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 [...]
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, [...]
Most baby boomers have had good experiences owning homes for the last 30 years. I bought my first house in 2000. When I sold it in 2006, I joked to my friends that I’d made more money from my house than I had from my job. This what the housing market in Canada has done [...]
In Ontario, a lawyer is needed to register any transfer of land, and two separate lawyers are needed to represent the buyer and seller. I have spoken to many people who question what the value is in paying for a lawyer with the purchase of a home. A lawyer is very important in many regards, [...]
