As some of you might know, we recently made the decision to purchase a condominium. As the unit is still under construction, we won’t be able to move in until sometime in January. The long period of delivery posed a problem when attempting to get a mortgage approval from traditional places such as ING Direct,… [Read More]
Purchasing Your First Home: Questions and Decisions to Consider
I’ve recently talked about some topics related to housing, such as the advantages and disadvantages between a house and a condominium, as well as the difference between a variable-rate and fixed-rate mortgage. I must admit that my interest was more than just academic, as I now have a personal stake in the matter as well:… [Read More]
Your First Home: a Condo, or a House?
When looking for your first (or subsequent) home, you have one big decision to make before you look further: “Should I get a condo, or should I get a house?” The decision depends on where you are in life, and what you are looking to get out of your new home. Condos have become all… [Read More]
Have a Lump Sum? Should You Pay Off the Mortgage Faster or Invest It Instead?
I have recently been considering buying a property (yes, even with the still-high real estate prices up north) since I have been renting for many years now and our rent is quite expensive, and no need to risk losing money and having to borrow or get online payday loans. We have managed to save enough… [Read More]
Fixed Rate and Variable Rate Mortgages: Which is Better?
With the recent “scary news” coming from economists and the Bank of Canada, it appears that interest rates will start going up this summer. Indeed, as I showed in Interest Rate Mania: Where is the Housing Market Going?, interest rates are at historical lows and it wouldn’t be prudent to expect them to stay this… [Read More]