Whether it’s your first time or your fifth time, shopping for a mortgage can often be confusing and even frustrating. Besides, who really has the time to research and compare mortgage lenders to ensure the best deal? Then there are all those crazy terms and acronyms — beacon scores, LTVs, IRDs and porting – it can make your head spin! Isn’t there an easier way?
Schools, Crime Rate, Your Neighbours, and even your Habbits can affect your resale value...
There are definitely things that will lower the value of your home, other things which will limit your ability to increase value and some things which are essentially a non-issue for re-sale value. The trick is learning which is which.
Purchasing a home is a major accomplishment, but paying off your mortgage as early as possible will be the best investment you can make. A 2010 Canada Mortgage and Housing Corporation (CMHC) survey indicated that 68 per cent of recent homeowners felt there was a strong chance they could pay off their mortgage earlier than their current amortization schedule, and 27 per cent have either made additional lump sum mortgage payments or have increased their regular payment amounts.
If you were asked today to explain what reports to your credit bureau and how it affects you, could you? Money is one thing that we cannot survive a day without – our needs and goals are driven by it. Unfortunately, it’s also the one subject that isn’t taught in school. Children learn how to cook, how to make vases in wood shop, how to change the oil in a car... but they don’t learn about finances. There’s no budget planning, no education on maintaining good credit... and yet cash rules everything around us.
How well you manage your finances is tracked through credit reporting companies such as Equifax and TransUnion. Your credit score is a judgment about your financial health, at a specific point in time.
1. If I have mortgage default insurance do I also need mortgage life insurance?
Mortgage life insurance is optional. Mortgage life insurance is a life insurance policy on a homeowner, which will allow your family or dependents to pay off the mortgage on the home should something tragic happen to you. Mortgage default insurance is something lenders require you to purchase to cover their own assets if you have less than a 20% down payment. Mortgage life insurance is meant to protect the family of a homeowner and not the mortgage lender itself.
Ultimately, the decision is a personal choice, but it helps to look at the pros and cons of buying to determine whether home ownership is right for you.