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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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The 7 Most Common Mistakes Home Buyers Make

The 7 Most Common Mistakes Home Buyers Make

First-time home buyers, beware! The more experience you have with buying real estate, the more you’ll learn about the complicated process. Between the confusing terminology and the logistics of buying a house, it’s all-too-easy to make the wrong move or wind up in an unwise investment. If you’re a first-time […]

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What Is PMI? Private Mortgage Insurance, Explained

What Is PMI? Private Mortgage Insurance, Explained

If you need a mortgage to buy a house but lack the funds to make a 20% down payment, you might end up paying an added fee called private mortgage insurance, or PMI. So what exactly is PMI? In the same way homeowners insurance protects you in case of problems […]

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Mortgage Rates Rise for First Time in 2019 but Are Expected to Fall From Here

Mortgage Rates Rise for First Time in 2019 but Are Expected to Fall From Here

Rates for home loans ticked up slightly, but look set to fall in the coming weeks as investors gird for a slower-growth economy. The 30-year fixed-rate mortgage averaged 4.46% in the January 31 week, mortgage guarantor Freddie Mac said Thursday . That was up just one basis point compared to […]

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