Tag Archives: National Bank

With the last days of summer drawing near, you are probably on the lookout for a new project. You are wondering what you could do or work on and suddenly it comes to you: your home. Whether you plan to buy, sell or renovate your home, National Bank has a range of financing products to help you out.

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Mortgage loans1

If you are looking for peace of mind, you may want to consider a fixed-rate mortgage with set monthly payments for the entire term of the loan. Not sure what is best for you? Try a made­to-measure mortgage, where part of your loan is financed at a fixed rate and part at a variable rate.[……]

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You’ve been thinking about it for a few years, but you wanted to make sure you were well prepared before making such a major investment. If you’re ready to become a homeowner, you have several options. For first-time home buyers or those who have gone more than five years without owning a home,[1] one option is the Home Buyers’ Plan (HBP).

What is the Home Buyers’ Plan (HBP)?

The Home Buyers’ Plan (HBP) is an attractive solution for assembling a down payment. This federal government program lets you withdraw money from your registered retirement savings plans (RRSPs) for the sole purpose of buying or building a home for yourself or for a relative with a disability, whether they are your spouse, child, or other member of your family. The program allows you to withdraw up to $25,000.

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What happens next? [……]

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A growing number of Canadians are buying a second a home. Given the current state of affairs at the global level, many people who live in the city are dreaming of getting away from it all in a more peaceful setting, while others who live far from the lights of the big city are looking for a place closer to the action.

Even though a second home is often referred to simply as a vacation property, the decision to buy should never be taken lightly because there are some major factors to consider.

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Downpayment is only the beginning

Buying a property means that your borrowing capacity will have to be evaluated and you will need to draw up a detailed budget. There are a number of other factors to take into account when buying a second home. After all, you’ll probably be spending less time in your second home than in your primary residence but you’ll still be faced with the maintenance costs and other expenses associated with home ownership. For example, you have to cover taxes, insurance, heating, electricity, water as well as possible renovations, seasonal upkeep and transportation. All of those expenses are in addition to what you’re already spending on your primary residence!

As you can see, before you start looking for the ideal location or the property of your dreams, you should take a close look at your budget to see whether you can afford all the costs that will be involved in owning a second home.

Here are some important budget items to think about:[……]

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There are some projects, such as buying a house, that cannot be turned into reality over night. In addition to having to consider a number of factors, you must also be able to save sufficiently, all the while ensuring that the financial repercussions do not affect your lifestyle.

Whether you’re dreaming of a trip around the world, purchasing a new car, retiring under the sun, or acquiring a second home, your project must begin with a plan!

Advice… from the comfort of your home

Financially, it’s always wiser to save sufficiently to avoid having to rely on financing to accomplish your life projects. However, there’s no denying that in some instances, such as buying a home, it is quite difficult – and often, impossible – to save all that you need to pay it all in cash.

This however doesn’t mean that saving is futile. By saving as much as possible, you thereby minimize both your future monthly payments and the interest that accumulates on your loan. In turn, this will free up some considerable room in your budget.

But how and how much should you save? [……]

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Buying a home is a major purchase that most people pay off over a long period of time. However, certain easily accessible choices can help you save on interest and speed up your mortgage repayment. Here are five tricks to pay off your National Bank mortgage more quickly.

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  1. Increase the frequency of your payments

This option is often considered the easiest option to incorporate into a budget. Simply increase your payment frequency from monthly to weekly or biweekly. And why not time your mortgage payments to coincide with when your salary is deposited? [……]

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You’re thinking of buying your perfect home? You’re prepared for the down payment as well as the loan and tax instalments and insurance. You’re sure you’ve thought of everything. But have you really anticipated everything?

Buying a home is not only a matter of making loan payments! It’s important to anticipate other expenses. And since these expenses can impact the amount you put down, you need to keep them in mind during the buying process. These expenses* can include:

  • Appraisal fee ($350)
  • Welcome tax ($2,000)
  • School taxes ($500)
  • Home inspection fee ($150)
  • Municipal taxes ($2,000)
  • Moving cost ($1,000)
  • Home insurance ($400)
  • Lawyer (notary) fees ($1,000)
  • Loan insurance ($1,600)

[……]

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Amid the current housing environment and in light of the wide range of mortgage solutions available on the market, how can you select the product that is best suited to your particular situation?

 

Fixed or variable rate?

When faced with having to choose a mortgage solution, many wonder which is more financially advantageous: a fixed or a variable rate mortgage?[……]

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