Given the restrictions on mortgage financing, which also limits the access to home ownership, many families feel obligated to postpone their plans for buying their property. How about buying a smaller house instead? Times have changed, you know.
In the past, living in a smaller home was too often perceived as some sort of failure. Social success was determined by the size of your home. Big house, lavish lifestyle, large budget. The size of the home sometimes exceeded the family’s needs.
Another possibility is to make substantial contributions to your RRSP before buying a home. However, a home is more than a financial investment; it’s a life choice that you don’t want to put off for too long. The RRSP that you started early could help make you a homeowner more quickly through the Home Buyers’ Plan.
That’s why it’s usually best to find a balance between paying your mortgage and contributing to your RRSP, even when RRSP returns are lower than mortgage interest rates.[……]
One morning like any other, when you aren’t expecting anyone, there comes a knock at the door. It’s a bailiff who hands you a repossession notice from a financial institution for defaulting on your mortgage payments. But you already paid off your mortgage a few years ago. They must have the wrong person, right? Nope–the title on your home has been stolen.
Title theft, a type of mortgage fraud, isn’t common–but it’s been on the rise in recent years. It starts with stealing your identity. Fraudsters create fake documents so they can take over the title on your property and then remortgage your house or sell it and, in any case, make off with the proceeds.[……]