Canadians have seen interest rates rise considerably this year and those not on a fixed interest rate mortgage have seen their regular mortgage payments rise along with them. All the talk in the media, and rightfully so, is about the rise in mortgage payments, but what often gets overlooked is the longer-term impact to your financial health and retirement savings.
We have all heard stories about mortgage payments rising by $1,000 per month, but what about the impact of higher interest rates to service a mortgage over its lifetime?
Homebuyers will often enter the mortgage journey with expectations on the amount they expect to receive, only to be disappointed when they don’t qualify for that amount. This is especially unsettling when they’re already paying a monthly rental amount that exceeds how much the lender will allow their maximum monthly mortgage payment to be.
With the many increases to Mortgage Rates recently, mortgage borrowers are finding they are qualifying for lower mortgage amounts than they were just one month ago. This is true even in the absence of any change to the rate used by the dreaded Mortgage Stress Test.
When it comes to mortgages, the age-old question remains: “Should I go with a variable or fixed-rate?”. To make an informed decision, it is important to assess your own risk tolerance & budget constraints more than historical trends.
Whether it is your first house or you’re moving to a new neighborhood, getting approved for a mortgage is exciting! However, even if you have been approved and are simply waiting to close, there are still some things to keep in mind to ensure your efforts are successful.
To avoid having your mortgage approval status reversed or jeopardizing your financing, be sure to stay away from these 10 common mortgage mistakes.
Twenty-five or thirty years can sound like an impossibly long time to service a loan – and for many of us, it is. If you are looking to pay off your mortgage faster, here are some tried-and-true tactics to get you to financial freedom that much sooner!
How much do you really know about reverse mortgages? Maybe you know that reverse mortgages can help Canadians 55+ access the equity in their home, tax-free. Maybe you know that tens of thousands of Canadians are using a reverse mortgage as part of their financial plan. But did you know that there are 7 common misconceptions when it comes to understanding reverse mortgages in Canada.
Common Misconceptions About Reverse Mortgages
1. If you have a reverse mortgage, you no longer own your home
Nothing could be further from the truth. You always maintain title, ownership and control of your home – the lender simply…