Blog Archives

How long should my mortgage term be?

April 23, 2014

You can get a mortgage with a term of anywhere from six months to 10 years. Remember: the shorter the term, the lower the interest rate. A short-term mortgage might be the (more...)

What are the monthly costs of owning a home?

March 27, 2013

Some costs—like property taxes—aren’t billed monthly, so you’ll have to do some calculations to break them down into monthly costs. Mortgage payments Probably your biggest monthly expense. The actual amount depends on (more...)

What are the other costs of buying a house?

March 27, 2013

Once you’ve settled on your down payment, you still need to handle: Closing costs: these include items like a professional home inspection, legal fees, closing and adjustment costs, interest adjustment costs between (more...)

What’s a home inspection? Do I need one?

March 27, 2013

A home inspection is a thorough visual examination to determine the overall condition of a property. A certified home inspector should check all major components (roof, attics, ceilings, walls, floors, foundations, crawl (more...)

Can I get a mortgage to buy and renovate a house?

March 27, 2013

Yes, under certain conditions. This means you don’t need to get a separate loan for renovations. If the improvements are cosmetic (i.e. replacing kitchen cabinets, refinishing hardwood, etc.), your mortgage loan insurance (more...)

Can I use my RRSP to help buy a house?

March 27, 2013

Yes: about half of first-time homebuyers dip into their RRSPs to help finance a down payment. Under the federal government’s Home Buyers’ Plan, you can use up to $25,000 in RRSP savings (more...)

What’s a down payment?

March 27, 2013

It’s the portion of the purchase price that you furnish yourself: your initial equity in your new home. The larger your down payment, the less your home will cost in the long (more...)

How much can I afford to pay for a house?

March 27, 2013

YOU NEED TO FIGURE OUT THREE THINGS: Your gross monthly income: the combined monthly salary and any other income—from investments, etc.—before taxes and deductions, of all people buying the property. Your monthly (more...)