How much down payment do I need?


You can buy a property with as little as 5 % down payment if you have adequate income and your credit is good. However, what you should consider is, when you put only 5% down payment you incur a CMHC cost of 3.25 % of your total mortgage. Now this amount isn’t a pocket expense [...]

What is Closing Cost?


Closing costs are the costs that you incur when you buy a property on top of the down-payment that you are putting. Let’s say you are planning to put a down-payment of 10% these closing costs will be above and beyond that amount that you have allocated. The closing costs would comprise of land-transfer tax, [...]

How Expensive of a House Can I Afford?


The formula for knowing how expensive of a house you can afford is very simple. You can easily allocate one-third of your gross-income towards the payments of the house. This is the formula that banks use when they give you the mortgage and when they qualify you for that. CMetC is also very comfortable with [...]

Costs of Owning a House (Monthly)


When you own a property you should always keep in mind these monthly expenses that you have to incur. First of all, you have mortgage payments which would be both principle and interest. Then you have property taxes which of you pay every month, you do not have to shell out a big amount every [...]

Condo vs. House


The decision to buy a condominium vs house would depend on your individual needs. If you a working couple, a condo might be a better idea for you because this way you can focus on your work and you won’t be bothered with shovelling the snow or cutting the grass. On the other hand if [...]

How to Pay Off Mortgage Early?


There are actually quite a few ways by which you can pay off mortgage early as opposed to waiting for the full term. I will give you a few tips. One, whenever you go for mortgage if you have adequate income try to go for amortization Of 25 years instead of 30 years because by [...]