All Questions
71
questions
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
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
18
votes
7
answers
4k
views
What are the advantages of paying off a mortgage quickly?
What are the advantages of paying off the mortgage quickly??
Sure, not paying interest and truly owning your house is great, but then the money is tied in a fixed asset, and if you want to get at ...
- 191
18
votes
1
answer
4k
views
Why does the TD Bank principal portion of a mortgage payment go up and down in sawtooth? (why is interest payment on annuity in arrears non-monotonic)
I'm trying to understand the amortization schedules of TD mortgages, as produced by the TD Calculator.
The monthly payment amounts (on this fixed rate mortgage) are predictable and constant, but the ...
- 511
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
15
votes
2
answers
14k
views
Should a married couple co-sign a mortgage or not?
If one partner can qualify for the mortgage that the couple needs based on his/her income and credit history alone, is there value in co-signing the mortgage apart from the 'in it together' mentality? ...
- 2,283
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?
...
- 893
13
votes
3
answers
4k
views
First time home hunters. Pay debt or save for down payment
tl;dr
We want to buy a house.
We've done all the pro's and con's of home ownership.
We have 1/2 a down payment and some highish loan payments
Would it be wiser to pay down the loans and go with a ...
- 285
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
10
votes
3
answers
857
views
Should we try to make additional mortgage payments if we want to sell the home after 5 yrs?
In this question: Why making additional payment to mortgage counts towards principal? Why does it matter? it is explained why making additional payments towards your mortgage will bring down the total ...
- 16k
9
votes
5
answers
2k
views
Pros/cons of borrowing money using a mortgage loan and investing it in a low-fee index fund?
I'm wondering if this investment strategy would work:
I get a mortgage loan for $300K at a 3% rate (realistic for current 5-year fixed mortgage rates here in Canada).
I invest the proceeds in a low-...
- 91
9
votes
2
answers
2k
views
Should my husband & I be saving money?
My husband and I are looking to buy a new house with a mortgage of about 400K-500K and a downpayment of 200K-300K (max value of home:700k). (We currently own a home that we purchased for 300K, and ...
- 477
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
8
votes
2
answers
3k
views
Should I remodel or buy a bigger house?
My husband and I have two children under 2 years old and have outgrown our current 1400 square foot home. My husband and I both work from home, and we have a day nanny who comes and helps with the ...
- 81
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