In order to stimulate sales and maintain price points on new properties, sellers (and developers) will offer incentives to buyers versus lowering the price of a piece of property. A common incentive is to include a “decorating allowance”. Decorating allowances can be any amount but common ones are between $5,000 and $10,000. This basically means […]

We all know the real estate industry is hot right now and for many getting into the housing market, it can be a pipe dream. With tightening government and lending regulations, historically low interest rates and soaring housing prices, it can be a daunting endeavour for anyone. Whether you are a first time home buyer, […]

We often see ads from the major lenders offering cash back incentives on their Mortgage products. Gone are the days where a Cash Back Mortgage could be used to facilitate a purchase without the required minimum of a 5% down payment. Cash Back incentives are now made available for other enticing uses; New Furniture and Appliances, […]

Congratulations you have made it through one of the toughest financial times in your life. It feels good to have this under control and know there is a light at the end of the tunnel. I too have been down this road in 1998 and now I educate the RIGHT way to have a plan. […]

Since an increasing number of lenders are moving towards collateral charge mortgages these days, it has never been more important to understand the differences between a collateral and standard charge mortgage. The primary difference is that a collateral charge mortgage registers the mortgage for more money than you require at closing. For instance, up to […]

Short answer: the longest possible amortization you can get! However, the goal is to get the longest amortization possible, but then increase the payment or make lump sum payments to move the amortization to the lowest possible and therefore be mortgage free faster. I will explain more later. Amortization is the total authorized repayment period […]

What does all that technical mumbo jumbo mean? Here are some common mortgage related terms. Getting a mortgage can be a daunting task. There is so much to know and understand including some pretty confusing language. Borrowers are often confused by terminology like the difference between amortization and term. And by the way, Term The […]

So, you’ve worked hard to save every penny and have managed to finally afford the down payment necessary on a home. You have searched high and low, only to find the house of your dreams at a price you can afford. Though your credit rating is good and you have a stable job, there are […]

Saving for a down payment is often one of the biggest challenges facing young people looking to break into the real estate market.  The source of your down payment could come from your own savings, a gift from a family member, your RRSP if you’re a first time home buyer or from the proceeds of […]

About 4 years ago, my wife and I bought a house in North Vancouver, BC. It was built in 1959 and was in need of some updates. We gutted the basement to the studs and converted it to a 2 bedroom suite. We put in new insulation (and topped up the existing attic insulation), put […]