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
Brokers: How to Stay in Touch with Your Clients Oct 13th
It’s a mortgage broker’s job to remain in touch with their clients. But because years can pass between dealing with these clients, and perhaps for a lack of organization skills, that doesn’t always happen. Unfortunately, when it’s time to refinance or renew the mortgage, these fo.... More »
RateSupermarket.ca Will Become RATESDOTCA Sep 29th
We are excited to announce that RateSupermarket.ca will become RATESDOTCA. Don’t worry, besides a name change, how you compare the best credit cards and mortgage rates will remain the same.
What does this mean for you?
Our name is changing, but rest assured, everything else will remain the same.
.... More »
How to Improve Your Credit Score – Student Edition + MORE Sep 15th
The new school year is in full swing and if you’re a university or college student, then you’ve probably already settled comfortably into your new routine and dorm room. As you buy books, begin assignments and make new friends, the last thing you’re likely thinking about is your credit.
But.... More »
The Latest COVID-19 Mortgage Developments: Rates on the Rise + MORE Mar 23rd
Mortgage Rates Rising Rapidly Canada’s Real Estate Market Faces Uncertainty Call to End to Open Houses Mortgage Payment Deferral Challenges Filogix’s Expert Victim of Ransomware Attack Mortgage Rates on the Rise Banks and other mortgage lenders have been frantically raising rates since last week.... More »
The interest rate hike is going to leave its mark on Canadian exporters Jul 14th
(Shutterstock)
Canada is the second G7 country to embark on the path of normalizing monetary policy. Raising the key interest rate to 0.75 per cent, the Bank of Canada also adopted a bias towards tightening policy over time and reversing the “insurance” rate cuts of 2015. The move bolstered the.... More »
What happens when the mortgage co-signer dies?
– moneysense.ca
Q: My grandfather passed away and he was my mortgage co-signer. My loan is current. I have made all payments. My grandfather has assets, estate. A good amount. Will my home be included in any of that or be paid from any of that? If they went after his assets and the home was paid, would it still be my home?
— Blake, Mission, B.C.
Robert McLister is an independent mortgage planner at intelliMortgage and founder of RateSpy.com:
First off, depending on the lender, you may or may not be able to simply continue making payments as usual. Lenders typically require you to notify them if a co-applicant dies. Some lenders will allow you to keep paying the mortgage yourself. Others will re-qualify you to see if you can afford the payments on your own. If you can’t, the mortgage will have to be paid out or you’ll need to get another co-signor.
How to get a mortgage (when you’re not the ideal borrower) »
Further to your question, if a home is owned in “joint tenancy,” the deceased party’s interest simply passes to the other owner…
