Tagged Questions

4
votes
1answer
32 views

Mortgage: Difference between joint tenancy / tenants vs. tenancy in common?

When taking a mortgage, what is the difference between joint tenancy and tenancy in common? Under what circumstances is it preferable to choose one over the other? If your circumst …
1
vote
1answer
25 views

Canada: New mortgage qualification rules, 2010: Why, what, & when in effect?

Earlier today, the Canadian federal Finance Minister Jim Flaherty announced new mortgage qualification rules for Canada. Why were new rules introduced? What are the new rules bei …
6
votes
6answers
75 views

Homeowners: How did YOU get a deposit for your home?

How did you get a deposit for your first home? Inheritance? Separate Loan? Hard savings? Some other way? Can you share any experiences? Is it a good idea to open up an ISA spec …
3
votes
2answers
37 views

When applying for a mortgage, can it also cover outstanding debts?

Hi, When applying for a mortgage, can you also add some extra on (£10k) to cover car finance? Or is there any benefit of keeping them separate?
7
votes
3answers
39 views

What does the term “second mortgage” mean? Can I easily get one?

Are these loans easy to get if you have enough equity in your current home? Is there any negative connotation associated with getting a second mortgage
4
votes
3answers
29 views

Homeowners: How can you protect yourself from a financial worst-case scenario?

Say your a home-owner, a first time buyer. You've just got your first flat and your about 1 year into your 25 year mortgage. Suddenly, something goes wrong with your job, and your …
6
votes
3answers
100 views

How can I minimize losses on an upside down mortgage for a condo I no longer live in?

I have made a good faith effort to keep up my mortgage payments on a condo that I no longer live in since Oct 2005. In 2005 I had to move out of state for my job and I listed the …
5
votes
3answers
86 views

I’m a teenager - Why do people use mortgages, when they could just pay for the house in full (cash)?

I would like your recommendation on whether you should buy a house with a mortgage, which you would pay as you go, or should you buy it in full. Thank you for your time.
3
votes
2answers
51 views

Will our hefty student loans affect our chances of getting a mortgage?

My husband and I live simply but we're content. I'm an avid budgeter and love finding ways to be frugal. My dilemma right now is that we've been able to keep our living expenses …
2
votes
1answer
55 views

What is a good place to park a Christmas bonus? Pay down the mortgage, TFSA or RRSP?

Many companies in Canada tend to pay out bonuses around Christmas time. If one is fortunate enough to get one this year what is the best strategy for the bonus? TFSA's have a lim …
5
votes
5answers
108 views

Should I put more money down on one property and pay it off sooner or hold on to the cash?

I've a huge chunk of money saved up for a down payment on a property that I'd eventually like to pay off and use as a rental. The assumption is that the property value will go up s …
2
votes
1answer
22 views

For a major expensive home renovation (e.g. addition, finished basement, or new kitchen) should one pay cash or finance with a loan? Would such a loan be “good” debt?

This other question is similar, but was referring to a specific renovation/repair (new flooring) that, while expensive ($1500), isn't very expensive – it's feasible to consid …
1
vote
1answer
25 views

What is mortgage insurance? Do you have to have it, in order to be approved by a bank?

What does mortgage insurance do? Whom does it protect? Do I need it? MUST I have it, in order to be approved by a bank for a mortgage with them?
3
votes
1answer
25 views

Getting on the property ladder: mortage, downpayment, fees? [UK]

Once I've got my finances straight I'd like to think about getting my own place, but what sort of money am I looking at to have under my belt before I can begin thinking? Is it ri …
3
votes
1answer
50 views

What is a reverse mortgage?

What is a reverse mortgage? I hear these advertise often but don't understand how they are different from a regular mortgage! Can somebody explain please what they are and when the …