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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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There are many reasons for buying a second home: you may be dreaming of a weekend place in the country, a chalet in the mountains, a downtown pied-à-terre for those trips to the big city or even a place for your children to live in while they’re away at university.
Whether it’s a seasonal getaway or a year-round home, National Bank’s Second Home Program will help you make your dream a reality.[……]
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The purchase of a first house involves reflection and planning. By following the proposed stages, you will put all the chances on your side to make your project a success. More details for these steps are available by clicking the following links, or go to National Bank’s website www.nbc.ca
1. Calculate your borrowing capacity
Estimate how much National Bank could give you to buy your property.
Your National Bank advisor can help you calculate your borrowing capacity by reviewing your financial situation. You can also have an idea of your borrowing capacity by using our calculation tool.[……]
We know a father who had the bright idea of introducing his two sons to the stock market. The kids’ ages? About 12. Oh, that’s so young, you think! But the father knew exactly what he was doing.
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The two sons were paperboys for years. The father said: “Give me part of your savings, and I’ll explain the selection criteria for companies. We’ll make choices together. If you make a profit, you keep it. If you lose money, I’ll reimburse you.” The two sons had made a tidy sum of money by the time their dad told us the story. And that doesn’t include the priceless knowledge that they acquired.
Can we teach children that young about how mortgages work? Yes, says author Gail Vaz-Oxlade, although the ideal age is around 14. As soon as a child shows an interest in owning a property in the future is the time to take action. Make the learning process like a game: You become the lender and your child becomes the future owner. [……]
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The concept of diversification is a crucial element to consider when investing. It is rooted in the very principle that investors should avoid putting all their eggs in one basket.
But why should the notion of diversification remain limited to investing? Why not adapt it to mortgages, the largest debt each of us will probably acquire in our lifetime?
To meet the needs and preferences of its clientele, National Bank offers the Made-to-Measure mortgage[1]. This solution allows you to divide your loan amount among several layers, depending on your profile, your financial goals, as well as your financing needs and preferences.
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We’ve often heard of filmmakers and producers who mortgage their homes to complete their oft-dreamed-about movie. Financing is a chronic problem in the art world. But for a musician to mortgage his home to see a movie that an experienced producer declares a big risk? Pretty rare indeed!
Here’s the story.
Perhaps you recognized him. It’s George Harrison, of the Beatles.[……]
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For three years now journalists and economists have been warning us: “Watch out, interest rates are going to go up!” And then the rates stay down. Because they keep crying wolf, we don’t listen anymore—and that’s where the danger lies. One fine day, the rates are going to start rising and for some of us, it’ll be too late.
That’s the message from the Financial Consumer Agency of Canada (FCAC).
“While interest rates are now at all-time lows in Canada, it is likely that they will rise sometime in the future. Canadians need to look at how much debt they are carrying, particularly in the amount of their mortgages, home equity lines of credit, personal lines of credit and variable-rate personal loans,” says FCAC Commissioner Ursula Menke. “By doing a debt check-up, consumers can take a close look at their present debt burden and think about whether they would be able to handle it if their payments increase.”[……]