Real Estate
If you’re looking to get a new mortgage or you need to renew your current one, you’ll want to quickly become familiar with open vs closed mortgages. The most significant difference between open and closed mortgages is your ability to pay them off during the term. Having the option to pay down your mortgage quicker…
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Buying a home is one of the biggest financial decisions in many of our lives. Rather than paying fully in cash, most homebuyers will choose to borrow money from the bank to pay for their home. In today’s competitive housing market, understanding how mortgages work is extremely important for those who are looking to buy…
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If you’re thinking about buying a condo, you’ve probably asked what do condo fees cover? Generally speaking, condo fees (or strata fees) cover building maintenance, amenities, and utilities. Some people think condo fees are a rip-off, but if you own a freehold home, you pay maintenance fees too. You just get to decide when to…
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Do you want to know the difference between mortgage amortization and term? When shopping for a home, many people focus on mortgage interest rates. It makes sense since the lower the rate you can get, the more home you can technically afford. While low rates are important, it’s not the only thing you should consider when…
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Have you ever wondered how do mortgages work in Canada? To simply put it, a mortgage is a loan that you get to help you purchase a home. That said, there are different types of mortgages and options available. Understanding the ins and outs of mortgages is vital since they’ll significantly impact your purchasing decision…
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Building home equity is a huge advantage of being a homeowner. As a homeowner with home equity, you get a lot of flexibility. You can use that equity to your advantage by setting up a home equity loan to help out with other areas of your life, often at a much better rate than a…
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We all know that buying a new home, especially these days, is a massive expense. However, the Government of Canada has several programs, incentives, and tax credits to help make the process a little easier for Canadians buying their first home. One of these incentives is the First-Time Home Buyer’s Tax credit. Here is what…
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What is the Tax-Free first home savings account (FHSA)? The FHSA is a new account that was introduced in the 2022 federal budget and is set to be available to Canadians in 2023. It basically provides first-time home buyers with a savings account that combines the tax benefits of a Tax-Free Savings Account (TFSA) and…
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If your parents (or someone else) are going to help you with your home down payment, you’ll want to know what is a mortgage gift letter. This is a vital document that’s required when you get a mortgage. Without one, you might not be able to close on your home, which could be a huge…
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Timeshares used to be all the rage. For a reasonable price, you can visit the same (or sometimes different) exotic location every year and have a spot guaranteed for you. Well, at least that’s what they tell you during the sales pitch. But are timeshares worth it? The short answer is no. Timeshares are often…
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