6 Ways to Save on Home Insurance

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There’s no doubt about it: with soaring home prices across the country, it’s more expensive than ever to be a homeowner. Between mortgage paymentsproperty taxes and utilities, it’s not unusual for budgets to be stretched – and ideally you want to be saving money, too.

Unfortunately, as we learned in KL’s blog post series, home insurance is a must-have for homeowners – and as home values go up, so do the premiums. In fact, homeowners are regularly faced with double-digit increases. While the premium for your home insurance might shock you at first, there is a list of ways you can lower it. Continue reading

The Time it Takes to Cash Out Investments

Balancing The Account

Congratulations! You just put in an offer on a home and your realtor called to say the seller has accepted. Up until this point, you’ve been saving up for a down payment and your closing costs – potentially by putting your money into a couple different savings vehicles. When the seller accepts, however, you’ll need to cash out fast. How fast? Well, every investment works a little bit differently. Let’s take a look at the time it could take to cash out yours. Continue reading

Canadians Get Comfortable with Variable Rate Mortgages in 2014

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This time each year, the Canadian Association of Accredited Mortgage Professionals (CAAMP) releases their Annual State of the Residential Mortgage Market in Canada. Data in the report comes from various sources, including an online survey of more than 2,000 Canadians. Some of the statistics weren’t news to us – namely just how low mortgage rates are now compared to last year – but there’s one, in particular, we thought might be news to you.

Twenty per cent (20%) of new homeowners chose to get a variable rate mortgage in 2014; that’s up 11% from the 9% we saw in 2013. Correspondingly, the popularity of new fixed rate mortgages went down 6%, from 82% in 2013 to 76% in 2014. Why are more Canadians getting comfortable with variable rate mortgages? Perhaps after watching Prime rate sit at 3.00% for 4+ years, buyers are seeing there may not be as much “risk” to the variable rate as they once thought. Or it’s that 5-year variable rates can be found for as low as 2.10% (Prime – 0.90%).

Here are some of the other stats that stood out in this year’s report: Continue reading

Can You Get a Mortgage on a Micro Condo?

micro-condo-ratehub

Small is beautiful – or so say the many developers that are currently building micro condos in Canada’s urban cities. A relatively new concept to this country, but prominent in densely populated cities like New York and Tokyo, micro condos are units that are 500 square feet or less.

While they may be suitable for young professionals who want to live in the heart of a city, and want a “mini” mortgage payment to match, there is just one snag: lenders aren’t quite as excited about these properties as their potential buyers are. Continue reading

[Infographic] What’s Your Lifesaver Moment?

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November is Financial Literacy Month in Canada, which means 30 days of raising awareness and giving Canadians new information they need to self-educate on any misunderstood financial topics. At RateHub.ca, we like to think we’re always providing the information and tools you need to better understand how mortgages work. As a team, however, we all have some interest in personal finance as a whole, and often share our financial successes (and failures) with one another.

We also always keep our eyes on what other companies are sharing, this time of year. Last week, we found that one non-profit debt counselling agency, Consolidated Credit Canada, had done a survey and released an infographic with the results – and you know we love a good infographic! Their question: what was your lifesaver moment? Meaning when did you know you could get out of debt? This got us talking… Continue reading