mortgage math

The New Mortgage Math

Huffington Post recently reported on a calculation by Dominion Lending Centre’s Len Lane, who estimated that someone who earns $85,000, bought a house for $500,000 and has $350 in monthly car payments would need to up their salary by $10,000 to afford the higher interest rates expected to be coming soon. Due to Canada’s new mortgage rules Read more about The New Mortgage Math[…]

high real estate prices

High Real Estate Prices? Relax, you have options.

Maybe it’s because we’re not based in the currently super-heated GTA or Vancouver markets, that we’re able to see investing in real estate here from a slightly different perspective. We like to call it common sense. With average homes in the $800K-$1M range, they are clearly getting out of reach for even moderate-high earners who Read more about High Real Estate Prices? Relax, you have options.[…]

mortgage renewal fees

A Mortgage Renewal Fee?

Yeah, this one seems clearly to be out of the ‘just doesn’t make sense’ category. Until you take a closer look, and poke it a bit. Yes, you probably have a mortgage renewal fee clause built into your mortgage agreement.  While you may be able to negotiate this away if you have a good TDSR Read more about A Mortgage Renewal Fee?[…]

Canadian Mortgage: There’s an App for That

Financial Post calls it “the app everyone loves to talk about when it comes to mortgages” and indeed, it has already been used over 3 Million times and ranks as the #1 mortgage app in Canada. You can easily calculate your total home ownership cost, compare rates and determine your affordability to the penny. It Read more about Canadian Mortgage: There’s an App for That[…]

Avenue Mortgages Townhouses

Get ready for higher rates.

Under new federal regulations that kicked-in on Nov. 30, low loan-to-value ratio mortgage insurance must meet stricter criteria that had previously only applied to high-ratio insured mortgages. The impact is that all lenders will incur higher costs to administer their loan portfolios – which will be passed along to consumers in the form of higher Read more about Get ready for higher rates.[…]

Wait – there’s a fee for that?

Maybe. These are some of the fees that can slip into mortgage contracts: Early payment fees Application fee Survey fee Title search fee Mortgage insurance Mortgage discharge fee (read this excellent article by the Globe and Mail) Prior to signing, you may also be on the hook for other items related to the property itself, Read more about Wait – there’s a fee for that?[…]

save on renewal

The Easiest Way to Save Money on Your Renewal

“Is it renewal time already?” “Didn’t we just renew the mortgage a while ago?” …well, yes, and yes – quite a while ago in fact. The easiest way to save money on your renewal is to put it out for bid before it comes due. So many of us (roughly 77%, based on some estimates), Read more about The Easiest Way to Save Money on Your Renewal[…]