While buying a home is the biggest investment the average Canadian will ever make, many first-time home buyers still don’t take the time to perform sufficient financial due diligence before signing their offer to purchase. A recent survey commissioned by TD Canada Trust has found that the two biggest regrets include not saving for a larger down payment and not doing enough research into the actual costs of maintaining a home. Continue reading
Tag Archives: Mortgage Term
Loophole May Make Credit Unions the Better Mortgage Option
New mortgage guidelines aimed at Canada’s sizzling real estate market might not be as ironclad as Finance Minister Mark Carney may have hoped. That’s because credit unions, which are provincially regulated, are not under the jurisdiction of the Office of the Superintendent of Financial Institutions (OSFI). This loophole may provide community credit unions with an important competitive advantage and borrowers with an attractive alternative to traditional lending sources. Continue reading
HELOC Lending Limits On The Way?
Rumour has it that lending limits for home equity lines of credit (HELOCs) could be slashed come the end of this month. These moves, which relate to the Office of the Superintendent of Financial Institutions’ new mortgage underwriting guidelines, will limit federally regulated lenders to limit all new HELOCs to 65 percent loan-to-value, down from the current rate of 80 percent.
Canada’s big banks are required to comply with new guideline by the end of the fiscal year – October 31, 2012. However many lenders are already planning changes to take effect in September. 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