Navigating Home Ownership
July 6, 2021 | Canada
Are you ready to buy your first home? How should you navigate your current mortgage to take advantage of lower interest rates? Is it a good idea to use your home equity line of credit to finance your renovations? Information, tools, and resources are available from the Financial Consumer Agency of Canada (FCAC) to help you navigate the subject of home ownership for both first-time homebuyers and existing homeowners. Several frequently asked questions and resources are listed below.
Are you financially ready to buy a home?
More resources by the Canada Mortgage and Housing Corporation
Buying a home is one of the biggest financial decisions you may make in your lives.. Knowing your current financial situation helps ensure you buy a home you can comfortably afford s. Read more from the FCAC)
Understanding your mortgage contract
By the Mortgage Broker Regulators' Council of Canada (MBRCC)
Mortgages are often the largest financial commitment Canadians make. It is important to find a mortgage that is right for you and suitable for your needs and circumstances. Mortgage brokers are regulated professionals who can help you find the right mortgage. Read more from the FCAC
What is mortgage life insurance and do you need it?
By the Financial Consumer Agency of Canada
Mortgage life insurance is a type of insurance that may pay the balance of your mortgage upon the passing of the principal making the mortgage payments. It can be particularly helpful and allow for peace of mind if you have dependents or a spouse who live in the home, but might not be able to continue making the same mortgage payments as before. Read more
Interest rates are down – should you re-evaluate your mortgage?
By the Financial Consumer Agency of Canada)
The pandemic is causing many of us to re-think our finances. If you are thinking of renegotiating your mortgage to take advantage of a lower interest rate, be aware that this could mean having to break your mortgage contract. Read more
Your complete home maintenance timeline, simplified
By the Canadian Real Estate Association (CREA)
Whether it’s your very first home or a fresh start, there’s a lot to be aware of when it comes to household maintenance. Read more
Quiz: How well do you know your home equity line of credit?
By the Financial Consumer Agency of Canada
You may be familiar with the term Home Equity Line of Credit or HELOC. You may have a HELOC in place, either tied to your mortgage (called a readvancable mortgage) or as a stand-alone loan product. But how well do you know your HELOC? Take the FCAC’s quick quiz to test your HELOC knowledge.
Visit iiCanada’s Financial Well-Being page for a comprehensive list of resources, tools, courses, and tips for individuals and businesses to build a strong and secure financial future.
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