Richards Mortgage Group Articles

"Interest rates are prices, and sometimes you get what you pay for." One of the questions that I get asked all the time, which stumps me a little bit more than you might think it should, is "what is your best mortgage rate?". Typically when people ask this question they mean what is the lowest rate that I have access to, and while it should be easy enough to answer, the truth is that this question represents a common yet fundamental misunderstanding about mortgages and interest rates.

First-time homebuyers who are Canadian residents can now withdraw (as of March 2019 budget) up to $35,000 from their RRSP TAX FREE. If you have a partner, that means that you can each withdraw up to $35,000 for a total of $70,000 to build or buy a qualifying home.

My spouse and I have been Tangerine Bank (formally ING Direct) customers since early 2001 when they first came out in Canada and often recommend one of their automatic savings tools without any hesitation as a truly great financial management tool. This is especially true now that I am a mortgage broker helping people get into homes. It helps you save your money and earn interest considerably higher than the average of the major banks.

My phone rings, chat bubble bubbles, or my email dings ... "what's your best interest rate?" asks the caller. I scratch my head, as at this point I know nothing about my caller, the property or their needs. This article's aim is to shine a light on this question from the mortgage-lending side of the fence and delve into what it takes for a mortgage professional to be able to accurately answer your question.

Last updated September 22, 2023 The current law in Canada requires residential mortgages with less than 20% down payment be CMHC-insured against borrower default. The insurance premiums can be in the tens of thousands of dollars, and many prospective buyers wonder how to or if they can avoid CMHC fees. This article explores the costs and benefits of CMHC mortgage default insurance to determine its significance. In summary, mortgage default insurance allows you to stop dreaming and start doing!

(Last updated 2019) Yes and No. In Canada it is still possible to finance 100% of a property's value if you know the rules and criteria. BUT... you need excellent credit history and reliable employment. Here's how to purchase a home with zero-down payment.