All Questions
71
questions
13
votes
4
answers
19k
views
Bigger mortgage downpayment vs. paying extra on the first regular payment?
Assuming there is no fees on paying extra $10k at the time of the first scheduled mortgage payment, what would be better - to put this $10k towards a downpayment or make bigger regular payment?
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- 893
2
votes
1
answer
1k
views
Are there any disadvantages of Progress Draw Mortgage?
I am thinking about getting a Progress Draw Mortgage on a home currently being built, and the builder is willing to cover all the interest until the possession date. Are there any disadvantages of ...
- 893
5
votes
2
answers
193
views
Under which conditions does it make sense for a Canadian investor to put their mortgage in their RRSP?
Canada allows investors to use their retirement fundings (RRSPs) as part of a loan to themselves, which can fund the buying of a house. When does it make sense to take advantage of this?
- 1,659
6
votes
4
answers
282
views
High mortgage rate and low home prices VS low mortgage and high prices
Currently in Canada we have low mortgage rates and high home prices. I get the vibe from reading different articles that people actually want mortgage rates to go up which would lower the home prices.
...
- 893
9
votes
4
answers
1k
views
Can I take advantage of lower interest rates while I'm stuck in a fixed-rate mortgage?
Interest rates across Canada are gradually creeping up, but they're still incredibly low compared to when I started my 5.79% fixed rate mortgage a few years ago. Several lenders still seem to be ...
- 1,003
0
votes
2
answers
334
views
What is the difference in payments and ratios between High-ratio and Conventional mortgages?
On bank's site it says:
Conventional mortgage: means your downpayment is at least 20% of the purchase price.
High-ratio mortgage: means your downpayment is less than 20% of the purchase price.
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- 893
1
vote
1
answer
392
views
Home office deduction with a line of credit mortgage (e.g. Manulife One)? [Canada]
I've been looking at mortgage products such as Manulife One - which work like a line of credit based on the equity in your home. The monthly payment is the interest on the amount left owing every ...
- 1,410
5
votes
1
answer
363
views
With interest rates beginning to ascend, is it better to lock in a mortgage at fixed rate or opt for variable rate?
With the interest rates beginning to ascend, is it better to lock the house mortgage at a fixed rate or to opt for a variable rate mortgage? Thanks in advance for the sage advice that is shared here.
- 513
2
votes
1
answer
173
views
What impact does the new mortgage rules have on CMHC policies? [Canada]
With reference to this question, how does this affect the Canadian Home and Mortgage Corporation (CMHC)? This organization made it possible to get a new home with as little as 5% downpayment, ...
- 6,230
2
votes
1
answer
534
views
Canada: New mortgage qualification rules, 2010: Why, what, & when in effect?
Earlier today, the Canadian federal Finance Minister Jim Flaherty announced new mortgage qualification rules for Canada.
Why were new rules introduced?
What are the new rules being introduced, vs. ...
6
votes
2
answers
459
views
What is a good place to park a Christmas bonus? Pay down the mortgage, TFSA or RRSP?
Many companies in Canada tend to pay out bonuses around Christmas time. If one is fortunate enough to get one this year what is the best strategy for the bonus? TFSA's have a limit of $5000 yearly. ...
- 6,230