Buying a home is a significant milestone for many Canadians, but understanding the journey from affording a home to getting approved for a mortgage is crucial. Here’s a closer look at these two essential yet distinct steps in the homebuying process. Affording a Home Affording a home is about evaluating how much you can realistically…

Exciting new mortgage rules in Canada! 1. Increase in Insured Mortgage Price Cap: The government is raising the price cap from $1 million to $1.5 million, which will come into effect on December 15, 2024. This change aims to help more Canadians qualify for insured mortgages, making homeownership more attainable, especially for younger Canadians. 2.…

Exciting Changes for First Time Home Buyers in 2024 Starting August 1st, 2024, a significant shift is coming for homeowners purchasing newly built properties. The Department of Finance will provide First Time Home Buyers (FTHB) with the valuable option of a 30-year amortization for insured mortgages. This change is set to make home ownership more…

Have you heard of the 28/36 rule? This is a guideline used in personal finance to determine how much of your income should go toward housing and debt expenses. Here’s how it works: 28% for Housing Costs No more than 28% of your gross monthly income should be spent on housing costs, typically mortgage payments,…

Mastering Money Management with a Mortgage! Buying a home is a huge milestone, but managing your money with a mortgage can feel challenging. Here are some tips to help you stay on top of your finances: Create a Budget  List out all your monthly income and expenses. Include your mortgage payment, utilities, insurance, groceries, and…

The Benefits of Paying Down Debt Before Buying a Home Becoming a homeowner is a significant milestone for many people. However, navigating the financial responsibilities that come with homeownership can be daunting, especially for those carrying existing debt. While it may be tempting to rush into purchasing a home, paying down debt before taking that…

In Canada, the majority of people who buy property do so by taking out a mortgage, which is typically repaid over a specific period of time through a process called amortization. However, most mortgage contracts only last for a period of one to five years. Once the contract comes to an end, the homeowner is…

Managing debts with high interest can feel like an uphill battle. If you’re only making the minimum payments, it’s very difficult to get ahead. A simple example… If you have a balance on your credit cards, you could typically be paying 19.99% in interest. If you owed $5,000 on a high-interest credit card, the annual…

It’s important to note that although rates may be higher now than before, we are starting to see them decrease. Additionally, property values have stabilized. If your rate is lower and is maturing in the next year or two, you may want to consider blending the interest rate to capitalize on the lower rate you…