You know the good news: if you've found your "almost" dream home, there's a financing solution to make it just right for you. But what does almost cover? Let's take a look at what renovations are eligible for a purchase plus improvements mortgage.
Just in time for the Spring 2020 real estate market, Canada's finance minister has announced changes to the stress test used to qualify insured and insurable mortgages. The government originally introduced a minimum qualifying rate in 2016 to ensure that home buyers would be able to afford their homes even if interest rates rise, incomes change, or families are faced with unforeseen expenses.
Feb 11 2020
Top 5 Tips to Survive Your Home Renovation
Your home renovation is the key to your dream home. Unfortunately, the road to that dream has a construction zone, and you'll need to find a way through it. Living through a renovation can be relatively easy if you have the option to live away from your home for an extended period of time, but that's not possible for most people. If you're going to be living in the middle of your reno, here are our top 5 tips for survival:
Your Mortgage Financing Can Support Your Home Renovation
Feb 03 2020
Mortgage Renewal Time – You Have Options
Your mortgage term is nearing its end and you've received a renewal offer from your existing mortgage provider. Do you simply sign that mortgage renewal and carry on? You certainly can; however, we suggest you get a second opinion to ensure that what you're being offered is a great option and, more important, a solution that fits your future needs and goals.
Jan 30 2020
Canadians will not retire
More and more Canadians worry that they will continue working and never officially retire. According to data published for Canada 150 celebrations, about half of Canadians who are working past the age of 60 choose to do so - but the other half must continue to work to meet their essential expenses. And in the 2019 Sun Life Barometer survey, 47% of working Canadians of all ages believe they are at risk of outliving their retirement savings.
Jan 27 2020
Is a reverse mortgage right for you?
Mary, an 85-year-old widow, had fully paid for her townhouse but only received a limited monthly income unless she took in students each year. She wanted to travel and quit renting her property, so she came to see us. Auxilium secured a reverse mortgage for Mary. She now has $250,000 in cash that supplements her retirement income and gives her the freedom to travel.