Andrew Sikomas2 minTerms and conditionsThe features and fine print that affect your total cost of borrowing. TL;DR: there are many factors besides the interest rate that will...
Andrew Sikomas2 minHome inspectionJust 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 Sikomas4 minMortgage options when buying and sellingBreak, 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 Sikomas3 minOther monthly expenses to think aboutBesides the mortgage payment, there are other costs you will encounter that should be considered. TL;DR: besides your mortgage payment,...
Andrew Sikomas2 minProperty taxesIf you own property, you pay property taxes. TL;DR: property taxes are a guaranteed part of property ownership. The annual levy is based...
Andrew Sikomas2 minCondo feesYour monthly contribution to maintaining and insuring shared property TL;DR: Home buyers who opt for a condo will have to pay a monthly...
Andrew Sikomas2 minTitle insuranceA necessary transaction cost which protects against title issues TL;DR: Title insurance is a type of insurance policy which protects...
Andrew Sikomas2 minReal Estate LawyersTL;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 Sikomas3 minAppraisalThere is a value determination on every single mortgage transaction always TL;DR: As the title suggests, an appraisal is a determination...
Andrew Sikomas3 minDefault 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 Sikomas4 minDown paymentThe 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 Sikomas3 minQualifying to buy a home - the 40,000 foot viewA 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 Sikomas4 minPre-approvalThinking 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 Sikomas2 minFinding the right home without blowing your budgetResponsible home ownership includes knowing what you can comfortably afford, setting a budget, and buying within it. If you have been...
Andrew Sikomas4 minCredit ScoreTL;DR: Closing an old un-used credit account might hurt your score; your score will go up or down for a variety of reasons; a good credit...
Andrew Sikomas2 minCredit ChecksIs it really necessary to pull credit? Will it hurt me? TL;DR: Yes, it is necessary. And generally, no, it won't hurt you. But it can...
Andrew Sikomas3 minConsidering a subject-free offer?If you're in the market for a new home in 2022, in just about any market in Canada, there's a good chance you may be facing some stiff...
Andrew Sikomas5 minRRSP Home Buyer's ProgramTL;DR: you can take up to $35k/person out of your RRSPs tax-free to buy your first home. You pay back your RRSP over 15 years, or you pay...
Andrew Sikomas3 minDeposit with offer vs down paymentsTL;DR: a deposit with offer is a show of seriousness when you're negotiating an offer to purchase a property, while the down payment is...
Andrew Sikomas7 minHow much does it cost to buy a home? Learn all about closing costs.TL;DR: Budget about 1.5% of the home price, over and above your down payment. That number will be different (possibly very different) for...