Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
How much income do I need to qualify for a mortgage in Canada? + MORE Jun 20th
The Bank of Canada made a long-awaited rate cut on June 5, but the effects of lower mortgage rates have yet to trickle down into housing market data. That was evident in May, as real estate affordability continued to worsen for would-be home buyers.
The latest monthly affordability report from Ra.... More »
Mortgages: The Digital Future Oct 7th
Most of the financial world is already heavily invested in online distribution. And then there’s the mortgage business. Our industry is scampering to catch up. But catch up it will…and soon. That was the vivid takeaway from last week’s 2nd annual Digital Mortgage Conference in San Francisco. I.... More »
Fixed mortgages are falling. Experts explain why and weigh in on fixed vs. variable Jun 11th
Both existing homeowners and new homebuyers are benefiting from a drop in interest rates see over the past week..... More »
CMHC reports annual pace of housing starts in April up from March May 18th
Canada Mortgage and Housing Corp. says the annual pace of housing starts for April rose 17% compared with March..... More »
How to keep your home after separation—even if you don’t qualify alone + MORE Apr 18th
Separation and divorce are hard enough without throwing mortgage stress into the mix. One of the most emotional questions we hear is, 'I want to keep the house, but I don’t make enough on my own to qualify—what can I do?'.... More »
Badass Brokering: Proven Keys to Sales Success
– canadianmortgagetrends.com
By Mike Cameron, Special to CMT This article is the first of a four-part series adapted from Mike Cameron’s presentation “Badass Brokering: Proven Keys to Sales Success.” Mike has delivered these talks across the country, including at the Mortgage Professionals Canada regional symposiums. His goal is to introduce you to a framework for creating a sales process specific to your practice and to your unique self. When I kick off my presentations, I talk about the fact that no matter the profession, no matter the product, as salespeople we all sell the same thing. I start by asking the audience what they READ MORE
Mortgage math when you have 2 properties
– moneysense.ca
Q: We have two mortgages on two separate properties:No. 1: $100,000 at 2.5% fixed that comes up for renewal in Feb. 2017
No. 2: $160,000 at 2.94% fixed that comes up for renewal in Feb. 2018
Last year my husband took out a home equity line of credit (HELOC) on the first home for $150,000 (for business use). Eventually we opted to transfer this debt into a secured loan of $100,000 with a hybrid rate—a fixed rate portion at 1.99% (up for renewal in Oct 2017) and a variable rate at 2.7% (prime+0%). Now he is ready to pay the monthly payment as well as make an extra $1,000 to $2,000 per month payment. We just don’t know what debt we should tackle first? Every time I use a calculator, it shows that I save the most if I pay down the debt with the lowest interest rate, but everything I read tells me to pay off the debt with the higher interest rate first. Help!
— Julie M., Toronto
Robert McLister, mortgage planner at intelliMortgage and founder of RateSpy:
When deciding which of the two debts to pay off quicker, always choose the one with the higher interest rate, unless there’s a special consideration…
