Mortgages are a funny thing. On the one hand they allow you to become a homeowner without saving up enough money to purchase the home outright, which is a really good thing.

If you’ve been thinking about buying a new home; whether that be your first home, your next home, your forever home, or your retirement home, the doom and gloom of it all might be causing you to question… is right now a good time to buy a home? Well… what if I told you that was the wrong question?

Thinking about buying a home with a rental suite? This can be a great idea if you want to help offset the cost of your home expenses, and it can also potentially help with qualifying for a mortgage on your new purchase, but there are some things you should know up front.

“Debt servicing” is the measure of your ability to meet all of your financial obligations. There are two ratios that are examined by financial institutions to determine whether you can debt service a mortgage.

Collecting the right documentation to prove you are a worthy candidate to borrow a lot of money to buy a property can be an arduous task.

Recently the good people over at Nest Wealth published an article called “The Worst Money Advice We’ve Ever Heard”. On the list was “Always keep a small balance on your credit card”.

Chances are, if you’re applying for a mortgage, you feel confident about the state of your current employment, or your ability to find a similar position if you needed to. However, your actual employment status probably means more to the lender than you might think.

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!