Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Navigate through these uncharted waters in 2020 Jul 4th
In 2009 and 2010, for the first time ever we saw mortgage rates under 2.00%. That’s right, if you were in a variable rate mortgage, you had a rate under 2.00%. We were coming off the catastrophic US sub-prime mortgage crisis. The financial US scam that cost the world trillions of dollar.... More »
Early cracks in household credit hint at mortgage stress by 2026, CIBC’s Benjamin Tal warns + MORE Nov 6th
Household credit strain is creeping in at the edges, and CIBC economist Benjamin Tal says it could spread to mortgages as payment shocks peak next year..... More »
Can you pay off your debt while saving for retirement? + MORE Sep 2nd
Ask MoneySense
We are a blended family. My husband, at 50 years old, owns a home with a $330,000 variable-rate mortgage. He rents it out for $3,400 per month, which covers the mortgage plus about $1,000. He’s also maxed out his $50,000 line of credit. He has $200,000 in an RRSP and has a company p.... More »
This 34-year-old hospital worker has three kids and a mortgage to pay off. Making $104,000 a year, he wants to save $50K each for his kids. How can he start? Dec 23rd
Mel would also like to save enough for retirement, at least $1 million each for him and his wife, and also purchase a second real estate property to rent out..... More »
Latest in Mortgage News: Fixed Mortgage Rates Could Fall Over Coronavirus Fears + MORE Jan 29th
As fear grows over the deadly Wuhan coronavirus that has killed more than 100 people, it is now becoming the world’s—and Canada’s—latest economic headwind. That fear spread to financial markets on Monday, with the TSX falling 142 points and New York’s Dow Jones ending the.... More »
Interest-Only Makes a Comeback
– canadianmortgagetrends.com
Innovative mortgage products. Remember those? With Ottawa’s onslaught of rule tightening, it’s been a while since we’ve seen a new product that was substantially unique. This is one of them. Merix Financial, the broker channel’s seventh-largest lender by market share, is launching the Interest-Only Flex mortgage on Monday. The IO Flex has one key purpose: […]
The Run Down on Reverse Mortgages: What Are They and Why Do Homeowners Get Them?
– ratesupermarket.ca
Although it may seem like a complicated or paradoxical concept, the features that make up a reverse mortgage are rather simple. A reverse mortgage is a home equity product that allows homeowners aged 55 years and older to access up to 55 per cent of the value in their home.
Homeowners can choose to receive the money from the reverse mortgage via one lump-sum payment, planned advances, or a combination of both options. If there is an existing loan on the property, the debt must first be paid out from the reverse mortgage funds.
One of the core benefits of a reverse mortgage is that, the home owner is not required to make any payments once they have received the funds. It would be prudent, however, to make payments if they don’t want to accumulate interest. Interest is added to the original loan amount, and charged until the loan is paid off in full, but the home owner does have the option to pay off the principal and interest in full at any time. If the home owner dies before repaying the full amount of their loan and interest, their estate is obliged to repay the remaining amount in full…
