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More Buying A Home Tips

6) Borrow up to $25,000 for your down payment from your RRSP – tax-free! If you are a first-time buyer, the Homebuyers Plan (HBP) allows you to withdraw up to $25,000 from your registered retirement savings plans (RRSPs) to buy or build your home. An Invis mortgage professional can tell you more about this program.

7) Understand closing costs. When buying a home, it pays to be informed about closing costs, which can represent up to three per cent of the purchase price, including: land transfer tax, lawyer’s fees, appraisal fees, title insurance and home inspection fees.

8) Know your financing options. Many lenders offer mortgages which feature a 5% down payment, or in some cases 100% financing. If you borrow more than 80 per cent of the purchase price, your mortgage must be insured, typically by the Canadian Mortgage and Housing Corporation (CMHC) or Genworth Financial.

9) Don’t do it alone – explore the benefits offered by mortgage brokers. Mortgage brokers act as a one-stop shop for planning advice and the best rates. Invis mortgage professionals work with prospective homeowners across Canada to provide valuable advice before and during the home buying process.

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Refinancing News

Refinancing applications at 15-month high

Applications for mortgage refinancing hit a 15-month high last week as interest rates remained near historic lows, a mortgage bankers' group said Wednesday.

Increase in loan refinancing nationally hasn't hit home

ZANESVILLE -- Applications for refinancing home loans, bolstered by some of the lowest borrowing costs in 20 years, are up for the fifth straight week nationally, according to a weekly survey conducted by the Mortgage Bankers Association.

A Useful Refinancing Calculator

Paul Solman: With all the hullabaloo about low interest rates and refinancing of mortgages, I'd been looking around for reliable refinancing calculators on the Web and have found one with an excellent pedigree. It's the product of a well-known Harvard economist we once interviewed on the NewsHour, David Laibson, and whose course on behavioral economics we audited a few years ago. The calculator ...

Refinancing options could save big money over the loan's term

It seems as if we are in the midst of the second coming of decreased mortgage interest rates. Interest rates reached what we all thought were unprecedented lows throughout 2009 and the first four months of 2010. Rates on 30-year fixed rate mortgages dropped to the mid-4 percent range during this time period. As has been well documented, the Fed's purchasing of $1.25 trillion of mortgage-backed ...

Russia Probably Won't Increase Refinancing Rate This Year, Ulyukayev Says

Russia’s central bank is unlikely to raise the refinancing rate this year, Bank Rossii First Deputy Chairman Alexei Ulyukayev said.