How home closing costs can add up

Home buyers are often advised to set aside one-to-three per cent of the purchase price of their house for closing costs.  These fees are explained during the home buying process, but it is helpful to ask questions so you fully understand how these costs can affect  your budget. Legal fees: On average you should budget $600 […]

Paying off your mortgage early can cost you

Paying off your mortgage early seems like great financial planning since you’re freeing up money that can be put towards savings. But discharging a mortgage early can mean a prepayment penalty because the bank loses money. If you had a two-year term and paid the mortgage in full after 16 months, the bank is out eight months […]

Bid your mortgage goodbye

With today’s low mortgage rates, now is a good time to look at ways to pay off your mortgage more quickly. Fixed versus variable savings, at a glance With a base scenario of a $300,000, 25-year amortization, five-year fixed-rate mortgage at 3.45 per cent and a monthly payment of $1,496.23, if you: – Pay $100 […]

Our Parents’ First Mortgage

81% of Ontarians say it’s more difficult to own a home now than it was for their parents. That comes from this Ipsos Reid/Ontario Real Estate Association survey. That’s interesting because our parents had to put down 25% to purchase a home. Young buyers nowadays can get their foot in the door with just 5% down. […]

Housing Hold’em: RBC Poll finds over half of younger Canadians plan to buy next year

46 per cent of younger homeowners say mortgage costs eat up too much income TORONTO, APRIL 7, 2011— Over half of young Canadians (55 per cent) believe that it makes sense to delay a home purchase until next year, 10 points higher than the national average, and almost half (46 per cent) of younger homeowners […]

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