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Home Ownership, Mortgage Education, Mortgage News

Understanding Accelerated Payments

accelerated paymentsAn increasingly popular way Canadians choose to pay off mortgages before their amortization period expires is by making accelerated payments. Owning a home and paying off a mortgage takes the average Canadian household between 20-25 years.  However, a salary raise, job promotion, being prudent spenders, or an inheritance can help interested couples use their newfound capital to shorten that time. Read More…

Home Ownership

Does marriage improve a couple’s finances?

marriage improve a couple's financesTying the knot comes with understanding your future spouse-to-be’s personal finance habits and goals, ideally before marriage. From managing credit, loans, assorted debt, insurance policies and merging bank accounts, there’s lots to financially prepare for.  Weddings can be costly, and in Canada,  costs average around $20,000 for the Big Day. Many couples finance their weddings through a combination of family contributions, gift fund registries, and loans. Some add personal savings to celebrate what will be one of the most important days in their lives. Yet, what happens after a couple says their “I Do”s?

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Home Ownership

Pro’s and Con’s of joint bank accounts

Joint bank accounts in CanadaJoint bank accounts in Canada are banking accounts held by more than one person. Engaged couples or newlyweds open joint accounts to pool their money together. Each account holder is free to deposit and take out money. Joint banking improves the overall personal finance skills and status of both partners in a relationship. On the other hand, joint accounts can also create problems for accounts holders who don’t maintain them well.

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Home Ownership, Mortgage Education, Mortgage Refinance

What is a HELOC Mortgage?

HELOC mortgageHELOC Mortgage: Briefly Defined

A home equity line of credit, or HELOC mortgage, is a type of loan and most Canadian banks deliver it on revolving credit. HELOCs allows new and seasoned homeowners to borrow up to 65% of a home’s current value minus your mortgage’s outstanding balance. This amount is known as home equity. Home equity typically increases as you pay off your mortgage and your home value increases. You can get a HELOC on a fixed or variable rate. Some banks, such as TD, may allow you to combine your HELOC with your mortgage to borrow 80% of your home’s equity for a fixed term of time. To qualify for a HELOC, your outstanding mortgage balance plus the HELOC typically and usually cannot exceed 80% of your home’s overall value.

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Home Ownership, Mortgage Education, Mortgage News, selling home

Costs to Consider When Buying or Selling

costs to consider when buying or selling
Homebuyers and sellers are often simply looking forward to completing the transaction so they can move forward. But in making the transition, there are costs to consider when buying or selling real estate.  For those about to take on the process of buying or selling a home, it’s important to analyze the hidden costs involved. In this post, we’ll review a few of the costs you will face if you’re buying or selling a home this year. Read More…

Home Ownership, Homepage, Mortgage Education, Mortgage News, Mortgage Refinance, selling home

Top 5 Tips To Sell Your Home For Top Dollar

top 5 tips to sell your home

Beautiful Toronto Homes

Selling your home can be one of the more stressful times in your life. But in Canada’s red-hot real estate market, it’s not enough anymore to just sell your home, but making sure you get top dollar. Here are 5 tips to help you make sure you get the best price possible when selling your home: Read More…