Not all debt is created equal – and not all debt is bad. In fact, you need some debt to establish a good credit rating. Being a responsible borrower means knowing which types of debt can help you reach your financial goals and which types leave you further behind. So how do you distinguish between [...]
Determining your eligibility for refinancing is similar to the approval process that you went through with your first mortgage. Your lender will consider your income and assets, credit score, other debts, the current value of the property, and the amount you want to borrow. If your credit score has improved, you may be able to [...]
Just as there are optimal times to refinance your home, there are also times when you should not consider refinancing. In our look at Refinancing, Part 2 covers the situations where you should hold off refinancing. 1. You have had your mortgage a long time The amortization chart shows that the proportion of your payment [...]
In the forecast issued Monday, the CMHC gave the low-down on the Canadian housing market, explaining that it’s expected to stay steady through to 2013, with home prices rising moderately and the market seeing high activity. “With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity [...]
Have interest rates fallen? Or do you expect them to go up? Has your credit score improved enough so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage? The answers to these questions will influence your decision to refinance your mortgage. But before deciding, [...]
