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Latest News
Tango Financial Becomes Latest Mega-Brokerage + MORE Jan 20th
The trend of consolidation in Canada’s mortgage industry continues. Tango Financial is the latest mega-brokerage. The company is an amalgamation of Paragon Mortgage Inc., Premiere Mortgage Centre and Compass Mortgage Group, which announced a merger agreement last week. The three firms will rem.... More »
As bond yields fall, mortgage providers are cutting fixed mortgage rates + MORE Dec 1st
With bond yields nearly 60 basis points off their highs reached earlier this month, fixed mortgage rates are slowly following and trending downward..... More »
Latest in Mortgage News: House Prices to Moderate This Year, Says CMHC May 13th
Home prices are expected to finally level off from the "unsustainable" increases that have been seen over the past year, says CMHC..... More »
Renewal Rate Shock Diminishing, Says BoC + MORE Nov 9th
Falling mortgage rates over the course of 2019 have reduced the rate increase shock for those renewing a mortgage. While those renewing a mortgage this year are still locking in at a rate higher than their previous rate, that increase is quickly declining, according to data from the Bank of Canada. .... More »
Equitable Casts Giant Reverse Mortgage Lure for Brokers Oct 22nd
What do you do when your competition has a 32-year head start? If you’re Equitable Bank, you pay brokers 150% more than normal. That’s the surprising move Equitable has made to build momentum in its reverse mortgage business. This degree of compensation is virtually unprecedented in this sector..... More »
One family’s strategy for killing debt
– moneysense.ca
(Illustration by Ryan Inzana)At first glance, it’s difficult to see why Francesca Nazario is so worried about money. She and her husband Guy, both 36, own a three-bedroom bungalow in Whitby, Ont., an hour’s drive from Toronto. They have two young kids—Amelia, 3, and Sam, 15 months—and a combined income of $130,000 a year.
But Francesca, who earns $50,000 a year as a secretary with a small manufacturing company, feels that she and Guy aren’t in control of their finances. The clearest evidence of this is the $42,000 of personal debt they’ve accumulated—and that’s on top of the $350,000 mortgage and the $20,000 they still owe on Guy’s 2016 taxes for his consulting business. “We’re making decent money but we’re going deeper and deeper into debt,” says Francesca. “Why can’t we make our finances work?”
How to get out of debt in 2017 »
The Nazarios (whose names we’ve changed to protect privacy) aren’t frivolous with their money. They bought their home four years ago in a nice subdivision…
How to Improve Your Credit Score: Collections Edition
– ratesupermarket.ca
This monthly series by personal finance specialist Amanda Reaume focuses on how to improve something that many people overlook: your credit score. These posts will give you tips and tricks to improve your chances of getting approved for better rates when you apply for credit – leading to better student loans, car loans and even mortgages.
The last thing anyone wants is to be so behind on repaying debt that they end up in collections.
When your account goes to a collections agency, it likely means that that you’ve failed to pay bills and you were unable to set up or stick to a new repayment schedule. Usually, this happens between three and six months after you first default on your debt, and it can definitely impact your credit score, and subsequently, your future finances.
If your account goes into collections, it’s usually because you’re facing extreme financial difficulties. It can be scary and stressful, but there is a way out.
Why is my credit score affected by being in collections?
Your credit score is a crucial factor that banks and other lenders consider before they lend you any money…
CMHC’s Siddall on the Hotseat: Commentary – Part I
– canadianmortgagetrends.com
If you thought Parliament’s hearings on the new mortgage rules was boring, you missed last week’s exchange between MP Ron Liepert and CMHC head, Evan Siddall. This 4-minute video captures the tension… Never, to our recollection, has there been such animosity towards the regulatory 3-Amigos: CMHC, OSFI and the Department of Finance. The trio’s insurance policies have ravaged mortgage competition, jacked up borrowing costs and are destined to cost consumers billions (literally billions)…if they’re not overturned. With most industry professionals we speak to, there’s an almost palpable loss of respect for federal regulators. It’s unhealthy, it’s unnecessary and it could have all been avoided. How? By conferring with READ MORE
Sean Cooper took extreme measures to wipe out his $255,000 mortgage in just three years. Now he’s written an advice book to help others free themselves of a mortgage faster.
