Most first-time buyers lack sufficient funds to purchase their home outright and require loan financing (a mortgage) to make it work. In this article, we cover the basics of getting your first mortgage.Read More
Canada's mortgage stress test was designed to help ensure Canadians don’t overstep their financial means. However, there are special cases where it makes sense to bypass this process, yet still keep affordability top of mind. The question is how to safely bypass the stress test and secure the mortgage financing you need when the banks...Read More
Whether shopping for a new home, have a mortgage renewal coming up, want to refinance or just want to know how much you're able to spend, getting a mortgage pre-approval is well worth it, and can save thousands of dollars or more. The principal benefits are protection against rate increases, and the safety and security...Read More
Mortgage pre-approval is used by lenders to “vet” borrowers and estimate spending ability for a home purchase. Seven factors determine the amount, both for pre-approval and final approval.Read More
Discovery of errors on a credit report at the last minute could have cost homebuyers the home they wanted if sellers didn't generously extend the deadline. With only 5 days to waive the financing condition, there's no time for credit report surprises.Read More
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...Read More
If you’re getting income taxes done, you need a great accountant There are a few things in life we all covet dearly – like a trusted auto mechanic, a great family doctor, or a dry cleaner who actually removes stains, etc. For me, you can add my tax accountant to this list. In one of...Read More
No matter how financially responsible you are, illness and tragedy can decimate your finances You never know what’s around the corner when family finances are concerned. Met a couple last week who retired early at 53, with guaranteed pension income of $74,000 between the two of them. And when they hit 65 (earlier for CPP...Read More
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...Read More
What do you do if there’s an error on your tax return? Thanks to Tim Cestnick, managing director of WaterStreet Family Wealth Counsel, for the following article extract, published in The Globe and Mail, April 28, 2010. You screwed up your taxes, now what? Making Changes. You send in your tax return thinking all is...Read More
‘Plan like a pessimist (to) live like an optimist’ I read this interview of Gail Vaz-Oxlade in today’s Saturday Star – and it really resonated with me. Her mantra is simple yet practical advice for all. The part I liked best was when Gail says you should NOT pay off all your debts before you...Read More
It’s the end of the tax year – here’s what you need to do Time is running out to qualify for Ottawa’s $1,350 home renovation tax credit, and you have even less time to make use of year-end tax strategies. So here a few timely reminders. Tax tips for home renovators You have until Feb....Read More
