How Interest Rates Affect Your Costs

It's not rocket-science. The more you have to pay in interest, the more your mortgage will cost you over it's life. But most people don't realize just how much difference even a small difference in interest rate can make, particularly if you've amortized your mortgage for 20 years or more. Let's look at the interest you'll pay on a $200,000 mortgage amortized for 20, 25, 30 and 40 years, at a … [Read more...]

When buying a home, 5% down payment is barely enough

How much skin should you have in the game if you want to buy a home? Is 5% enough? That's what the government says, although there is plenty of discussion about getting consumers to plunk down more before they are eligible to buy a house with a loan backed ultimately by the Canadian taxpayer. At that rate, with $35,000 you have enough cash to buy an average place in Vancouver's pricey but slowing … [Read more...]