Purchasing your first home can be tough, especially when it comes to scrounging up a sizable down payment. In Canada, you must be able to cough up a 20% down payment in order to avoid purchasing costly mortgage insurance. If you’re struggling to find enough cash to meet this requirement, don’t throw in the towel quite yet. Under the Home Buyers’ Plan (HBP), first time home buyers in Canada can borrow up to $25,000 tax free from their registered retirement savings plan (RRSP) in order to help with their down payment and lower their monthly mortgage requirements. Continue reading
Author Archives: familylending
Short or Long: Which Mortgage Term Works For You?
The term of your mortgage is an important factor to consider when choosing your financing program. A few quick strokes on a mortgage calculator will show that long term mortgages do, in fact, reduce your monthly payments, but do these short term savings really add up over time? The professional mortgage brokers at FamilyLending.ca take a look at various mortgage terms to help you decide which financing option is right for you. Continue reading
Life expectancy for Canadians rises to 80.9 years
Life expectancy at birth continued to rise, reaching a new high of 80.9 years during the three-year period from 2006 to 2008. This was up 0.2 years from 2005-2007.
Life expectancy at birth was above the national average in three provinces: British Columbia (81.4 years), Ontario (81.3 years) and Quebec (81.0 years).
The lowest life expectancy at birth was recorded in the three territories combined (75.2 years). Continue reading
FAMILYLENDING.ca (announces Rob Browning)
Robb and Kim Nelson and the FamilyLending.ca team are pleased to welcome Rob Browning as the Vice President of Operations. As FamilyLending.ca expands its business into other parts of the province and country, Rob will assist our team with developing our organization and establishing branches in other cities. Rob brings a wealth of experience as a leader and manager in large and small organizations. “Kim and I have watched Rob in action for the past few years and we are impressed with his approach, his ability to build trust quickly and his results,” says Robb Nelson, President and CEO of FamilyLending.ca and its affiliates, “We are very pleased that he has joined our team. Continue reading
Consumers paying more for home insurance but mortgage interest costs decreased in Aug
The Consumer Price Index (CPI) rose 3.1% in the 12 months to August, mainly as a result of higher prices for gasoline and food purchased from stores. This follows increases of 2.7% in July and 3.1% in June. On a seasonally adjusted monthly basis, consumer prices rose 0.3% in August.
The 0.4 percentage point difference between the year-over-year increases posted in August and July was mainly the result of price increases for the purchase of passenger vehicles, electricity, homeowners’ home and mortgage insurance, telephone services and jewellery. Continue reading