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
Is your mortgage up for renewal during the pandemic? Here’s what you need to know Sep 8th
First things first: If you’re staying with your existing lender, then you typically don’t have to requalify..... More »
Stress Test Causing National Housing Slump: CREA May 21st
The Canadian Real Estate Association (CREA) blames the mortgage stress test introduced in January for slow activity across the nation in April. The housing market has cooled in all respects from April of last year, when the market peaked: the average sale price declined by 11.3 per cent to $495,000,.... More »
Minding Your Mortgage Myths Quiz: How Much Do You Know About Down Payments, Mortgage Rates, and More? + MORE Mar 17th
Your finances are in order and you’re pretty sure you can qualify for a mortgage. Congratulations, this is the first step on the road to homeownership. But can you pass our mortgage myths test?
If you’re a newbie homebuyer, making your way through the maze of mortgage terms, types, and down pay.... More »
Many mortgage holders have little room for higher payments: MPC + MORE Jun 26th
New consumer research finds recent buyers and newcomers are facing sharper affordability pressure, even as confidence in homeownership remains resilient..... More »
How mature students can fund continuing education + MORE Aug 20th
VANCOUVER — When Kear Porttris decided to pursue a university degree in 2010, he had to contend with responsibilities that don’t cross the minds of many freshman straight out of high school, including paying his mortgage and feeding his daughter.
Mature students who re.... More »
Should You Accept That Pre-Approved Credit Limit Increase?
– ratesupermarket.ca
If you faithfully pay your loans, mortgage and credit cards each month, then you’ve probably received a call or letter from your bank with the news that you were pre-approved for a credit increase or a line of credit.
You might be thinking, I don’t even use all the credit I currently have. I don’t need an increase.
But guess what? Turning down a pre-approved credit increase may actually hurt your credit score.
Why you were offered an increase
If you already have an account with a bank, and it pre-approves you for a credit increase or new line of credit, it’s typically because you are being recognized for being a good customer. By diligently paying off your card every month and staying on top of your current loans, your bank now trusts that you will pay them back if they increased your limit.
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The next time someone comes calling with a spiel about can using your home equity to diversify your investment portfolio and make lots of money, ask some questions.Should you use RRSPs to pay down the mortgage?
– moneysense.ca
Q: My husband and I will have good pensions.
He is thinking that we should cash out our RRSPs to pay down our mortgage.
He thinks that we will be taxed the same amount either way. Your thoughts?
—Linda
A: Some people struggle with whether they should invest or pay down debt. I think there are good arguments for debt repayment over investing in some cases.
For one, Linda, I’m not a fan of having a big emergency fund in cash earning 1%, while your mortgage or other debt is at 3% or more. It’s a guaranteed losing proposition. Some people like the safety net of an emergency fund. I’d rather someone have a modest cash balance and a secured line of credit as an additional emergency fund which you hopefully never use.
If you forever have $10,000, $20,000 or more sitting idle in cash, you could be missing out on RRSP, RESP or TFSA contributions or have debt that continues to accrue interest at a higher rate in the meantime.
Ask a Planner: Leave your question for Jason Heath »
RRSPs can be a bit different, Linda…
