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Let’s see if buying a house is the cure for sky-high rents

Let’s see if buying a house is the cure for sky-high rents

Whoa, that’s way more expensive than renting. Let’s see what we can do to get that monthly payment down. Maybe a 20-per-cent down payment, enough to save on the cost of mortgage default insurance for your lender? Now we have monthly payments of $3,057. Let’s sharpen our pencils and see what else we can do.

High rents got you down? Maybe you should own a home instead. In Toronto and Vancouver, the median cost for a one-bedroom apartment is close to $2,200. Even with mortgage rates up a fair bit in the past year, surely home ownership can’t be much more expensive than those incredibly high rents? The Canadian Real Estate Association reports that the average resale home price in the Greater Toronto Area […]

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5 Things to Avoid While Waiting for Your Mortgage to Close

5 Things to Avoid While Waiting for Your Mortgage to Close

So, you’ve found a house you love, been approved for a mortgage, and are just waiting to close on your loan. It can sometimes take a few days or even a few weeks to get from this point to your closing date when the transfer of the property takes place. And, […]

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Beazer counts on lender competition to constrain rising mortgage rates

Beazer counts on lender competition to constrain rising mortgage rates

Beazer Homes USA is working to encourage competition among its approved lenders in order to help control upward pressure on home prices and lending rates that could slow sales. “We realize that affordability is a major concern,” President and CEO Allan Merrill said during the company’s earnings call for its […]

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What Credit Score Do You Need To Buy A House?

What Credit Score Do You Need To Buy A House?

There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed! Only 25% of the Americans have a FICO® Score between 740 and […]

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