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mortgage

  1. Really safe method of saving for a down payment on house?

    Investing
    I currently have just over $10,000 in a really really low interest TFSA and $30,000 in my chequings account that I would like to put somewhere so that it is at least gaining something.I'm currently about to remortgage my current home and am weighing the options of either saving for a second home...
  2. Looking to purchase a home in Toronto and keep our condo - Should I?

    Real Estate
    We currently have a 2 bedroom condo in Toronto. Ideally, we would like to keep our condo as we purchase a home for our growing family. Our current condo mortgages, fees, and property taxes would be covered by renting it. What are some good resources when considering on getting a second home...
  3. Mortgage question, buying before current house is sold

    Real Estate
    We're planning on buying a new house. It's in Calgary, price is around $520,000. Will be putting $250,000 for a down payment. We also have our current home in a smaller city that we would be selling. It’s all paid off. I’m hoping to get $180,000 for it. It may be a tough sell, because it's a 2...
  4. To Sell or continue Renting our Vancouver townhouse

    Real Estate
    Hi all -- We recently expanded our family and moved away from Vancouver (we couldn't afford a house in Vancouver so we bought a house in the Interior of BC and relocated). We kept our 2-bedroom townhouse in Vancouver as a rental property. We now have a good amount of equity in the rental...
  5. Switching from Variable to Fixed rate mortgage

    Real Estate
    Hi folks. I have two years on my current home mortgage to reach its 5-year term. It is RBC Homeline Plan with Variable rate. When I signed my mortgage in Jan 2016, the rate was 2.3. Now it is 3.75!! Today, RBC offered me to switch to 5 years Fixed rate of 3.74...... It increases my monthly...
  6. Second Mortgage

    General Personal Finance Talk
    Let see if someone could understand my plight and come forward. I foreclosed on a house that had a first mortgage. I heard that I have an option that I could find a second mortgage also I would like to make this as a joint mortgage by including my wife into this. Note, she already has a...
  7. Need input for personal financial scenario...

    General Personal Finance Talk
    My fixed mortgage at 2.69% is up April 2020 where lump sum payments dont affect current interest payments. I have 15k sitting in my chequings account and 8k in a cheesy lowest interest ever TFSA. I have seen GIC ads for 3% interest for a one year term and am curious if I would be better off...
  8. Chunk of money - should I pay debt or add to first house down payment?

    General Personal Finance Talk
    Hello! My husband and I just got married less than 3 weeks ago. We received several cash gifts from guests at the wedding. We also went on a 2-week long honeymoon (rather expensive to Scotland and Ireland - wanted to get it done and meet family there before having kids!). We are now at the...
  9. Mortgage bad credit

    Real Estate
    I need help with mortgage options. My fiancé has TERRIBLE credit, like the worst it can be from old collections agencies, and he’s never had a credit card. He is the sole money maker as we just had a baby..I have amazing credit (850) but no income. He is getting a large inheritance (50000)...
  10. avoid CMHC fees by paying 20% down?

    Real Estate
    Hi all, Looking for some advice. Say for example a home we were looking at was $500k, 20% would be $100k. Assuming we have no debt, can afford the 20% down, should we do it? I recently read that you can get lower rates if you have an insured mortgage???, by paying less than 20% down, you pay...
  11. Does home equity backfire when there is bankruptcy?

    Real Estate
    Hello, I am trying to comprehend the nature of "home equity" and how it relates to bankruptcy. As I understand, home equity is the portion of your property that you truly “own.” So, for a house with a market value of $200,000, let's suppose I made a $40,000 down payment in order to pay the...
  12. New GDS/TDS

    General Personal Finance Talk
    Hey, Looks like banks are getting harder and harder in approving A side deals. New rules, 32/40 GDS/TDS for conventional mortgages. Looks like people are going to go to B-Side soon!
  13. Bank discharged mortgage instead of transferring it

    Real Estate
    Hi all, I just received a call from Alterna Bank who I transferred my mortgage to from BMO a year ago. They said that BMO discharged my mortgage instead of transferring it and they want us to sign new documents to "protect us". I'm thinking this is to protect them, not us. Is there any reason...
  14. HELOC in Toronto

    Real Estate
    How long does it take to get a HELOC in Toronto?
  15. Pay off mortgage or invest

    Real Estate
    Hi Everyone, This is my first post, please go easy :). Would like some unbiased advice please. My wife and I have about $73k outstanding on our mortgage. Our current rate is 2.34% and the mortgage comes up for renewal on Oct 1 2016. We had been aggressively paying down the mortgage when it...
  16. Buying a house without down payment

    Real Estate
    Hey all. First post here but I've been reading this forum for a while. I want to help my friends who are thinking of buying a place without a down payment, they tend to listen to random ads and trust salespeople, which led them to make some very bad decisions before. In the last 3 years they've...
  17. Moving Provinces - house for son

    Real Estate
    My parents are planning on moving to Ontario from Saskatchewan. They want to buy a house for my brother who has a new family. They would rent out the house to my brother. My parents are retired and have enough money to buy the house outright, but that would require cashing in RRSPs, other...
  18. Mortgage advice for a friend

    Real Estate
    My niece recently wrote me asking for some advice, their mortgage is coming up for renewal and she want's to take advance of cheap money but is worried rates might rise. This is my advice but before I sent it I'd like some feedback Thanks - use a mortgage broker let them do the shopping...
  19. Buying a house when moving to another town/city

    Real Estate
    I have a question regarding buying a home. My wife and I live in Happy Valley - Goose Bay, NL, and the prices of homes here are really high. We moved here to live with our family in order to save money for a down payment on a home. We are planning on moving back to PEI or another maritime...
  20. How to calculate the true cost of borrowing (mortagage) over the first 5 years?

    Real Estate
    I currently have a mortgage of $360,000 (30 years) at 2.6% signed for 5 years and it has been 6 months (so 4.5 years left) A new bank is offering me a rate of 2.5% but I need to pay a penalty of $2,000 to the first bank to transfer it over (blended into my mortage). So I am trying to calculate...
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