Purchasing a home is probably the single biggest investment you will ever make. Before closing on the house, you’ll want to know that no other individual or entity has a right, lien or claim to the property.

Determining that your rights and interests to the property are clear is the business of a title insurance company.

For a modest, one-time title insurance premium, you will receive continuous title insurance protection in an amount equal to the purchase price of the property or its current market value. This premium typically includes your “owners” policy as well as the “lenders” policy.

One of the marked advantages of title insurance is that prior to a policy being issued, the title insurance company completes extensive research into relevant public records, maps and documents to trace ownership of the property and determine if anyone other than you has an interest in the property. Through its research, the title insurance company can usually identify any title problems that may arise and have these problems cleared-up prior to closing.

Your title insurance owner’s policy will describe the property and outline any recorded limitations on your ownership. It will also set forth the title insurance company’s responsibilities should any claim covered by the policy terms arise. Typically your title insurance will protect you from loss:

If someone contests your title in legal action (the title insurance company will defend the title at no expense to you), or if there is a title defect that cannot be eliminated (the title insurance company will protect you from financial loss - up to the amount of the policy). 
Terrilee Fitz is a Sandy Utah realtor and one of Utahs best realtors with many years experience in the Utah area. This article is as relevant in Canada as it is in the US.

Bi-weekly and weekly mortgage payments

Almost all mortgage companies and banks will have the option to allow you to make payments weekly or bi-weekly. There are two very good reasons why you should consider this.. Firstly you will pay off your mortgage sooner, normally around 4 years sooner than the monthly payment option. This will in effect mean you save 4 years of payments over the term of your mortgage. Secondly, if you are paid weekly or bi-weekly it makes it easier for you to budget paying your mortgage, as you can line up your payment with the dates that you receive your pay cheque.

Making Extra mortgage payments

If you have the spare cash making extra mortgage payments can save you huge amounts of interest. When you select your mortgage company or bank, as them about the option of making extra payments. If you are allowed to make extra payments of say 25% this will allow you to make additional payments of  up to $25,000 per year on each $100 000 of mortgage. It is also important to make sure that your bank or mortgage company allows these additional payments to be flexible, so that you can make payments of smaller amounts when you can afford it, this will again reduce the term of your mortgage and in turn mean that you pay less interest.

Reducing the CMHC fees on your purchaseWhen you require a mortgage in Canada for more than 75% of the purchase price of a property, that mortgage must be insured by Canada Mortgage and Housing (CMHC) or GE Mortgage insurance. The premium charged by both of these company`s decreases as the down payment increases. But if you can put down 25% of the purchase price, you can avoid any additional insurance fee whatsoever. Depending on your situation there are ways that you can structure this financing to avoid the CMHC or GE insurance premium.

Advantages of Bigger Down Payments

As mentioned above, when you put a 25% down payment on your purchase you can avoid the CMHC premium in Canada. However more importantly the larger the down payment, the lower the amount of interest you will pay over the life of your mortgage and the lower amount you will be paying monthly. But please remember, do not stretch yourself to increase your down payment and end up borrowing on credit cards or a line of credit at a higher rate, as this will mean you will be paying higher amount of interest on these amounts and maybe up to 4 or 5 times the current mortgage interest rate.

Short Term Rates vs. Long Term Rates

The rate options for mortgages available can be very confusing for most mortgage shoppers. Terms for mortgages vary between variable and fixed rate, 6-month terms to 10 year terms and even longer in the US. By taking a variable or floating rate mortgage you can make savings. Typically the shorter the term or guarantee of the rate, the lower the rate will be. However, this does not always happen, depending on the market place and the economy, but history has shown that short-term rates tend to be lower than long-term rates. The up side of variable rate is the strong potential for interest rate savings. The down side is the fact that you are accepting the interest rate risk without a guarantee, but today many companies will let you lock in at a rate further down the road. If you are considering a variable rate mortgage you need to look at your own risk tolerance, and your cash flow available to deal with potential increased payment. Considering projections of rates and where we see interest rates heading can also be important in this decision. Make sure you talk to an expert when you are making this decision and shop around, mortgages rates do vary and the rate displayed is often not the best rate available.

Alan Read Chua to a Toronto Condo Real Estate Agent,  Susan Pimento is a Mortgage Broker in Ontario who will find you the best Canadian Mortgage Quote

Downtown Toronto offers some of the best city living you will find.

The Toronto core boasts a growing abundance of gorgeous city condominiums that offer such features as fourteen foot ceilings and sunny south east exposures, some so open and spacious you feel like you are living in a house. Well-designed condos with contemporary comfort are providing ready access to a fantastic downtown lifestyle in the residential quadrants of the Toronto core.

Owning a condominium provides all of the benefits of owning a home without the responsibility of maintenance and repair such as snow shoveling, grass cutting and gardening.  In many condominium complexes you will enjoy the added benefits of 24-hour security, fitness facilities, and recreation & entertainment centres.

Downtown Toronto homes feature a large selection of residential options that offer accessibility to the many cultural, historic, educational, leisure, retail and employment opportunities that Toronto holds.  The Bloor Yorkville area alone offers 700 designer boutiques, restaurants, hotels, and world-class galleries.  Other well known districts offering compatible fare are The Annex, Cabbagetown, and Chinatown, to name a few.

Residing in the Kensington Market area and the closely located Little Italy District brings you within easy reach of some of the freshest produce and best selection of cheese vendors in the City of Toronto.

Forest Hill offers homes of distinction that reflect individuality in architecture, landscaping and personalized residential uniqueness.  Within the vastly growing city of Toronto and the greater Toronto area, Forest Hill maintains its unique existence as a quiet, charming, cozy village with a flair for offering an extensive and interesting assortment of restaurants, cafes, and bakeries.

Toronto’s historic west neighbourhood of High Park proudly presents homes located on tree lined residential streets.  Like Forest Hill, quiet, intimate areas can be found with some homes being located on streets that reflect a mews style appearance.  High Park is known for its 399 acres of green space and sport facilities for swimming, tennis, soccer, cycling and trails. 

Families are moving back from suburbia and relocating in downtown Toronto.  Spending years commuting on the freeway and stuck in traffic rather than time at home, parents are looking for opportunities to spend more time at home with family in their own community, downtown Toronto.

Cecile Bassels is a Downtown Toronto Real Estate agent with Exit Realty Prestige