More Baby Boomers Want to Stay in Their Homes; but Can They Afford It?
If there was ever a generation that wanted to stay in their homes as long as possible, and not ever have to think about moving in with their children or going to one of those dreaded “retirement communities,” it’s today’s Canadian Baby Boomers. With many Boomers already in retirement, and many more to come, the Baby Boomers are one of the largest generations in history to enter retirement all at the same time. This poses some questions, and the latest one being asked by the HomEquity Bank is where all the Boomers going to go, and are they going to stay in their own homes?
Read moreJoint Ownership in Cottage Country Becoming More Popular
Canadians love their cottages, but with the national average price for a cottage mortgage being between $100,000 and $1 million, they don’t come cheap. So how is a homeowner who’s already paying one mortgage on their full-time home, supposed to pay another mortgage that’s possibly even more expensive – all for a home that they won’t use nearly as often? Well, Canadians are a creative bunch, and more and more are turning to joint cottage ownership,
Read moreNow is the Time for Canadians to Choose ARMs!
“They’re going up, they’re going up!” That’s all experts have been able to say about Canadian mortgage interest rates over the past few weeks. But while the panic has made some homebuyers jump into things like fixed rate terms, many others have held off, waiting to see what’s really going to happen before making any sudden moves. And while that may seem like a risky move when all the news has been that interest rates are going to skyrocket, in this case the risk is definitely worth the reward.
Read more3 Home Renos to do in the Summer
If you’ve taken out a home equity loan to make renovations on your home, or are thinking about doing so, then you need to get started right away on making those renovations. Summer is the best time to do any home renos, with longer days providing for easier work and nicer temperatures meaning that more can be done – inside and outside the home. Even if you have a long laundry list of renos that need to be done, here are the three that you should start with before frost sets in and snow begins to fall.
Read moreWhen is Home Refinancing a Bad Idea?
With interest rates so low today, and a forecast that says they’re not going to stay that way for much longer, many homeowners are thinking that there’s no time like the present for home refinancing. And while home refinancing can be a huge help to homeowners and save them a bundle in the long-run, it can also be a nightmare that the homeowners will live through for years to come. So, when is refinancing going to hurt you more than it’s going to help?
Read moreThe Debt Ceiling Deal and Your Mortgage Rates
With the passing of a debt ceiling deal earlier this week, the US (and by association, Canada) has avoided the worst case scenario. Without any deal, as you’ve probably heard a million times over the last few weeks, the US credit rating would’ve been downgraded and mortgage rates across the continent would’ve been affected. Of…
Read moreSaving for a Home? Should You Use an RRSP or a TFSA?
When it comes time to start thinking about buying a home, you’ll hear a lot of talk about the Home Buyer’s Plan, an incentive program provided by the government through the RRSP. This plan, which has been around since the early 90s, allows future homebuyers to use their RRSP as a savings account, from which the funds can later be withdrawn and used as a down-payment on a future home. But, when you start speaking to mortgage brokers about financing your future home, you may hear of different options: one of these being TFSAs, or tax-free savings accounts.
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