A home equity line of credit (or HELOC for short) is a financial tool that allows homeowners to access the equity in their home without needing to sell their house first. A HELOC can be used to draw money to fund repairs, renovations and to make other investments. A HELOC, if used correctly. can be an extremely powerful tool to growth your wealth, but it doesn't come without its risks...
The recent sharp increase in mortgage rates caught many Canadians off guard, especially after the tremendous economics years of 2021 and 2022. In November of 2021, it was quite standard to get a 5-year fixed mortgage below 2.2%. Today, that rate is closer to 3.9%...
Looking to purchase a home? Effective June 1, 2021, the rules of the mortgage stress test for homebuyers with uninsured mortgages will become more stringent. In its latest financial system review, the Bank of Canada said that many households have taken on large mortgages compared with their income, limiting their flexibility to deal with an unforeseen financial shock like the loss of a job – hence the need for a more stringent stress test...
Buying your first home is very exciting, but it’s equally overwhelming. It’s always surprising to realize the number of professionals that are involved in this purchase. Not to mention getting in contact with each one, scheduling meetings, and actually getting the task at hand completed in an efficient time frame...
Enter your e-mail to receive updates on new articles from Modern Money, the ultimate guide for young professionals.