Tag: first-time home buyer

Balance mortgage rate with options, privileges and payment schedules

December 18, 2017 | By | Add a Comment

What is an Interest-Saving Mortgage? One of the problems in the mortgage industry is the way mortgages are advertised: usually by rate. If an online rate says 1.9%, chances are homebuyers are going to check it out. What many don’t realize is that saving interest is what saves money over the long term, and that […]

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Why use a mortgage broker? 59% would, when they learn the benefits

November 7, 2016 | By | 1 Comment

Do first-time homebuyers really get any benefit from a mortgage broker? Last week I met with Tom* and Marcy*, a couple in their early 30s who are interested in doing the mortgage planning for the purchase of their first home. They’re thinking of a property in the $700,000 range in Toronto or Mississauga. They have solid jobs; Tom’s […]

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Canada’s new mortgage stress test

October 10, 2016 | By | Add a Comment

The mortgage stress test – what you need to know On October 3, 2016, Canada’s Finance Minister announced the latest round of mortgage rule tightening:  a more stringent mortgage stress test for borrowers looking to get a new mortgage. The hope is that making it more difficult to qualify for mortgages will protect our housing market over […]

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7 tips for mortgage after consumer proposal

February 1, 2016 | By | 5 Comments

Getting a mortgage after a consumer proposal? If you’re like most people, getting a consumer proposal feels like a big relief at first. You want to get this thing done and then move on with your life. But the moving on can become very frustrating because potential new creditors, such as when you want to […]

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Single and want to buy your first home?

January 25, 2016 | By | 4 Comments

Here’s what you need to know One of the fastest growing trends in Canada is single people buying their first home on their own, rather than waiting for a partner.  According to CMHC, in 2011 a full 42% of owner-occupied condos housed singletons, and single person households are expected to continue growing. Are you wondering if […]

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Use your RRSP for the down payment on your first home – here’s how

June 6, 2013 | By | 3 Comments

Buying your first home? Wishing you’d saved more? Maybe you have, but didn’t know it. There are several programs to help first-time buyers get into home ownership.  The Home Buyers’ Program, or HBP, allows you to access RRSP money to purchase your first home. Why do it? The most obvious reason is to boost your down payment.  The bigger your down payment, the smaller […]

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