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
How much income do I need to qualify for a mortgage in Canada? + MORE Aug 20th
The first two rate cuts from the Bank of Canada (BoC) are finally making a mark on housing affordability.
According to the latest monthly affordability report from Ratehub.ca (Ratehub Inc. owns both Ratehub.ca and MoneySense), it became easier to qualify for a mortgage for the average-priced hom.... More »
Fixed mortgage rates may not follow Bank of Canada cuts, former TD economist warns + MORE Nov 12th
While plenty of consumers believe the Bank of Canada’s steady interest rate cuts will drop mortgage rates meaningfully across the board, economist Don Drummond isn't so sure that prediction applies to fixed rate mortgages..... More »
Looking for a mortgage in B.C.? Don’t limit your options to the big banks + MORE Aug 11th
At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rat.... More »
Summary of Housing Promises from Canada’s Main Political Parties + MORE Sep 2nd
Canada’s main political parties have been unveiling housing promises over the past couple of weeks, each outlining how they plan to tackle the predominant housing issue of affordability. The policies include everything from tweaks to the mortgage stress test and crack-downs on foreign purchase.... More »
“Should we refinance our mortgage?” + MORE Dec 23rd
We’re thinking about breaking our existing home mortgage to take advantage of low interest rates and would appreciate some guidance. This is our scenario:
Mortgage principal: $572,000Weekly payments: $746.00Interest rate: 3.78% fixed and locked in until December 2024Penalty fee for breaking mor.... More »
B.C. Rules Create Challenges for Creditor Life Insurance
– canadianmortgagetrends.com
About a year and a half ago, FICOM made a subtle but impactful rule clarification in B.C. The regulator stated that lenders must “play an active and substantial role” in creditor life insurance in order for mortgage brokers to be able to sell it to B.C. consumers. Basically, this means that the lender has to first understand and approve of the creditor life product and its suitability for borrowers. Otherwise, its B.C.brokers would not be considered exempt from insurance licensing requirements. To the average onlooker this doesn’t sound like a big deal, but it creates real problems: If a lender hasn’t “effected” (approved) a READ MORE
