Andrew Sikomas
How To Choose Between A Variable Rate and Fixed Rate Mortgage?
The reason I don’t talk about fixed or variable interest rates at the beginning of a mortgage conversation is that ‘the best rate' depends.
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Andrew Sikomas
- 3 min
Interest Rates Going Up? Why I’m Staying Calm
Why am I not worried about rates? Rates are cyclical. Rates go up and rates go down. But, let's look at this as an opportunity.
Andrew Sikomas
- 4 min
How You Can Access the Equity in Your Home
There are two primary ways to access the equity in your home: refinancing with a standard mortgage or setting up a HELOC.
Andrew Sikomas
- 2 min
Terms and conditions
The features and fine print that affect your total cost of borrowing. TL;DR: there are many factors besides the interest rate that will...
Andrew Sikomas
- 2 min
Home inspection
Just do it. TL;DR: If you're looking for a shortcut on reading this article then you should definitely read this article! It is easy to...
Andrew Sikomas
- 4 min
Mortgage options when buying and selling
Break, or port? Port and blend? Blend and extend? All explained here. TL;DR: you can pay to break the mortgage and take a new one, or...
Andrew Sikomas
- 3 min
Other monthly expenses to think about
Besides the mortgage payment, there are other costs you will encounter that should be considered. TL;DR: besides your mortgage payment,...
Andrew Sikomas
- 2 min
Property taxes
If you own property, you pay property taxes. TL;DR: property taxes are a guaranteed part of property ownership. The annual levy is based...
Andrew Sikomas
- 2 min
Condo fees
Your monthly contribution to maintaining and insuring shared property TL;DR: Home buyers who opt for a condo will have to pay a monthly...
Andrew Sikomas
- 2 min
Title insurance
A necessary transaction cost which protects against title issues TL;DR: Title insurance is a type of insurance policy which protects...
Andrew Sikomas
- 2 min
Real Estate Lawyers
TL;DR: When you buy a home you will need to hire a real estate lawyer. Your lawyer will ensure the paperwork is done correctly, your...
Andrew Sikomas
- 3 min
Appraisal
There is a value determination on every single mortgage transaction always TL;DR: As the title suggests, an appraisal is a determination...
Andrew Sikomas
- 3 min
Default insurance (CMHC insurance)
Default insurance is expensive but useful (and often required!) TL;DR: you need this if you have less than a 20% down payment. You...
Andrew Sikomas
- 3 min
Debt servicing ratios
An explanation of the magical numbers that guide mortgage qualification TL;DR: debt service ratio is the percentage of your income before...
Andrew Sikomas
- 4 min
Down payment
The down payment is the amount of money that you put forward when you buy a home. Mortgage Down Payment The down payment is the amount of...
Andrew Sikomas
- 5 min
Mortgage affordability and qualifying
Home buyers need to understand the maximum mortgage they qualify for and how that impacts the price they are able to pay for a home...
Andrew Sikomas
- 3 min
Qualifying to buy a home - the 40,000 foot view
A general overview of buying a home and what gets looked at to qualify. TL;DR: if you were going to lend hundreds of thousands of dollars...
Andrew Sikomas
- 4 min
Pre-approval
Thinking of buying a property, but don’t know where to start? Well… that’s where a mortgage pre-approval comes in. Start here. TL;DR: a...
Andrew Sikomas
- 2 min
Finding the right home without blowing your budget
Responsible home ownership includes knowing what you can comfortably afford, setting a budget, and buying within it. If you have been...
Andrew Sikomas
- 2 min
First time home buyer tax credit
TL;DR: if you're a first time home buyer, you get free money on your tax return from the government - take it! If you are a first time...
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