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Free financial tools for new home owners

Buying their own home figures prominently on the wish list of newcomers. But buying a home is often stressful and involves lots of considerations.

One of the first is what amount should you borrow given your circumstances.

Many financial institutions and mortgage brokers offer mortgage calculators.

You can also check out the Financial Consumer Agency of Canada’s (FCAC) free calculator, as well as other free tools and educational resources to help manage your money.

FCAC has two tools to help home buyers: a Mortgage Qualifier tool and a Mortgage Calculator tool.

The interactive Mortgage Qualifier tool helps you determine whether you can qualify for a home mortgage based on your income and expenses.

The Mortgage Calculator determines your mortgage payments and provides you with a mortgage payment schedule.

The calculator also shows how much money goes towards interest payments and how many years you can save by making prepayments.

FCAC also has other online tools, including a budget calculator and credit card and bank account selector tools.

It also hosts the Canadian Financial Literacy Database with over 1,300 resources and events to help you budget, manage debt and save.

More info at www.itpaystoknow.gc.ca

Posted: May 30, 2017

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