Category Archives: Housing Costs

Which is Better? RRSP Loans or Cash Back Mortgages

Have you made your RRSP contribution yet? This year’s deadline is February 29th, so don’t wait too long. Contributing to a Registered Retirement Savings Plan (RRSP) can have a major impact on your financial situation, saving you hundreds on your annual tax statement. And that’s just theĀ beginning! Budget-savvy individuals will also enjoy the long-term growth of their investment.

Unfortunately, finding the money to invest in an RRSP isn’t always easy. According to a recent report from the Investor’s Group, it’s estimated that nearly 58% of Canadian’s won’t invest in their RRSP this year because there simply isn’t enough money left after paying for basic living expenses.

If you’re struggling to make ends meet, now’s the time to consider a cash back mortgage or an RRSP loan. Both will help you free up extra capital to cover expenses, but in very different ways. Here’s what you need to know in order to make a well-educated decision. Continue reading →

How to Break Your Mortgage Without Breaking the Bank

Interest rates are low, and from the looks of things, should remain stable well into 2012. If you’re currently paying out the nose because you’re locked into a fixed-rate mortgage, now could be a good time to break your mortgage and refinance your rate. Unfortunately, trying to break a mortgage before your term is up can be a nightmare experience. The penalties for bailing early can be high, so don’t be rash with your decision. Consult with a mortgage broker before you dive in head first. Continue reading →

How Much Does Mortgage Insurance Cost?

As a first-time homebuyer, chances are you’ve never heard of mortgage default insurance. More often than not, it isn’t until you’re sitting across from your lender that you learn about this expensive requirement. You see, in order to qualify for certain types of mortgage products in Canada you are required to be “insured”. While most insurance products are designed to protect your dependants in the case of an unexpected accident, mortgage default insurance actually protects your lender if ever you are unable to make your mortgage payments. It’s a strange concept for many property virgins, but one that should be discussed early in the homebuying process. Continue reading →

How to Avoid Major Home Buying Errors

Housing affordability continues to remain stable across Canada, creating the perfect environment for savvy home hunters. With more houses available on the market, buyers are becoming much more competitive, rushing to complete their purchase agreements. Situations like this often lead to costly buyer errors, as anxious home hunters make hasty, uninformed choices. These mistakes are sometimes impossible to reverse, so be careful.Ā  Continue reading →

CAAMP Releases Highlights From Fall 2011 Consumer and Industry Surveys

The focus of these surveys was to gather Canadians’ opinions of the mortgage industry. The report includes specific questions on experiences with their mortgage professional as well as information and feedback from industry members.

The survey results were presented by Maritz Research at Mortgage Forum 2011 in Toronto.

Click here to review the entire report.