Housing affordability has deteriorated for the third straight quarter despite stable interest rates and decent income growth. The latest Housing Affordability Monitor indicates it now takes 46.5% of income to service a mortgage in this country. By the measures used in the report affordability declined by nearly 2 points in the third quarter, following a 3.2 point deterioration in Q2. Almost all of that is the result of higher home prices. Numbers from the Canadian Real Esta
Along with holiday joy come holiday bills, to avoid a sleigh-size tab, plan ahead to save money and maximize the payoff. Here are a few quick tips to make the holidays less stressful on your wallet! Order Online: Avoid getting stuck in the hustle and bustle of holiday shoppers by ordering gifts online from your laptop or phone. The time you save can be put towards spending more time with friends and family. Be Thrifty: Start early and keep an eye out for special sales. Many r
When it comes time to renew your mortgage, most lenders will send you a renewal letter when there is 3 to 6 months remaining on your term. While nearly 60% of borrowers simply sign and send back their renewal without ever shopping around for a more favourable interest rate, I would urge you to take a moment to check out your options.
Most standard mortgages are on a 5-year-term, meaning the market rates could be very different from the time you initially began your term to t
Step 1 - Your Credit Score
Whether you qualify for a mortgage through a bank, credit union or other financial institution, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down payment of 20% or more, then a score of 680 is not required.
If your credit score does not meet the minimum requirements, there are a number of things you can do to improve it and your
Whether you want to set aside money to buy a car or take a vacation, save up for a down payment on a property, or plan for your retirement, the principles are the same. However, as you’re reading this article on a website dedicated to helping you secure mortgage financing, we’ll assume you want tips on how to save for a down payment! The key to saving money is getting clarity - clarity around your income and your expenses, developing and following a clear plan, and seeking he