All tagged Homebuyer
Many people have come to believe that buying a home is a “no-brainer” way to make hundreds of thousands of dollars with very little risk. House values are at record highs and some economists believe the Canadian economy is at risk of a Financial Crisis. Other economists downplay the risks and believe the worry-warts are overreacting.
Many people have come to believe that buying a home is a “no-brainer” way to make hundreds of thousands of dollars with very little risk. House values are at record highs and the Canadian economy is at risk of a Financial Crisis, so there is more risk in real estate than people realize.
Mortgage fraud is on the rise and 16% of Canadians believe it is a victimless crime. Falsifying documentation to get a mortgage or lying on your application are grounds for a lender to cancel your mortgage and could lead to criminal charges.
Many home buyers have heard that you can withdraw (or borrow) money from your Registered Retirement Savings Plan (RRSP) to use toward their down payment without paying taxes. While this is true there are conditions. It's not really a withdrawal because you have to repay it over a fixed period of time. This strategy falls under what Canada Revenue Agency (CRA) calls the Home Buyers Plan (HBP).
Most people don’t learn about title insurance until they’re signing documents at their lawyer or notary’s office and they learn they can pay a little extra for some insurance to cover an unlikely event. At Mortgage Sandbox, we believe it’s worth every penny and this article explains why buying it is a no-brainer.
