Category Archives: MortgageCanadaCalculator

8 Things to Be Aware of When Buying a Second Home

You can afford a second home, let us show you how!

Now that low interest Canadian mortgage rates are readily available, it seems like the perfect time to invest in a second home. Here’s what you should know before purchasing a second property.

Things to Learn Before Buying a Second Home

1) Do your research.

You will need to resist the urge to buy a home because you want a getaway. Research the properties, area, and low mortgage rate options beforehand. This is an investment, not just a vacation.

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How Do Consumers Feel About the Market?

Economists and mortgage experts are always quick to analyze the Canadian housing market. However, these industry leaders often forget to ask for consumer opinions and insights. Luckily, there’s the CMHC Annual Mortgage Consumer Survey to help fill this gap.

Conducting in February and March of 2012, the CMHC Mortgage Consumer Report surveyed 3,502 recent mortgage consumers in order to better understand how market conditions are impacting the average buyer. Findings from the report are extremely useful, not just for first time home buyers and competitive mortgage rate seekers, but also for mortgage brokers and lenders. Here’s a look at some of the top statistics. Continue reading →

Planning to Retire With a Mortgage? You’re Not Alone

Canadian’s won’t be retiring their mortgage debt anytime soon, according to a recent survey by the Bank of Montreal. Data shows that more than half (51%) of Canadian homeowners plan to carry their mortgage into their retirement. But there’s more to this figure than meets the eye, says Phil Soper, chief executive of Royal LePage Real Estate Services. Soper argues that changing demographics and approaches to money management are what’s causing this increase, rather than just increased consumer debt. Continue reading →

Which Term Is Right For You?

Before you set out to secure the lowest mortgage rate available, you’ll need to make an important decision concerning your payment term. Almost every new mortgage customer struggles when it comes to deciding their amortization schedule. While some customers prefer the lower monthly costs of a long-term mortgage, other’s want to pay off their loan as quickly as possible.

So, should you go for a short-term or long-term solution? Let’s look at your options. Continue reading →

Half of Canadians Prefer Fixed Rate Mortgage Products

Fixed or variable? If you’re thinking about buying a home, it’s one of the most important decisions you’ll make. According to a recent poll conducted by CIBC, 50 percent of Canadian’s prefer to go with a fixed rate mortgage product – an increase of 39 percent over last year’s numbers. And while this isn’t surprising, given the convergence of fixed and variable rates over the past six months, it’s a telling sign of the times. More and more Canadians are locking in low, long term mortgage rates in anticipation of rate hikes from the Bank of Canada.  Continue reading →