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Home equity is the value of the ownership stake you’ve built up in a home that you own. In simple terms, it’s the difference between the value of your home and how much debt you have remaining on your mortgage. Building home equity can be done in two ways: Paying down your mortgage Increasing your […]

Anyone who’s buying a home will likely need a mortgage. The question is, how does a mortgage work in Canada? It’s a straightforward financial product, but what can confuse people are the different options and interest rates available. Since purchasing a home will likely be the most significant expense of your life, you’ll want to […]

For many Canadians, buying a house is a dream scenario. Not only does owning a home allow you to build wealth, but it also gives you more control over your living circumstances compared to renting.  But the cost, responsibility and hard work that comes with being a homeowner isn’t for everybody. Before buying a house, […]

There’s a common belief that renting is throwing away money. Since you’re paying someone else’s mortgage, you’d be better off buying and building equity for yourself, the argument goes. While this may be true in some cases, the numbers don’t always add up. The buy-or-rent question requires careful consideration as it can have a sizable […]

Canada’s white-hot real estate market can make being a first-time home buyer a dizzying and exhausting experience. But don’t let the challenges of becoming a homeowner discourage you. Despite the sky-high home values and low number of properties for sale across the country, 39% of Canadian adults plan to purchase a home in the next […]

The Home Buyers’ Plan, or HBP, is a government-run program that allows Canadians to withdraw up to $35,000 from their RRSPs.  The funds can be used by HBP applicants to buy or build a home for themselves or for a relative with a disability. An added benefit of the HBP is that accessing your RRSP […]

Homebuyers might scrimp, save and sacrifice their way to a minimum down payment only to discover that the remaining mortgage amount is still too large for lenders to approve. If saving a larger down payment is the obstacle standing between you and your first property, the First-Time Home Buyer Incentive might provide the boost you […]

Comparing fixed- and variable-rate mortgages typically comes down to two factors: predictability and cost. With a fixed-rate mortgage, you’ll know exactly what your interest rate and mortgage payments will be for the duration of your mortgage term. With a variable-rate mortgage, your rate and payments can fluctuate. That uncertainty creates risk for the borrower, which […]

It doesn’t matter if you’re applying for a new mortgage or renewing your current one, you need to decide if you want to go with a closed or open mortgage. While the vast majority of homeowners go with closed mortgages, there are a few occasions where an open mortgage may make more sense. Depending on […]

If you’ve been renting or living at home and you’re now ready to buy your own place, you’ll likely want to know how much you can afford. While your finances are a significant factor, getting a mortgage pre-approval is a way to ensure you know exactly how much buying power you have. What is a […]

Two important components of any mortgage are the amortization period and the mortgage term. Not only do these two factors determine when you’ll become mortgage-free, but they also will help define your overall costs, interest rates and monthly payments. To put it simply — an amortization period is the total length of time it takes […]

If you still owe money on your mortgage when the current term is up, you’ll need to renew it for another term. At this point, you get a chance to reassess everything that affects your mortgage, including your choice of lender, interest rate, payment frequency and the length of your new term. As such, your […]

If you’re a homeowner and you’re thinking about selling your home, or you want to refinance for better mortgage rates, then you’ll likely need to break your mortgage. Unfortunately, you’ll have to pay a penalty to do so, but it may actually benefit you. Here’s what you need to know. What it means to break […]

Porting a mortgage, also known as transferring a mortgage, is a process all homeowners should be familiar with. The porting process allows you to apply your current mortgage terms to a new home loan with the same lender — all without breaking your mortgage contract. Porting a mortgage allows you to sell your house in the […]