreAre Rent-to-Own Homes a Scam?
Rent-to-own homes, homes that you move into and pay rent for a little while before buying the property outright as your own, are becoming extremely popular in an economy in which mortgages are just too hard to get on your own. This is actually what makes them especially attractive options for people with low or bad credit because you don’t need to have mortgage financing in place. But some rent-to-own leasers have found problems with this type of arrangement. Either the initial owner doesn’t pay the mortgage while they’re paying the rent, or when it’s time to buy, the owner no longer wants to sell. So how can you tell if rent-to-own homes are a good buy, or a bad purchasing decision?
Read moreTax-Free Savings Accounts not so Tax-Free After All
Tax-free savings accounts seemed like such an easy answer for homebuyers and homeowners when they first came out in 2009. Unlike RRSPs, the traditional method of saving for a home, with a tax-free savings account you can contribute as much as you want, up to $5,000 a year, take it out whenever you want, and use it for a mortgage, to help pay off a home equity loan, or anything else that you need – and all of it is tax-free! But, as many people who did just that in 2009 just found out last year, it’s not that easy and if you’re not careful with your TFSA, it could be something that really is too good to be true.
Read moreWhen It’s Time to Apply for a Mortgage, Look at the Whole Picture
The interest rate on your mortgage does have a huge impact on the final total you will end up paying on your mortgage. But it’s so important to look at factors other than the interest rate to make sure that you really are getting the lowest price on your mortgage. Because after some research, you’ll quickly find that the lowest deal does not always mean the lowest rate.
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