Category: Purchase

How to buy your first home by 29

February 26, 2018 | By | 3 Comments

What’s the rush?  The financial “why” HSBC did an interesting study in the UK in 2014.  It suggested that if you buy your first home by 29, you create a positive cycle that not only benefits your own financial situation, but that of your future children as well.  Buying early gives enough of a boost that you […]

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“Conditional on financing”: the most important part of your offer

January 22, 2018 | By | 1 Comment

“Conditional on financing” – do I need this? When you find the condo or house of your dreams, and want to make an offer to purchase it, do you need a financing condition? Unless you can pay cash for the home, then yes, you do. That little phrase, “conditional on financing”, is important protection for […]

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Stress test yourself!

November 13, 2017 | By | Add a Comment

Do your own personal stress test There’s been a lot of “blah, blah, blah, waaaah!” about the latest rendition of the mortgage stress test (even from me, I admit it!). These days, there’s no purchasing power boost if you put more than 20% toward your home purchase rather than 5%. That’s because everyone putting more than […]

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New mortgage stress test for 2018 – why you might want to buy or refinance *now*

October 20, 2017 | By | 2 Comments

Purchase – or refinance – before the rules change in January If you’re looking to buy with a down payment of more than 20 percent, or if you’re considering refinancing, then you might want to do so before January 1st.  Why?  On October 17, the Office of the Superintendent of Financial Institutions (OSFI) released new […]

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Fixed or variable rate mortgage: which is better?

October 9, 2017 | By | Add a Comment

Fixed or variable rate mortgage: is rate the only thing to look at? One of the biggest questions you’ll face when planning your mortgage, is whether to lock in to a fixed rate or choose a variable rate mortgage. Currently, the 5 year fixed rate is around 3.44%, give or take a bit. You can […]

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Do you look like the next generation of homebuyers?

August 14, 2017 | By | Add a Comment

First-time homebuyers survey This past June, Mortgage Professionals Canada published their survey results on the next generation of homebuyers – adults under the age of 40 who don’t currently own a home, but who expect to own in the near future.  If you’re planning on buying, or help a child get into home ownership, these […]

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Home appraisals… What you need to know

July 30, 2017 | By | 1 Comment

What’s a home appraisal? And why might I need one? These days, when you’re arranging a new mortgage, it’s becoming very common for the mortgage lender to request an appraisal of the property.  People often ask if it’s the same thing as the home inspection.  It’s not. What the lender wants is a market value […]

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How to buy and renovate your new home

July 10, 2017 | By | Add a Comment

Many Toronto home buyers are looking at older properties and find themselves in a common predicament: they’ve found a property that suits them, but it needs some costly and immediate upgrades. Good news. We’ve got a mortgage that will keep you financially afloat! “Purchase Plus Improvements” Mortgage The cost of the immediate renovations you are […]

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