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Posted by: Yen (Frank) Feng
Your mortgage amortization period is the number of years it takes to pay off your mortgage. The amortization length affects how quickly you become mortgage-free and how much interest you pay. A longer period means more interest, while a shorter one means less interest but higher payments. Typically lenders use a 25-year benchmark for mortgages. […]
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Whether you have made an offer on a home already or are still in the process of looking, you already understand that buying a home is likely the largest investment you will ever make. When it comes to your mortgage application, there are a few things that you should avoid doing while you are waiting […]
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The May inflation data, released this morning by Statistics Canada, bore no surprises. The year-over-year (y/y) inflation measured by the Consumer Price Index (CPI) at 3.4% was just as expected–down a full percentage point from the April reading. This is the smallest increase since June 2021. Economists hit this one on the head because we knew dropping the […]
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The Canadian Real Estate Association says home sales in May rose 5.1% month-over-month (m/m), adding to the 11.1% gain in April. This brought the year-over-year sales gain to 1.4%, The first y/y sales increase in almost two years. While spring home sales started booming (compared to the past year), the surprising 25 bps uptick in […]
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When it comes to homeownership, many of us dream of the day we will be mortgage-free. While most mortgages operate on a 25-year amortization schedule, here are some ways you can pay off your mortgage quicker: 1. Review Your Payment Schedule: Taking a look at your payment schedule can be an easy way to start paying […]
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Having the biggest and best home on the block sounds great – but not if it is at the expense of your life and monthly finances. Be smart about your budget and avoid buying a home at the very top of your pre-approval value, which might lead to cash flow issues and being “house poor” […]
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While home inspections might not be the most exciting part of your home buying journey, they are extremely important and can save you money and a major headache in the long run. In a competitive housing market, there can sometimes be pressure to make an offer right away without conditions. However, no matter how competitive […]
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You work a lifetime building your nest egg, so the thought of losing financial control can be difficult at any point in life. However, having a trusted document like a power of attorney (POA) can bring you and your loved ones peace of mind. Contrary to what some believe, the reality is that your POA […]
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The Canadian economy continues to show marked resilience to high-interest rates. Statistics Canada released data this morning showing real GDP rose at an above-consensus 3.1% annual rate in the first quarter of this year. The estimate for April growth was also firm, a harbinger of continued strength in Q2. The combined drags of the public sector strike and […]
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New to mortgages? Have questions but not sure where to start? Here are the most frequent mortgage questions with answers: 1. What is the best interest rate I can qualify for? Your credit score affects the interest rate you qualify for. Higher risk leads to higher rates. While the interest rate isn’t the most crucial […]
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