Category Archives: FamilyLending.ca

Understanding Amortization

A shorter amortization period can help you pay off your mortgage faster and save you money. Obvious? Perhaps. So why are more and more people choosing to stretch their amortization as long as possible? The recent changes to Canadian mortgage regulations that limit amortization periods to 25-years have caused a bit of tension across the country as families scramble to manage increased payments.

However, at the end of the day, this restriction will go a long way to improving the pocketbooks of families from coast-to-coast. It wasn’t long ago that home hunters strove for shorter amortization periods in order to pay off their mortgage as soon as possible. As mortgage rules relaxed, so too did our dedication to frugality. Continue reading →

Is a One-Year Fixed Rate Mortgage Right For You?

Rates have nowhere to go but up.

Or at least, that’s what everyone keeps telling us. Banks, economists, mortgage brokers, even Finance Minister Jim Flaherty is insisting that interest rates will start to climb later this year.

And yet, they keep going down. The mortgage establishment continues to drop interest rates, pushing long-term fixed mortgage rates like they’re going out of style. Which might be the case. With no clear sign of imminent rate hikes, borrowers are beginning to consider shorter term options in order to maximize their savings.  Continue reading →

Ten Tips for Aspiring Homeowners

Thinking of buying while interest rates are still low? Follow these tips to ensure that your finances are ready for a long-term investment. Continue reading →

Refinancing Just Became a Whole Lot Harder

Ottawa’s latest round of mortgage policies could have quite the impact on current homeowners, especially those shouldering a large amount of debt. If you have a mortgage and are planning to refinance or renew in the coming months, you could be in for a bumpy ride. The two factors that will most impact your experience? Whether or not you plan to change your mortgage and your mortgage qualifications. Continue reading →

Slowing Housing Market a Good Thing?

Is a slowing housing market the kiss of death for the Canadian economy? While there’s no doubt that a falling market comes with its fair share of bad karma, it doesn’t necessarily mean that we’re headed towards a full on market crash similar to the U.S. In fact, a decline in home prices could actually come with some benefits. Here’s a look at some of the best reasons to embrace the slow down. Continue reading →