Bulk up your down payment with help from your Registered Retirement Savings Plan. The Home Buyers’ Plan (HBP) is a program from the Government of Canada that allows first time home buyers to withdraw up to $25,000 from their RRSP towards their Canadian mortgage rate down payment for their first home, tax free. How Does the Home…

Do I really need mortgage insurance? A down payment acts as a form of security – so the larger your down payment, the better. If you have a greater amount of equity built up in your home, unforeseen circumstances can be more easily managed, and you’ll be less likely to default on your mortgage. Lenders…

Is it really that big of a deal? All lenders expect you to put some cash down on your home purchase. The minimum here in Canada is 5% of the purchase price.  The amount of insurance fees charged is relative to your best mortgage rate and your down payment amount. So remember, the more money you can…

Understand why rates change and how you can adapt to increases. There are many factors that influence the health of the economy: unemployment, inflation, consumer confidence and the housing market, are just a few for example. Let’s look at how these factors can impact your mortgage rate. Factors Affecting: Fixed Mortgage Rates A fixed best mortgage…

There are no stupid questions. Here’s a list of questions to consider when speaking with your mortgage broker: How long have you been in the business? Experience is key when it comes to dealing with complicated mortgages.  What kind of education or licensing do you have? You should verify that your mortgage broker is licensed…