No doubt about it, buying a home is an emotional experience.

Although it’s ideal to have your mortgage paid off by the time you retire, in today’s economy, that isn’t always possible. The cost of living is considerably higher than it has ever been, and as a result, a lot of Canadians are putting off retirement, hoping to make just a little more money to add to that nest egg.

Launched on September 2nd 2019, the first time home buyer’s incentive is designed to help qualified first time home buyers reduce their monthly expenses. The goal is to make housing more affordable.

When looking to qualify for a mortgage, typically a lender will want to review four main areas of your mortgage application. Income, credit, downpayment/equity and the property itself.

So your family is growing! Congratulations! If you’ve thought now is the time to find a new property to accommodate your growing family, but you’re unsure how your maternity or parental leave will impact your ability to get a mortgage, you’ve come to the right place!

Relatively self-explanatory, an interest-only mortgage is one where your entire mortgage payment goes to interest and does not pay down the principal mortgage amount at all.

The simple answer to this question is no. In order to secure mortgage financing in Canada you have to come up with at least a 5% downpayment. Now, if you haven’t set aside the 5% for a downpayment in your savings account, that is okay. There are still a few ways to get you a mortgage.

Credit. The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. When you borrow money to buy a house, you will be required to prove that you have a good history of managing your credit.

If you’ve been hearing about a new incentive for First Time Home Buyers and wondering how it might impact you, look no further, below you will find all relevant information to date.

Have you ever wondered how much difference extra payments actually make in paying down your mortgage? Let’s take a look and maybe do a little math.

Although getting a mortgage is exciting as it allows you to become a homeowner, a mortgage is, in fact, a lot of debt. So if you have a mortgage, your goal should be to get rid of it as quickly as possible.

There aren’t too many Canadians who are able to save up enough money to pay cash for their home. This is why we have mortgages.

Often times it’s the simple math that will betray you when selling a property. In your head you do quick calculations, you take what you think your property will sell for and then subtract what you owe on your mortgage, and the rest is your profit!

This should come as no surprise, but sometimes life throws you a financial curveball. Bankruptcy and consumer proposals happen.

Thinking of buying a property, but don’t know where to start? Well… that’s where a mortgage pre-approval comes in. Start here.

Have you ever noticed that just like gas prices, interest rates seem to go up and down for no reason at all?

So you’re thinking about co-signing for a mortgage? Okay, do you really know what that means do you know what you are getting yourself into? Co-signing isn’t necessarily a bad thing, but there is certainly a lot of misinformation floating around on the subject.

As part of the mortgage and real estate processes, there’s a lot of confusion around the differences between the deposit and the downpayment. It’s important to understand what sets them apart so you don’t get confused when it’s time to secure financing on a property once you have an accepted offer.

One of the benefits of working with an independent mortgage professional is having lots of great financing options! Rather than dealing with a single lender who has one set of products, brokers work with multiple lenders who offer a wide selection of mortgage financing options.

Although it might not always be this straightforward, the question “Can I give someone the downpayment to buy my house?” presents itself in many different ways.