Buying a home is likely the biggest purchase you’ll ever make.
But before you can pack up and move in, you’ll need to secure a mortgage. This is often a long-term commitment. The average Canadian expects to pay off their mortgage by age 59, so it’s important to do your research and choose the option that’s best suited to you.
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Everyone wants to get the best mortgage financing offer. Does that mean getting the lowest rate, the longest term or the smallest payment? The best strategy for one person isn’t necessarily right for another.
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Down payment options. Pre-arrange your mortgage. Get ready for your big move! Either way, you need to be financially prepared and comfortable enough to make one of the biggest purchases of your lifetime.
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Congratulations! You’re a homeowner. Now that you have a place to call your own, you may be wondering how to pay down your mortgage a little bit faster.
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According to a BMO 2015 home-buying report, the average Canadian expects to pay off their mortgage by age 59 — but 31 per cent think they’ll still have a mortgage by their 65th birthday. Looking to ditch your debt quicker — without over-extending your budget? It may save you hundreds (if not thousands) in the long run.
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