To Defer or Not To Defer…That is the Question

With Canada’s major Mortgage Finance Companies and all six big banks offering mortgage deferrals of up to 6 months, as well as case-by-case options from credit unions, one of the major questions currently facing Canadians amid COVID-19 is do you defer your mortgage? To help you with this decision, we have gathered some important information…

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Fixed vs. Variable

It’s the first and only thing anyone usually asks when you talk about your mortgage: What’s your rate? While everyone can recall their rate off the top of their head, it’s the only detail of the mortgage they remember or care to know. Though the rate is obviously important, your mortgage is so much more…

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Using Interest on 2nd Mortgage as a Write Off

We all know owning a second rental property is a great way to invest and build your wealth portfolio. Unfortunately, a lot of homeowners sitting on plenty of equity are afraid to use that money for a downpayment to purchase a rental or investment property. The idea of a second or third mortgage tends to…

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Improving Your Credit Score is Not as Hard as You Think

If you’re credit challenged but want to get into the housing market, it can be a tough road to hoe. But improving your credit to a point where a lender will give you chance, is very doable. First, I won’t bore you with the detailed minutia of credit scores. Basically, what you need to know…

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Mortgage Renewals: Just Sign on the Dotted Line?

If you’re in a mortgage that’s coming up for renewal in the coming months and you’re considering just staying with your current lender, you wouldn’t be alone. According to the Canadian Mortgage and Housing Corporation’s (CMHC) Residential Mortgage Industry Report released in the summer, in 2018, the number of mortgage renewals with the same lender…

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Mortgage Default Rate in Canada

There is always a lot of talk about the growing debt in the personal finances of everyday Canadians. And to some extent, it may be true. No doubt, many consumers have gotten used to throwing things on a credit card and then moving on to the next big purchase. The federal government was so concerned…

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6 Thing All Co-Signors Should Consider

Co-signing on a loan may seem like an easy way to help a loved one (child, family member, friend, etc.) live out their dream of owning a home. In today’s market conditions, a co-signor can offer a solution to overcome the high market prices and stress testing measure. For example, if you have a damaged…

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Buying a Home? Avoid These 8 Mistake re Financing

Don’t apply for new credit: It may seem natural to apply for a credit card at a home improvement store or a furniture store when you are about to become a homeowner, but applying for credit can lower your credit score. Not only will you lose a few points because of a credit inquiry, but…

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3 Mortgage Steps: From Pre-Approval to Getting the Keys

Picture this: You’ve finally been able to put away enough for a down-payment on your dream home. It’s taken you five years of diligent saving, but you did it! You have also been diligently working on improving your credit score and paying off debts and are at a place of financial stability. So, first of…

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Accessing Your Home’s Equity To Invest

To tap into your home’s equity, it all starts with refinancing your home. If you own a home, the equity you have built up in it is one of the most valuable assets you have available to you. It is also much more accessible than taking out a large loan. In many cases, home equity…

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