Personal Finance
Better Finances for a Better You
Topic: "Fixed Mortgage"
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information about your money.
Word of the week
Adjustable-Rate Mortgage (ARM)
An adjustable rate mortgage is known as an ARM. An ARM's interest rate fluctuates over time, in contrast to fixed rate mortgages, which have a constant interest rate for the duration of the loan.
Adjustable-Rate Mortgage (ARM): What It Is and Different Types →Infographic of the week
Mapped: Fastest Growing (and Shrinking) Cities in the U.S. and Canada
Despite Canada having a population just 12% the size of the United States, the country was home to a majority of the fastest-growing cities between the two neighbouring countries.
Toronto is the Fastest-Growing City in Canada and the U.S. →Infographic of the week
The American Dream Costs $4.4 Million
This graphic shows the estimated cost of the American dream per household over the course of their lifetime, based on analysis from Investopedia.
The cost of the American dream exceeds the average lifetime salaries of both men ($3.3 million) and women ($2.4 million) with a Bachelor's degree →Did you know?
Nine out of 10 homeowners who bought a home in the last three years say they were unprepared for the extra costs of maintaining and financing their property, according to a survey by Real Estate Witch.
Which costs were more expensive than people originally expected →Word of the week
Closing Costs
The expenses associated with "closing" a real estate purchase, including legal and administrative fees, are known as closing fees. These fees are not included in the purchase price of the home.
An overview of mortgage closing costs in Canada →Word of the week
Homeowners Insurance
Home insurance provides protection for your home and your belongings in case of theft, loss, or damage. It can also help cover additional living expenses if you're temporarily unable to live in your home, such as living in a hotel or renting a home.
What Is Homeowners Insurance and How Does It Work? →Word of the week
Home equity loan / home equity line of credit (HELOC)
Your home equity is the current value of your house minus the outstanding mortgage amount. Your equity grows as you pay down your mortgage or if your home's value increases. The equity in your house can be used as collateral for HELOCs and home equity loans, which can be considered as a second mortgage since they are backed by the equity in your house.
If you are considering a HELOC, understand these pitfalls first →Word of the week
Adjustable-Rate Mortgage (ARM)
A house loan with a variable interest rate is referred to as an adjustable-rate mortgage (ARM). The starting interest rate on an ARM is set for a specific amount of time. Subsequently, the interest rate charged on the remaining amount is frequently adjusted, perhaps once a year or even once a month.
Adjustable-Rate Mortgage (ARM): What It Is and Different Types →Word of the week
Fixed Mortgage
The interest rate on a fixed-rate mortgage does not change over a certain period, often two to five years. This offers security and predictability because your monthly mortgage payments will remain unchanged over this set term.
Compare Today’s Mortgage Rates →← Curating the web to find the most interesting and helpful information about your money.