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Don’t Settle for a Mortgage Renewal with your Eyes Closed
Posted by Brad Speniel | May 23, 2015 at 8:33 am
ESTIMATED READING TIME: Less than a minute
New Immigrants Face Hurdles as First-Time Home Buyers
Posted by Brad Speniel | May 23, 2015 at 8:29 am
ESTIMATED READING TIME: 2 minutes
New Canadians are making their numbers felt in the housing market, as they get settled and make the transition from renter to owner, purchasing their first homes in this country.
Over 280,000 new immigrants arrived in Canada in 2010, the highest amount in 50 years according to the Department of Citizenship and Immigration. Immigrants are expected to play a large role in the housing market in the coming decades. Between now and 2031, the foreign-born population of Canada could increase approximately four times faster than the rest of the population.
For these new Canadians, first-time home ownership may prove harder than anticipated, as they face some unforeseen obstacles, but there are definite opportunities.
Understanding Collateral versus Standard Charge Mortgages
Posted by Brad Speniel | May 23, 2015 at 8:14 am
ESTIMATED READING TIME: 4 minutes
More lenders are moving to collateral charge mortgages so it’s becoming increasingly important to understand the differences between a collateral and standard charge mortgage. TD Bank announced in 2010 that all new mortgages will be a collateral charge mortgage. ING made the same announcement at the end of 2011 and it is expected that other lenders may follow. Collateral charge mortgages are now the only option with TD and ING. Standard charge mortgages are offered by the majority of all other lenders, although some offer both – standard charge mortgages and HELOCs, which are a collateral charge. You choose the option that best meets your needs. So what’s the difference, and which is better for you?
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Save for Retirement by Pulling Debt Together with your Mortgage
Posted by Brad Speniel | May 22, 2015 at 6:51 pm
ESTIMATED READING TIME: 2 minutes
Many Canadians are facing the financial pressures of trying to save for retirement, but with perhaps too much debt and a tight monthly cash flow, it can seem impossible. Luckily with the right plan in place, it is possible to simplify your debt, reduce your interest costs and save for retirement without earning more or cutting your spending budget.
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