While many Colleges and Universities require that first year student’s stay at campus dorms for the first one or two semesters, I have noticed that a number of individuals are purchasing homes or condos for their University age kids to live in. They believe that the increased value of this purchase will offset the costs they would have paid for rent or dorm fees.

So, how is this possible? And, how much do I need to have for a down payment?

A number of years ago a program was made available through mortgage insurers in Canada for individuals to purchase a secondary residence with as little as 5% down. The mortgage can be amortized for as much as 35 years and the mortgage insurance premium is the same for a primary residence purchase.

Why would I do this? Continue reading »

Maybe your mother told you that if something looked too good to be true…then it probably was. For a few years, several lenders have been offering mortgages that actually give you some cash back – a rebate – when you take out your mortgage. Usually, you get a nice fat cheque within a week of the mortgage closing. Continue reading »

Ever wonder why you should talk to a Mortgage planner about your financing? Well, you’re in luck, because below is a 10-reason summary of all you need to know. Continue reading »