In a November, 2007 report, the Canadian Association of Accredited Mortgage Professionals (CAAMP) stated that in the previous 12 months, 17% of mortgage holders took out home equity loans or increased their mortgage The average equity loan was $35,400

There are many viable options for tapping into a home’s equity, including 2nd mortgages and refinancing Both provide a way to help manage existing debt or get a low-cost loan for other expenses

Most experts say that your housing costs should not be more, and preferably less, than 30% of your income Is that a reasonable figure for most Canadians

High ratio mortgages The term conjures up frightening images of high risk loans and unbearable levels of debt

What volume of debt are you carrying right now If you are like most Canadians, you have debts that exceed your annual net income

Signing the agreement to secure your first home loan can be more than a little nerve-wracking With the average Canadian house price hovering at around $300,000, the amount of most first home loans is well over $200,000 – a significant sum, to say the least

Is your home less than it could be After living a few years in a home, many homeowners find they want to make some changes

Choosing the right mortgage may seem easy enough Find the best rate and sign on the dotted line, right

When buying your first home, you should be prepared to ask yourself some important questions Analyze your needs, your financial state and your future plans to ensure you make the right home buying decision