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Mortgages Made Easy: The All-Canadian Guide to Home Financing

Mortgages Made Easy: The All-Canadian Guide to Home Financing

Douglas Gray

ISBN: 978-0-470-83732-0

Apr 2006

256 pages

Select type: Paperback


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Make this book your first stop when shopping for a mortgage!

Whether you are considering making your first home purchase or are about to refinance a mortgage, there is lots of good news. Mortgage interest rates are stable and the competition among lenders is fierce. They want your business. So, how do you determine the best deal for your own individual circumstances? How do you make sense of the fine print that comes with different mortgage products?

Mortgages Made Easy is a step-by-step guide to help you better understand the current real estate market, financing options, how to qualify for a mortgage, and the legal aspects of purchasing a home and having a mortgage. Among the key topics discussed are:

  • Types and sources of mortgages
  • Mortgages and your RRSP
  • How to renew, refinance, or prepay a mortgage
  • How to invest in mortgages
  • Creative financing techniques
  • Government assistance
  • Special options for seniors
  • Pitfalls to avoid
  • And much, much more, including a glossary, checklists, forms, and helpful websites.

Written by one of Canada's most respected real estate experts, let Mortgages Made Easy help you obtain the financing that's right for your home or investment property.

Acknowledgements xi

Preface xiii

Introduction: Before You Think about Buying a Property 1


Chapter 1: How the Real Estate Market Works 13

Chapter 2: Buying a House: The First Steps 25

Chapter 3: Why Buying a Condominium Is a Different Animal 43

Chapter 4: Is the Price Right? 55

Chapter 5: Getting Expert Advice Before You Buy 65


Chapter 6: Mortgage Basics 87

Chapter 7: Mortgages Don't Come Cheap! 109

Chapter 8: Finding the Mortgage That's Right for You 119

Chapter 9: What Happens If You Can't Keep Up with Payments? 139

Chapter 10: Government Programs That Can Help the Homebuyer 145

Chapter 11: Ways to Help with Mortgage Payments 155

Chapter 12: Some Financial Options for Seniors 165

Chapter 13: Creative Financing Secrets177

Chapter 14: Renew, Refi nance, and Renegotiate 181

Chapter 15: Investing in Mortgages 193


Checklist 1: Preparing for a Mortgage 215

Checklist 2: Purchase Expenses Checklist 221

Sample Form #1: Personal Cost-of-Living Budget (Monthly) 223

Sample Form #2: Personal Net Worth Statement 226

Sample Form #3: Calculating Your Gross Debt-Service (GDS) Ratio 232

Sample Form #4: Calculating Your Total Debt-Service (TDS) Ratio 234

Helpful Websites 236

Glossary 238

Index 243

Reader Feedback and Educational Resources 257

About the Author 258