I wrote a little while ago on matrimonial homes. Given the many questions I have had from clients lately, I wanted to expand on that post a little bit. In Ontario, the Family Law Act rules state exactly when a home becomes a matrimonial home: the day you get married, if you are living there.… Continue reading When is a house a matrimonial home?
Pay your taxes
Most people aren’t aware of this, but if you don’t pay your municipal property taxes, the city or town has the right to sell your house out from under you. Keep in mind that just because they can, doesn’t mean they necessarily will. First, the municipality cannot start the process until the third year after… Continue reading Pay your taxes
More Mortgage Changes Coming?
The OFSI (Office of the Superintendent of Financial Institutions – crazy-long name, eh?) is thinking about continuing to tighten the mortgage rules in this country. Last year the reduced the maximum amortization of insured mortgages from 30 to 25 years (which had previously been reduced from 40 to 35, then from 35 to 30). Now… Continue reading More Mortgage Changes Coming?
What happens if you don’t close?
I have had this situation a few times: a client calls not too long before closing, and they’ve gotten cold feet. What happens if you don’t want to close the deal? Generally, if you refuse to close, you must have a legitimate reason. As a buyer, if you find something out that would severely affect… Continue reading What happens if you don’t close?
Mortgage Monday Rate Update – May 2013
For those that are shopping for a new house, or looking to do a refinance (or even just a simple mortgage renewal), rates and numbers are an important part of the mortgage equation. When rates change even the slightest of percentage points, it could cost or save you thousands of dollars. Every once in a while, here… Continue reading Mortgage Monday Rate Update – May 2013