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Let's Talk About Money

A Canadian personal finance blog for DIY investors

Mortgages

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Closing Costs | How Much Does It Cost to Sell a Home in BC?

Transparency is hard to come buy when looking at the closing costs involved in buying or selling a residential property. I just went through the process of both, selling a condo and buying a townhouse. Through this, I got to discover some of the hidden fees involved in the process. Below I’ll go through all of the costs I incurred and discover the real cost of selling a house (or condo or townhouse).Selling my propertyFor my process of buying a new home, I sold my condo before buying my new property. I wanted to be able to put 20% down on my new townhouse to avoid additional CMHC fees. …

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How to save when your mortgage payments go down

With interest rates at some of their all-time lows, if you are renewing your mortgage in the near future you might be saving money on your mortgage payments. Don’t think of this as free money, but instead a faster track to savings and long-term wealth growth. By re-investing this money in 1 of 2 ways, you could save yourself thousands of dollars in the long run.My mortgage payment is going down! I’m at the end of a 5-year fixed, 3.19% interest rate for my mortgage. On May 1, 2017 I’ll be renewing my mortgage for a new 5-year fixed term at 2.64%! My monthly mortgage payment will be going from …

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CMHC Mortgage Insurance Premium Increase: What will it really cost you?

It was announced on January 17, 2017 that CMHC mortgage insurance premiums would be increasing for new home buyers who will be putting 15%, 10% and 5% down on a new mortgage.  CBC described this as saying mortgage holders will be charged ‘slightly more’ every month. ‘Slightly more’ could actually cost you tens of thousands of dollar in the long run!What is CMHC mortgage insurance By law in Canada, anyone who puts down less than 20 per cent on the purchase of a new home must pay the CMHC mortgage insurance premium – a percentage of the total purchase that covers the mortgage issuer in the …

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