The decision on whether mortgage insurance is worthwhile in Canada depends on individual circumstances. Mortgage insurance, often in the form of mortgage life insurance, can provide coverage for the outstanding mortgage balance in the event of the policyholder’s death. While it offers a straightforward application process and convenience, some factors to consider include the potential […]

Owning a home is a significant milestone, but it can also be a major financial commitment. Your mortgage payments can take up a significant portion of your monthly budget. However, there are several strategies you can employ to save money on your mortgage and potentially pay it off faster. In this comprehensive guide, we will

Owning a home is a significant milestone for many Canadians, but the burden of a mortgage can weigh heavily on your finances. Thankfully, there are strategies and techniques you can employ to pay off your mortgage faster and save money on interest in the long run. In this comprehensive guide, we will explore various ways

Key Takeaways Understanding the steps to take when buying a house after a divorce in Canada Considering your current financial standing and housing options Waiting for legal proceedings to finalize before purchasing a home Evaluating your income, assets, and credit implications Deciding whether to stay in your current home or relocate Exploring options for refinancing

The interest rate you get on a mortgage is often influenced by your credit score. A higher credit score generally means you qualify for a lower interest rate, making your mortgage more affordable. On the flip side, a lower credit score may lead to a higher interest rate, meaning you could end up paying more

Certainly! Opening a Home Equity Line of Credit (HELOC) can affect your credit score. The initial application involves a hard inquiry, which may cause a temporary dip in your score. Additionally, factors such as credit utilization, payment history, and overall debt can be influenced by your HELOC. Responsible management, including timely payments and mindful credit

Let’s address the burning question: can mortgage insurance be cancelled in Canada? The answer is yes, but there are certain conditions that need to be met. For conventional mortgages, mortgage insurance can be removed when the borrower reaches 20% equity in the property. The rules and regulations surrounding mortgage insurance cancellation are governed by the

Purchasing a home in Canada comes with various costs, including closing costs, moving expenses, and other unavoidable charges. To help cover these expenses, a cash-back mortgage may be worth considering. This type of mortgage provides the borrower with additional funds that can be used for various purposes. However, it’s essential to understand the ins and

How does the First-Time Home Buyer Incentive Work? The First-Time Home Buyer Incentive (FTHBI) is a government program in Canada that aims to help first-time home buyers overcome the obstacle of saving for a large down payment. This program allows eligible buyers to borrow 5% or 10% of the home’s purchase price from the federal

What is a reverse mortgage? A reverse mortgage is a financial product that allows Canadian homeowners aged 55 and older to access the equity they have built up in their homes. It is a loan that is secured against the value of the property and does not require monthly mortgage payments. Instead, the loan is