What You Need To Know About Canada’s Foreign Buyer Ban
What You Need To Know About Canada’s Foreign Buyer Ban Starting on January 1st, 2023, the federal government will enforce the Prohibition on the Purchase of Residential Property by Non-Canadians Act. The objective is to help make homes more affordable for people living in Canada. This new law will prevent non-Canadians from buying residential property in Canada […]
The 50/30/20 Budgeting Rule
The 50/30/20 Budgeting Rule What is the 50/30/20 budgeting rule? US Senator Elizabeth Warren created the 50/30/20 budgeting rule in her book, All Your Worth: The Ultimate Lifetime Money Plan. The general idea was to divide up your after-tax income and allocate it to three categories: 50% for needs 30% for wants 20% for savings […]
How To Improve Your Credit Score
How To Improve Your Credit Score Here are some easy things you can do to improve your credit score, regardless of your credit situation. 1. Review Your Credit Report When looking to improve your credit score, a good starting point is to review your credit report from Equifax or TransUnion at least once a year. […]
How Can I Pay Off My Mortgage Faster?
How Can I Pay Off My Mortgage Faster? You can reduce your mortgage amortization by making additional payments. If you have a $400,000 mortgage loan at a 3.5% variable interest rate, amortized for 30 years, your monthly payment is $1,790.55. If you can make additional monthly payments of $500, you shorten your mortgage by 5.7 […]
Rising Rates: What should I do? Fixed or Variable?
Rising Rates: What Should I Pick? Fixed or Variable? Today, the prime rate is at 3.70%, with consumers becoming increasingly anxious about the Bank of Canada continuing to hike interest rates to battle the inflation rate of 7.7% (vs 2% target). Most 5-year fixed-rate mortgages are already over 5%. That means the client’s stress test […]
Getting a Mortgage While on Parental Leave
Getting a Mortgage While on Parental Leave Chances are if the title of this article caught your interest enough to get you here, your family is probably 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 parental leave will impact […]
Why Downpayment Source Matters
Why Downpayment Source Matters Why Downpayment Source Matters If you’re looking to buy a home, although you might think it doesn’t matter too much, the sources of your down payment means a big deal to the lender. Let’s talk about the lenders’ requirements, what your down payment tells the lender about your financial situation, and […]
Downpayment Options
Downpayment Options A downpayment is the initial payment you make when you’re buying a property through mortgage financing. A downpayment is always required when buying a home because lenders in Canada are only able to finance up to 95% of the property value. This leaves you with a least 5% down that you need to […]