All Questions
71
questions
8
votes
1
answer
683
views
Should I pay down mortgage faster or Invest?
I've a appx 450K mortgage left at 2.49% (5 year term with a 25 year mortgage).
I've a few options to pay my mortgage faster
Increase principal payment amount once/year
Change payment frequency from ...
- 329
1
vote
1
answer
495
views
Extra money - pay mortage or invest?
Our situation:
Both 28 years old
Both working full time with stable jobs
No debts (no student loans, cars are paid, etc.) except a 80$/month 0% interest 2 years loan for home furnitures.
Family ...
user76558
1
vote
1
answer
124
views
Why would a shrewd lender lend for a condominium whose lease is shorter than the length of the land lease?
101 Streetsmart Condo Buying Tips for Canadians (2006). Douglas Gray, B.A., LL.B.. p. 44.
Leasehold Mortgage
A leasehold mortgage is a mortgage on a house or condominium where the land
is rented ...
user102055
0
votes
2
answers
4k
views
Why would a mortgagor need a postponement clause for a 2nd mortgage?
101 Streetsmart Condo Buying Tips for Canadians (2006). Douglas Gray, B.A., LL.B.. p. 40 Bottom. The author replicated the quote benaeth in his other book (unrighteously?).
Secondary Financing
...
user102055
1
vote
1
answer
677
views
Can loan for mortgage be declined after receiving both approval letter & commitment letter
What is the difference between mortgage approval letter (not pre-approval) & commitment letter?
commitment letter according to this source:
A loan commitment letter is an indication that the ...
- 185
13
votes
1
answer
2k
views
Use equity to purchase second home in Canada
I tried searching, but did not see one specific to Canada.
I have a home I'm living in worth approx. $180,000. I owe approximately $126,000 on the mortgage, which I have been paying extra towards ...
- 961
1
vote
3
answers
156
views
Canada's new mortgage laws
I need help understanding Canada's new mortgage laws? I have tried looking at the information online, and it keeps saying it will need a bigger downpayment, but to my understanding it just increases ...
2
votes
1
answer
49
views
Down Payment Requirement for a non-Permanent Resident of Canada
I am waiting for my PR under spousal sponsorship to come thru. My Canadian husband wants us to buy a condo in Port Alice and has pre qualified by adding my Social Security income in with his. Question ...
- 21
2
votes
0
answers
851
views
Home equity loan against foreign property
I'm a United States citizen and own a house in Canada. I have a clean title and the entire house is paid off.
Is it legal for any United States banks to give home equity loans against this foreign ...
- 121
4
votes
1
answer
3k
views
First time homebuyer, want to buy an old house tear down and rebuild
My spouse and I have never had a mortgage. We're pre-approved for about a $600k mortgage, which we want to use to buy an older house to tear down and completely rebuild. The initial price on these ...
16
votes
1
answer
5k
views
What does a mortgage percentage rate really mean?
I'm wondering if I could get a detailed explanation on exactly what a mortgage rate really means. For example, if you have a $250,000 mortgage, with a 25 year amortization, at 2.95%, with a 5 year ...
- 271
7
votes
3
answers
938
views
Mortgage renewals
I need advice on mortgage renewals. I have a mortgage with twenty year period. I have been paying it for almost five years now. I recently came to know that there is a mortgage renewal process every ...
32
votes
9
answers
13k
views
Can I buy a new house before selling my current house?
I am looking to sell and buy a house. But with the current market being as crazy as it is (houses are selling fast for sometimes 150,000 over asking), I'm afraid if we sell first, we could be stuck ...
- 631
37
votes
8
answers
7k
views
Should I pay more towards my mortgage?
I have worked for the past 5 years to get out of debt, pay my bills, and own a home. I'm glad to say that all my debts are paid off, my bills are paid every month, and my mortgage is cut by 10 years ...
- 961
1
vote
3
answers
459
views
Rent at $1500/month in Toronto or Mortgage even with ≥ 5% interest?
Because my aunt had 1 Bankruptcy discharged in 2004 and 1 Consumer Proposal discharged in Jan. 2015, for her any mortgage interest rate probably ≥ 5%. Her credit score is 720, and she is renting now ...
user44214