Changing your address is just one of your to-do’s when you move, but this can go smoothly with a bit of advance planning.  Before moving just be sure to notify the following groups on this list:   Personal Contacts Relatives Friends Employer Schools, colleges, universities, daycares Landlord (if necessary) Clubs, associations and charities   […]

Credit scores are a bit nebulous but can greatly impact whether you are approved for a loan and how much interest will be charged.  Where they come from and what affects them are not very intuitive and may surprise you.  Knowing more can help you leverage your score and put you in a better position […]

When it comes to mortgages, there is a common misconception that a low rate is more important than any other factor. However, while your rate does matter for your mortgage, it is not the only consideration. Other key factors you should look at beyond the interest rate include: Term: The term refers to the length of […]

Bruce Ball, FCPA, FCA, CFP November 21, 2022 The federal government has released new details about a new type of registered savings plan aimed at helping Canadians save for their first home. Find out who qualifies and other key features of these plans. The Tax-Free First Home Savings Account (FHSA) was first proposed in Budget 2022. […]

A “guarantor” is someone who guarantees the repayment of a borrower’s mortgage if that borrower is unable to repay the loan. Typically, a guarantor is used in situations where the buyer lacks sufficient income to qualify for the value of the loan.  Adding a guarantor can help secure an approval as this lowers the lender’s […]

As expected, the Bank of Canada–satisfied with the sharp decline in recent inflation pressure–raised the policy rate by only 25 bps to 4.5%. Forecasting that inflation will return to roughly 3.0% later this year and to the target of 2% in 2024 is subject to considerable uncertainty. The Bank acknowledges that recent economic growth in […]

Choosing between a fixed and a variable rate mortgage requires a bit of thought.  Both have advantages but there are significant differences between the two.   Variable Rate Mortgages A variable rate mortgage has an interest rate that can fluctuate over time, while a fixed rate mortgage has an interest rate that remains the same throughout […]

In lending, there is no question too basic, the details are important, and those details are not always the most intuitive.  Amortization is one of the key elements of a mortgage used to purchase or finance property you already own.  Knowing how amortization works can help you make informed decisions whether you are planning on […]

Five steps to incorporate as you make your financial plan for 2023. Understand your loan agreements. Your mortgage may have features you can take advantage of, such as making pre-payments to help you save on interest.  Most allow for changes to payment frequency to help you save interest as well.  While you’re at it, why […]

One of the biggest benefits to purchasing your own home is the ability to build equity in your property. This equity can come in handy for renovations, investments, purchasing other property through refinancing or taking out additional loans such as a second mortgage. What is a second mortgage? A second mortgage is an additional or […]