Tax-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.
Read moreMore 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?
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