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
Mortgage renewal calculator Sep 26th
When it’s time to renew your mortgage, you can either stay with your current lender or shop around for a new one that offers a lower interest rate or different terms. Using a mortgage renewal calculator can help you compare mortgage offers and pick the best one available at the time of renewa.... More »
B.C. Regulator Shuts Down Unlicensed Broker with $500M in Volume Jun 5th
An unlicensed B.C. mortgage broker accused of arranging half a billion in mortgages for hundreds of clients has been issued a cease-and-desist order by the province’s mortgage regulator. The Financial Institutions Commission of British Columbia (FICOM) announced last week that its Registrar of.... More »
How the Bank of Canada’s benchmark rate impacts your finances + MORE Mar 7th
The Bank of Canada (BoC) held its benchmark interest rate at 5% on March 6, marking the fifth consecutive time it has left the rate unchanged. Economists widely expect the BoC to lower its rate at some point in 2024, as inflation falls and the Canadian economy weakens. However, in its March rate ann.... More »
Ask the Expert: The homeowner’s debt dilemma — should you go Bankruptcy or Consumer Proposal? Nov 24th
If you’re a homeowner facing the crushing weight of debt, you’re probably aware the two most dramatic debt resolution solutions: Bankruptcy and Consumer Proposal (CP).
A Consumer Proposal is often recommended because it is seen as gentler and less damaging than bankruptcy. But .... More »
Steps to getting the perfect mortgage for you + MORE Jun 14th
If you’ve been saving for a home, you might be thinking now is the time to buy. Whether you’re a first time buyer or a current homeowner, buying a new home means making tough decisions. We’re here to make sure that you have a good enough understanding of mortgages before you jump right in. He.... More »
FICOM Announces Comp Disclosure Plans
– canadianmortgagetrends.com
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 Act regulations prescribe a one-page “Form 10” that brokers should use to identify conflicts of interest that might sway the broker’s advice. This form will replace the multi-page version that’s widely used today. According to Carolyn Rogers, the Registrar of Mortgage Brokers at FICOM, “Most consumers will find the prescribed one-page Form 10 simpler to absorb than the multiple pages in READ MORE
