Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Millennials Could Be Hit Hardest by the Bank of Canada’s Interest Rate Hike + MORE Jun 3rd
Canadians, get ready to pay more to borrow money: The Bank of Canada, or BoC, announced a 0.50 per cent interest rate hike today to tame inflation, bringing its key interest rate up to 1.5 per cent, and signalled more hikes will come.
After slashing its key interest rate to 0.25 per cent at the o.... More »
Are we on track to retire at age 50? + MORE May 21st
Retiring at age 50 can be a tall order as you are financing a retirement lifestyle that could be 40+ years long. Heather and Dereck hope to accomplish this in just 9 years. Is their savings plan enough?
The current situation
Heather and Dereck Irwin are both 41 and live in Woodstock, Ont. Heather i.... More »
How to protect yourself from identity fraud in Canada + MORE May 27th
In 2024, Canadians lost a jaw-dropping $638 million to fraud, according to the Canadian Anti-Fraud Centre (CAFC). That’s already a hefty $60 million more than losses reported the previous year, but the true total is likely much, much higher—experts at the CAFC say that less than 5% of scams are .... More »
Mortgage Changes Impacting Mobile Homes + MORE Jun 14th
One of the seemingly unintended groups to fall victim to the government’s latest mortgage changes is owners of mobile homes, according to some concerned mortgage brokers who are seeing the effects on their clients. The issue stems from the new rule that prohibits insured properties from being refi.... More »
New Study: Blended Families Say They Face Financial Challenges + MORE Aug 10th
Merging families is never easy, but if you plan on sharing a home with a new partner, stepchild or even your great aunt, you need to be prepared for the potential financial challenges you may face. As more and more families blend together, having the ability to talk openly about the household’s f.... More »
More Rates Now Hinge on Credit Scores
– canadianmortgagetrends.com
Never before has your credit score had such an impact on your mortgage rate. Ever since the banking regulator (OSFI) jacked up capital requirements on default insurers, and linked its capital formula to credit scores, more and more securitizing lenders have: a) set different rates for different credit score ranges; and/or b) raised their minimum credit scores for given mortgage products. At some lenders, borrowers with, say, a 640 credit score are offered rates that are 1/4 point worse than someone with a 750 score. Many retail channel lenders set their internal discounts based on credit scores as well. On conventional mortgages, the magic number seems to be READ MORE
