Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
How new mortgage brokers are overcoming the challenges of today’s high-rate environment Jan 24th
It's no secret that the current high-rate environment has been challenging for mortgage borrowers and mortgage professionals alike..... More »
FICOM Announces Comp Disclosure Plans May 3rd
B.C.’s mortgage broker regulator, FICOM, updated the industry Friday on the contentious new compensation disclosure guideline. (More on that contention) FICOM said it processed 70+ comments about the new policy. Here’s what it concluded: Simpler Disclosures are Better The Mortgage Brokers Ac.... More »
The $90-million lesson: Why relationships, not tech, drive mortgage success + MORE Mar 19th
A lender friend of mine, Shane Lapointe, retired last week and I could not be happier for him. Forty-nine years in the industry, 36 of them in the brokering space. I can only imagine the rule changes and lender switch-ups that he has seen since 1989. .... More »
Reverse Mortgages growing in popularity… Product of the year 2018? + MORE Feb 23rd
Mortgage stress test is the buzz phrase in mortgage lending for 2018. Every borrower, regardless of how much down payment you’re making, must pass a stress test to qualify for a mortgage. The math is simple, yet intimidating. Lenders must now use your mortgage contract rate PLUS 2.00% to qual.... More »
The best life insurance in Canada: your complete guide + MORE Sep 14th
Wondering how to get the best life insurance in Canada for you and your family? You’re not alone. The pandemic has shown Canadians that we are not invincible. In fact, a 2021 survey found 44% of us bought or now plan to buy life insurance because of the effects of COVID-19. But not everyone is con.... More »
Ottawa's housing market takes off, as new home construction more than doubles from 2015
– canada.com
Ottawa homebuilders are aiming high in 2016, according to a slew of new statistics released detailing the current state of affairs in the city’s housing market. Canada Mortgage and Housing Corp. (CMHC) released its monthly update on new home construction Friday, stating that the number of new homes started by construction companies in Ottawa during the month of […]
How to consolidate debt
– moneysense.ca
If you feel pinched making payments on your debts, it may make sense to roll them all into one monthly bill. But bear in mind that while it’s meant to ease your debt situation, you’ll need to qualify for that lower-interest consolidation loan. Here’s how to stack the odds in your favour.
1. Choose your battles
Not all debts are worth consolidating. The most common contenders are high-interest, unsecured consumer debts like credit cards and personal loans. Things like student loans are better dealt with separately as you are eligible for tax credits on interest.
2. Review your budget
You should know how much you can realistically pay per month against your debts. Take a hard look at your expenses and decide what you can spare to pay down your loans. You’ll need to have this figure ready if and when you approach a consolidator.
3. Choose your consolidation method
Now you have some options: You could consider a consolidation loan, take on a secured or unsecured line of credit, or refinance your home…
1. Choose your battles
Not all debts are worth consolidating. The most common contenders are high-interest, unsecured consumer debts like credit cards and personal loans. Things like student loans are better dealt with separately as you are eligible for tax credits on interest.
2. Review your budget
You should know how much you can realistically pay per month against your debts. Take a hard look at your expenses and decide what you can spare to pay down your loans. You’ll need to have this figure ready if and when you approach a consolidator.
3. Choose your consolidation method
Now you have some options: You could consider a consolidation loan, take on a secured or unsecured line of credit, or refinance your home…
RBC Weighs in on FICOM Rule Change
– canadianmortgagetrends.com
FICOM’s new commission disclosure proposal appears to be moving full steam ahead. And it leaves certain consequences to the imagination. RBC Capital markets put out a report on this recently, and touched on some of those key questions. The report asks the following (our comments are added in italics): “Will mortgage brokers lose market share to banks, given they will need to disclose how much they get compensated whereas bank personnel do not?” It’s tough to judge the overall outcome at this stage (mainly because the rules aren’t finalized), but one thing seems certain. The changes could cost full-commission brokers business from consumers who will use explicit compensation data READ MORE
The U.S. Justice Department on Monday announced a $5 billion US settlement with Goldman Sachs over the sale of mortgage-backed securities leading up to the 2008 financial crisis.
Finance Minister Bill Morneau is urging Canadians to just wait and see after his changes to mortgage rules failed to cool down home prices in certain cities across the country.
In December, Morneau announced that mortgage holders would need to make minimum down payments of 10 per cent on any portion of a home’s price above $500,000, up to $1 million.
The presumable aim was to cool down staggering home prices in some of Canada’s hottest markets — but that hasn’t happened yet, and the rule has been in effect since Feb. 15.
In fact, things seem to have gone the other direction in certain cities.
Finance Minister Bill Morneau (Photo: Adrian Wyld/CP)
Vancouver’s housing market saw sales top 5,000 for the first time ever last month, while detached homes in Toronto hit an average price of $1.8 million.
Regardless, Morneau is optimistic that the new rule will have some impact down the road.
“We’re only one month into that change, we hope that change, and we expect that change will have some impact,” the finance minister told Business News Network (BNN) on Friday…
