The Canadian Mortgage Stress Test in 2019
Meeting the requirements for a mortgage and getting approved are already challenging enough, but securing a mortgage in 2019 is even more of a feat thanks to the recently introduced mortgage stress test. Want to know the minimum credit score required for a mortgage in 2019? Find out here. Read More
Single Awareness Day: Buying a Home with a Single Income
Although dual-income households can improve purchasing power and the ability to qualify for a mortgage, a significant number of home buyers are going through the process solo. But how affordable is it to buy a home on a single income in Canada? A study by Zoocasa looks at the… Read More
Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom
You may have heard of my story. I’m the guy who paid off his mortgage by age 30. CBC News filmed my mortgage burning party a little over three years ago and it went viral. While a lot of people know I’m mortgage-free, I wanted to share… Read More
Mortgage Closing Costs in Ontario
A home is a significant purchase, and odds are, you’ll need a mortgage to support such a cost. But the mortgage payments themselves, while hefty, aren’t the only financial aspects of buying a home that you need to budget for. When buying a home in the GTA, there are several… Read More
Mortgage Prepayment Penalty
A mortgage is a hefty financial commitment to repay a large sum of money to a lender to buy a home. Considering this, the thought of paying all the money that you owe before it’s actually due might be far from your thoughts when you initially take out a mortgage. Read More
What is a Cash-Out Refinance?
There are certain things in life that are very expensive and may require more cash to cover than the majority of us might have in our bank accounts. That’s why many consumers tend to take out loans to cover such expensive costs. People who own homes may also consider… Read More
Retiring With a Mortgage in Canada
After spending your entire life working hard at your job and paying all of your bills, retirement should be a time to finally be rid of the daily grind and the mounting bills. While there are obviously still bills to pay in retirement, one large bill that many retirees tend… Read More
Minimum Credit Score Required For a Mortgage in 2019
Getting approved for a mortgage these days can be a real challenge, especially with housing prices constantly on the rise. In Toronto, for instance, you’ll be paying over $820,000 for a home, which is nearly $100K more than the average price in the city the year before. Read More
How to Negotiate The Best Mortgage Contract In 2019
Most Canadians who become homeowners typically need to take out a mortgage to help finance such a massive purchase. And as you may already be aware of, a lower rate on your mortgage is ideally what you want (or is it? learn more here… Read More