Your credit score plays a vital role in qualifying for a mortgage and also in determining how much money you will pay over the term. A high score ensures that you will be able to get the best rate but also, that you will pay less overall. With the interest rates increasing and the stress test making
Taking Measures to Improve Your Credit Score
It’s no secret these days that when it comes to houses, prices are on the rise. On the other hand, it seems that it’s becoming somewhat difficult to get the mortgage you want nowadays. A good credit score is one of the more important factors when trying to gain mortgage approval. Since it is
Mortgage ‘Stress Test’ Implications on Homebuyers
In Canada, about 700,000 homes are purchased annually, of these, 625,000 to 650,000 will require financing, while just over 1 million homeowners will renew their mortgages - all who will have to undergo a new test. From January 1st of this year, Canadians were introduced to numerous new rules* relat
Pre-Qualify For Mortgage Without Going To The Bank!
If you are on the journey of buying a house, the first thing that will pop into your mind is, “How much can I afford?” This is where mortgage pre-qualification can help you. One of the key reasons for getting a pre-qualification is that it helps to establish a budget. You will then be aware of w
Monthly Toronto Housing Report – July 2018
As the temperature goes up, the housing prices seem to be cooling down even further. According to the Canadian Real Estate Association, the decline of house prices this spring season has decreased the Canadian average - the first to a nine-year low for the three month period of March to May. But
Toronto’s Skyrocketing Rental Condo Rates
Here is our weekly editor’s pick of 4 articles that explain what is going on with the current condo rental market in the Greater Toronto Area, and how it happened. The GTA is facing with rapid growth of rental rates since the second quarter of 2017. According to new data from Urbanati
Additional costs of Home Buying
Your home is probably the most expensive thing you’ll ever own, and that expense goes beyond the closing price. There’s the cost of the house, but then there are other ongoing and upfront expenses that can catch you off guard. Especially if you’re a first-time buyer, it helps to know what you
Budgeting and Saving Tips when paying a mortgage
Budgeting and Saving Tips when paying a mortgage One of the biggest challenges in personal finance is figuring out ways to spend less money. This is especially crucial when you have made a huge investment in buying a new house and your mortgage payments are due on top of the other expenses. While
9 Things to look for when touring a listing or an Open House
You’re in the market for a home and you’ve put together a short list of potential properties. There’s even one with the exact number of bedrooms you need, just enough square footage, and that renovated kitchen you’ve been dreaming of – and it all looks good in the photos. But while a pi