Is It Worth Avoiding Mortgage Insurance?

Mortgage insurance is an extra premium applied to any mortgage purchased with 5% to 19.99% down payment. Also known as mortgage default insurance, mortgage loan insurance, or CMHC insurance, this premium helps to mitigate risks for lenders and helps home buyers who otherwise would not be able to purchase a property qualify for homeownership. As … Continued

Debt Consolidation in the New Year

Credit cards: those two little words that can cause a mountain of debt and stress that can derail your short- and long-term financial ambitions. Falling into the pits of debt can easily feel like a form of suffocation without the right strategies and solutions that can help alleviate that burden. Debt consolidation can offer you … Continued

Making the Best of the New Approval Rules

Making the best of new approval rules

With the stricter mortgage qualification rules that went into effect in October, many people won’t receive approval for as high of a mortgage as they may have in the past. Although this may dampen the search for your perfect house, there are many ways you can make the most of the new situation. The rules … Continued

4 Smart Ways to Save for a Down Payment

4 Smart Ways to Save for a Down Payment

Since a house is likely the most expensive purchase of your lifetime, a deposit on the house will not be a small amount of money. Most lenders require a minimum of 5% down as a down payment prior to initiating the mortgage loan for the remaining amount. The higher your down payment, the less money … Continued

Are You Financially Prepared to Buy a Home?

Are You Financially Prepared to Buy a Home?

The decision to purchase a house is not one that can be taken lightly. Though homeownership is a rewarding opportunity and a lifelong aspiration for many, it is not suited for everyone. Unless you win the lottery, the average person does not have the funds available to purchase a house outright without the aid of … Continued

Down Payment Requirements 101

Down Payment Requirements 101

  When you purchase a home in Canada, you are required to pay a down payment, a percentage of the initial purchase price. The amount of your down payment is based on whether you choose a conventional mortgage or an insured high-ratio mortgage.     What is a conventional mortgage? A conventional mortgage requires a … Continued

Making your Down Payment using the Home Buyers Plan

Making your Down Payment using the Home Buyers Plan

One of the biggest roadblocks that first time home buyers face in their quest to purchase their home is gathering enough money for a down payment. The minimum down payment in Canada on a home less than a million dollars is 5%, and the minimum down payment for the same house without having to purchase … Continued