Before you start thinking about the kind of home you want and where you want to live, it’s a good idea to take a financial inventory. This stage of the process – saving, budgeting, planning – is not as exciting as choosing a neighbourhood and looking at homes. But it will put you in the best position when it comes time to talk mortgages. Your home can provide a lifetime of memories and financial security, with the right mortgage and financing options that give you the …

Today’s low interest rates are a double-edged sword for homeowners who want to move up. On the one hand, mortgages are available at bargain rates. On the other hand, real estate prices have skyrocketed in key centres across the country. Many homeowners have turned to renovation as a cost-effective alternative to a new home. In addition to sprucing up your home and making it more attractive to inhabit, the right renovations can increase its resale value. According to …

With today’s low interest rates, many homeowners are taking a hard look at the financing of their most important asset. Before you decide to renegotiate your mortgage, carefully consider the potential costs involved. If your mortgage is closed (that is, you can’t pay it ahead of schedule), you may face a penalty when you renegotiate. It may still be worthwhile to refinance. The key is to determine whether the potential interest-rate savings outweigh the penalty. The …

Your home equity is the current value of your home less what you still owe on it. For example, if your home is valued at $250,000 and your outstanding mortgage is $120,000, your equity is $130,000. The equity you have built in your home can be a valuable source of financing. You can borrow against it to pay for your child’s tuition, purchase an investment portfolio, pay for large-scale home renovations, or buy an income property. In some instances, the interest may even …

Your home is something you own that can appreciate over time. Any money you spend on renovations adds value to your investment. This value is called equity (the difference between what you owe on your mortgage and what you can get in the way of fair market value for your home if you sell it). You can get ahead financially by using smart borrowing solutions to finance your home and your renovations. Because your mortgage payments may not be any higher than your rent …