Renting? How to Save for a Home

As a renter, with each rent cheque, you may become increasingly anxious for homeownership and the day when these regular payments go towards your own mortgage instead of your landlord’s pocket. When you’re ready, homeownership can make a lot of sense, allowing you to start building equity each month.   So, where do you start? If you’re serious about home ownership, make a plan and commit to a … [Read more...]

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...]

NEW HOMEOWNER? – CMHC TIPS

You found the home of your dreams, your offer was accepted, and you just received the keys to your new home. Congratulations, you are now officially a homeowner! So… what happens next? To help you start your new life as a homeowner on the right foot, Canada Mortgage and Housing Corporation (CMHC) offers the following tips on how to protect your home — and your investment — in every season: The … [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...]

New Proposed Legislation for Mortgage Brokers

Mortgage brokers would have to provide their clients with more information, including commissions from lenders, under proposed provincial legislation. On Monday, Service Nova Scotia Minister John MacDonell tabled the Mortgage Regulation Act at Province House. The proposed act updates a 1966 law governing mortgage brokers and lenders. The last significant change it had was in 1999, the province … [Read more...]

How much house can you afford?

Along with the excitement of buying a home comes many challenges and questions. It's a complicated process and you'll need to ask yourself if home ownership is right for you, if you are financially ready for it and how much house you can afford. Many first-time buyers want their dream home right away. A white picket fence, trees shading a huge yard, several thousand square feet of living space … [Read more...]