In Canada’s evolving mortgage landscape, blend-and-extend mortgages offer homeowners a compelling way to manage their financial obligations. This approach allows borrowers to combine their existing mortgage rate with current market rates and extend their loan term. This recalculates the mortgage balance based on the blended rate, potentially leading to immediate financial flexibility and stability. Understanding…
If your mortgage term is set to expire in the next four to six months, now is the perfect time to start thinking about your renewal options. Many lenders allow early renewals—sometimes up to 120 days before your term ends—giving you the opportunity to lock in a competitive rate or even switch lenders without penalties.…
Owning a home is a significant milestone for many Canadians, but navigating the financial aspects of purchasing property can be daunting, particularly when it comes to the initial down payment. Fortunately, various down payment programs in Canada exist to assist prospective homebuyers in achieving their homeownership dreams. In this article, we’ll delve into what these…
A Newcomer’s Guide to Mortgage Financing: What Newcomers Need to Know For newcomers to Canada, navigating the ins and outs of mortgage financing is a critical step towards achieving the dream of homeownership in their new country. However, understanding the nuances of mortgage lending can be overwhelming, especially for those unfamiliar with the Canadian financial…
How Your RRSP Can Help as a First-Time Homebuyer. Are you dreaming of owning your first home in Canada? Well, here’s some exciting news: your Registered Retirement Savings Plan (RRSP) could be the key to unlocking the door to homeownership! What’s an RRSP? First things first—let’s talk about RRSPs. These are special…
Homeowners in Canada do not get to enjoy the same mortgage interest deduction as their southern neighbors. However, Canadians do resort to the technique of the Smith Maneuver to convert a regular debt into a tax deductible one. It is a financial method that can restructure the biggest non-deductible debt of an individual to a…
At the time of the last recession, the U.S. economy collapsed owing to a problem with mortgage foreclosures. Borrowers throughout the nation faced difficulties while paying their mortgages. Also, around 8 out of 10 borrowers were found to be engaged in trying to get their mortgages refinanced. One couldn’t help but notice that even high…
Purchasing a home for the first time is exciting and can even be stressful at times. There are several issues that need to be taken into account and often first time buyers fall prey to “newbie errors”, especially when it comes to mortgage and financing issues. If you are purchasing a property for the first…
People applying for Newfoundland mortgages are asked to verify their employment details, prove their income, and offer permission to get their tax return reviewed. However, often it’s seen that lenders ask questions that appear to be out of the context to borrowers. Things like accounting for every dollar in your account may seem like stretching…
Even though the housing market has recovered to a large extent from the economic slump, some people believe that paying a commission to a property agent or a mortgage broker is the last thing that they would do in a down market. However, going about the sale business can be quite an arduous task in…