Mortgages With Tyler Blog Posts
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People don’t always want to talk about home insurance, but when it comes to your house there is no better investment than insurance. But, with the number of insurance products available, it can be hard to know where to start! While it can seem overwhelming, it’s a good idea to get familiar with the basics of some of the required and optional insurance coverage when it comes to your home.
In life, things rarely go as planned. This is especially true when it comes to real estate! When it comes to buying a new home, in a perfect world, most of us would like to take possession of their new residence before having to move out of the old one. This makes moving a lot easier and allows you time for painting or renovations prior to moving into your new digs. Unfortunately, this is where things get complicated.
Did you know, approximately 60 percent of people break their mortgage before their mortgage term matures? While this is not necessarily avoidable, most homeowners are blissfully unaware of the penalties that can be incurred when you break your mortgage contract – and sometimes, these penalties can be painfully expensive. Below are some of the most common reasons that individuals break their mortgage. Being aware of these might help you avoid them (and those troublesome penalties......
Did You Know? The average Canadian owes $23,000 in consumer debt and has at least 2 credit cards. Source: CBC.ca If you live paycheque to paycheque, the idea of somehow having enough money to invest and eventually have financial freedom seems about the furthest thing possible. But experts in financial education like to point out, no matter your income and place in life, a few changes to the way you’re living life can make all the difference. Her are few simple ideas to get you started...
So, you have decided to utilize your buying power in the Canadian retail market and are looking to purchase a home – congratulations! This is a great step towards ensuring your future. As a potential homeowner, there are some amazing benefits that we think you should be aware of right out of the gate:
Baffled by some of the phrases realtors and bankers throw at you? Here are some commonly used—but not always understood—words to describe mortgages: Amortization Period This is the number of years it will take to repay the entire mortgage in full and is determined when you are approved. A longer amortization period will result in lower payments but more interest overall as it will take longer to pay off. The typical amortization range is 15 to 30 years. Visit the post to read more!
As online-based transactions become more prevalent, cybercriminals are finding new and creative ways to steal your money. So, what can you do to make sure you don’t fall prey to these malicious attacks? Here are the most common types of real estate fraud schemes and some ways that you can safeguard yourself.
When it comes to mortgages, one of the most important influencers is interest rate but do you know how this rate is determined? It might surprise you to find out that there are 10 major factors that affect the interest you will pay on your home loan! Knowing these factors will not only prepare you for the mortgage process, but will also help you to better understand the mortgage rates available to you.
For most people, credit score isn’t something you spend much time thinking about. Especially if you are someone who is making good money and paying all your bills on time. When you are in that boat, it feels pretty good! But, when you miss a payment or you struggle to pay all those credit cards, lines of credit and even your mortgage, it can feel like a sinking ship.
Immigrating to a new country is a big step with many challenges that one must go through before starting their new life there. For this reason; many Canadian Banks, Lenders and Insurers have introduced New To Canada Mortgage Programs; aimed at assisting new immigrants through the home ownership journey here in Canada!
So, you are looking to purchase a second property! Congratulations! This is a great opportunity for you to expand your financial portfolio and ensure stability for the future. However, before you launch into this purchase there are a few things you should know, depending on which type of second property you are looking to purchase.
This weeks industry term which is used all the time, is the Closing Costs. What are they and what do they mean for your mortgage? Closing Costs are legal and administrative fees that are payable by the buyer in a real estate transaction and are due prior to the transfer of the property title. These costs are usually payable to different parties in the transaction; therefore, the payments are handled by the lawyer that is 'Closing' the property....
Thinking about retirement before it happens is just common sense. But what questions should you be asking yourself? While seeking the advice of a professional like a retirement advisor can be helpful, there are a few questions to start thinking about as you begin to plan. Deciding early what your wants and priorities will be in your golden years will determine the steps you need to take now. Will travel be more important to you than having a house big enough for the whole family to visit?
This weeks industry term which is used all the time, is the Stress Test. What is it and what does it mean for your mortgage? The Stress Test was introduced in 2018 as a way to ensure that the Canadian Housing Market remains strong by making sure that home owners can afford their mortgage payments if mortgage lending rates were to raise. The way this was accomplished was to have lenders qualify a borrower based on the Bank Of Canada's Qualifying Rate (or contract rate + 2%) rather than the ...
While home inspections might not be the most exciting part of your home buying journey, they are extremely important and can save you money and a major headache in the long run. In a competitive housing market, there can sometimes be pressure to make an offer right away without conditions. However, no matter how competitive a market may be, you should never skip out on things designed for buyer protection – such as a home inspection.
This weeks industry term which is used all the time, is the TDS or the Total Debt Service Ratio. What is it and what does it mean for your mortgage? The Total Debt Service Ratio is very similar to the GDS discussed in last week's post; in fact, it adds to the GDS calculation. The TDS is just as important as the GDS; sometimes even more since it takes into account other debts and responsibilities for not just the applicant; but, any co-applicants as well!
Let’s face it, mere mention of the word “money” can make people shift in discomfort. In an era in which the veils are being lifted off many societal taboos, a shroud of shame hangs stubbornly over money talk – we’re taught to fear it, we’re taught it’s too complicated, and those are all messages meant to disempower.
This weeks industry term which is used all the time, is GDS or the Gross Debt Service Ratio. What is it and what does it mean for your mortgage? The Gross Debt Service Ratio is another fairly simple calculation and reflects your base shelter costs (or potential base shelter costs). This is one of the calculations that Mortgage Brokers use to pre-qualify clients and give them a purchase price they should focus on while out home shopping.
One of the industry terms we use is LTV or Loan-to-Value. What is it and what does it mean for your mortgage? The Loan-to-Value is basically a number from a simple calculation; which reflects the amount of risk that a lender is willing to take on when considering offering a mortgage to a borrower and it is critical to the mortgage being approved...
Heating bills are substantial - and can be a surprise for new homeowners who haven't paid for utilities before. There's no getting around this expense, but there are ways to reduce it. Here are just 10 ways you can lower your heating bill! Read the post for a bonus tip as well!
Not all insurance products are created equal. One of the most common mistakes homeowners and potential homeowners make is that they hear the word “insurance” and just assume they have it! Well, you might have one kind of insurance, but you might be missing coverage elsewhere. It is important to understand all the different insurance products to ensure you have proper coverage. To help you get a better understanding of the insurance, here are the four main insurance products......
When it comes to mortgages, it is easy to focus on the rates and your current situation, but the reality is that life happens and when it does, rates won’t be the only thing that matters. First and foremost, the most important thing to remember is that a mortgage is a contract. That means that there is a penalty involved if the contract is ever broken. This is something that every homeowner agrees to when you sign mortgage paperwork, but it can be easy to forget – until you’re paying the price.
When it comes to the Canadian housing market, there are lots of options for where to live! From renting an apartment to owning a single-family home, it all comes down to where you see yourself living and what you can afford! The beauty is, there is no right or wrong answer when it comes to renting versus buying but let’s break down the pros and cons of both and hopefully help you to decide which is best for you!
Make 2022 the year of finance by improving your financial direction from the start! Even if you are living paycheck-to-paycheck, a few changes to the way you spend and look at money can make all the difference. It’s never too late to start again and reverse course! Here are a few simple ideas to get you started:
Being on the path to purchasing your first home is one of the most exciting and most rewarding moments in life! While people don’t always dream of the perfect mortgage, we do grow up thinking of a white picket fence and our dream home. Even if you imagined your dream home as a 6-bedroom mansion, we all have to start somewhere! Regardless of whether you’re buying an apartment, townhouse, rancher or two-story family house, there is nothing quite like your first home.