Category

First Time Home Buyers
Published: • Traditional Home Now A Luxury; Condos Are Where Most Start A few years ago, mortgage insurers and lenders began to really toughen up their lending guidelines for condos – convinced this particular segment was overheated and over built, and headed for a huge correction. Mortgage brokers and their clients increasingly turned to private...
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There is a lot more to choosing your mortgage than simply hammering your banker into submission and nailing the lowest interest rate possible. Sorry to rain on your parade folks, but would you choose the cheapest new home on the market, regardless of where it was located? Of course not! Today’s post focuses on the...
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Published: • Reader Asks: “What’s the Right Choice? Pay Down Student Debt, Or Save Down Payment For Investment Property?” Today’s question comes from Alison in Mississauga: “Hi Ross I currently have a $50, 000 CAD student loan which I must now start paying off. I have a short term work contract, making a $70,000 a...
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Should you buy your first home or pay off your student debt? This is part two of the response to a question from Alison, who wanted to know if she should first pay off her student loans before saving for a house. You can read part one here. Hi Alison, I like the idea of...
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Published: • Stress of Bidding Wars Drives Homebuyers to Abandon Safety of Financing Condition Multi-offer situations (bidding wars) typically rear their ugly head in a heated market, when a desirable home in a good neighbourhood is deliberately listed at a lower-than-market-value price. This can lead to realtors rushing their buying clients to the house to...
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Published: • For those who want to buy a home with no down payment From time to time I meet people who are anxious to buy a home, but have no down payment saved up. They are frustrated being on the sidelines and watching everyone else grow their home equity. So, with all the recent...
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If I ask for a pre-approval, will it reduce my credit score? Dear Ross, we are looking around for our first home, and we want to know how much mortgage we will qualify for. If we ask for a pre-approval, will you have to check our credit history? Is that a ‘hard inquiry’, and will...
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Think a variable rate mortgage is a piece of cake? Read this! I just read an excellent analysis by Rob McLister, the editor of the highly regarded Canadian Mortgage Trends website. It takes to task the people who believe they are fine with a variable rate mortgage, and can adjust quickly to rising rates and...
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Engaged or Married? Quick Money Tips For A Great Start On The Road of Life This article is the third in a series on personal finance and investing at different stages of your life. As some issues may overlap the different stages of life, they could be covered in a prior or subsequent article. Money...
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