Housing was undoubtedly the hottest topic in the news this year, particularly around prices and affordability as Canada’s central bank raised interest rates twice, higher premiums on mortgage insurance were introduced, and a tougher mortgage stress test was announced for next year. Here are our five most popular mortgage stories of 2017:
#1.Can I Afford a Million-Dollar Home?
Remember when a million dollars was a lot of money? Today, you’d be lucky to find a rickety tear-down in Toronto or Vancouver for that princely sum. Read about the factors that determine if you can afford a seven-figure home.
#2.Porting or Transferring Your Mortgage
Portage a canoe, port a mortgage. If you’re in the middle of your term and want to move, do you have to break your mortgage? Not necessarily. By porting your mortgage, you can save thousands of dollars and won’t be charged a prepayment penalty.
#3.How to Stress Test Your Mortgage
Perhaps one of the most important aspects of buying a home: Running a mortgage stress test to determine exactly how much house you can afford. This type of rainy day planning is about peace of mind and knowing you can still afford to pay your mortgage if your interest rate increases.
#4.What Happens if Your Mortgage Renewal is Denied?
There are two different scenarios you may find yourself in if your mortgage renewal is denied — here what you can do if you’re turned down.
#5.The Consequences of Skipping a Mortgage Payment
Some lenders actually offer the option to skip a mortgage payment, but there are consequences — the payment you’re missing is still charged interest, which will be added to your total mortgage balance. Take a look at how it works to decide whether this is right for you.