When you obtain a mortgage the lender may suggest that you take out Mortgage Insurance (also known as Creditor Life Insurance). Many people chose not to take it, but they also don’t have Life Insurance, and this is problematic as you should definitely have one or the other! So let me explain what they are so you can make the right decision.(more…)
So you borrowed from your RRSP account to utilize the governments First Time Home Buyers Plan (HBP). Now you have to repay that borrowed sum to your RRSP account within the next 15 years. So how do you do that, and what happens if you miss one of those repayments?
The Home Buyer’s Plan (HBP) is a government offered program that allows prospective home buyer’s to utilize their RRSP contributions to assist in the purchase of a home (to be used for the down payment and/or the closing costs of your home purchase).
To utilize this program you must meet the eligibility criteria. (more…)
Most adults have several different types of debt; Credit card, car loan, line of credit, and the biggest one, your mortgage. There is nothing wrong with this, but we have to be careful to use these credit lines properly, to know what the product is, and whether you are getting the best product for your needs.(more…)
These suggestions can help you avoid the stress and blockades that many borrowers have faced along the route to approval.
If you don’t already know, getting pre-qualified is always the very first step that should be taken! However, even before the per-qualification, you need to make sure you have all your ducks in a row! (more…)