Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
What is a mortgage broker? Oct 17th
Mortgage brokers are a highly regulated specialized alternative to Canada’s big banks. But what is a mortgage broker exactly? And, When it comes to the purchase of your home, why would you choose a broker over a mortgage specialist at your bank?
Get the mortgage rate that works for you.Fin.... More »
Latest in Mortgage News: BoC Sees Early Signs of Housing Overheating, but Will Keep Rates Low for Now Feb 27th
Fixed rates may be heading higher, but variable-rate holders can rest assured their rates won’t be going up just yet, at least according to Bank of Canada Governor Tiff Macklem. During a speech on Canada’s labour market, Macklem said monetary policy will need to continue to provide stimu.... More »
Special Incentives For Frontline Workers Jul 4th
The last year and a half has been challenging for many of us. But none have been more challenged than the brave frontline workers who put their lives at risk to save others. As a show of gratitude, many businesses have stepped up with discounts, free products, and other incentives. Unsurprisingly, m.... More »
Toronto and Vancouver mortgage arrears set to hit highest levels in 10 years, CMHC warns + MORE Nov 15th
Mortgage arrears in Toronto and Vancouver are on track to rise to levels not seen in over a decade, according to a new forecast from Canada's housing agency..... More »
Is Rent to Own Housing Ever a Good Idea? Sep 17th
The majority of Canadians are homeowners, and many more want to buy, but not everyone can afford to do so. If you’re one of those who are looking to get into the market and don’t have enough money saved up yet or you currently have poor credit, there’s always the option to rent to own.
Unders.... More »
CREA Blames Stress Test for Slow March Housing Market
– canadianmortgagetrends.com
The Canadian Real Estate Association (CREA) largely blames tighter mortgage lending rules for the slow housing market in March. Sales dropped 4.6% year-over-year to levels not seen since 2013. Sales were 12% below the 10-year average for March, and 20% below the average for British Columbia, Alberta and Saskatchewan. But there was a glimmer of […]
How to Use a Mortgage Calculator
– ratesupermarket.ca
Looking at mortgage rates for a new house? Need a mortgage calculator? Canada residents know it’s easy to fall in love with your dream home. But, it helps to factor in the mortgage loan amount and interest rate beforehand. You want to determine how much house you can afford - preferably before you call the movers!
Use these steps to walk-through how to use a mortgage calculator. You can find a mortgage that’s affordable (and, then tell the kids to go pack their toys).
When to Use a Mortgage Payment Calculator
A mortgage payment calculator can help determine your monthly mortgage payment. The payment is based on interest and principal (the mortgage).
To use a mortgage payment calculator, you need:
The mortgage loan amount: If the home costs $50,000, and you put down 20 percent, or $10,000, the loan balance is $40,000.
The payment type: Do you want monthly or bi-weekly payments?
The loan term: Typically loan terms (amortization) are 30-years unless you select a shorter term…
The Big Shift in Banking that Could Hurt Your Savings Accounts and Investments
– ratesupermarket.ca
Every once in a while you may get a notice from your bank. Your account’s monthly fees are going up. It may be a modest difference, of a dollar or so. You may write it off as the cost of doing business with your financial institution.
But right now, that fee hike may be a symptom of a broader economic phenomenon. It affects almost everything about your money, from how much you may pay for a mortgage to how much return you get on your savings.
What is it? The yield curve, which in Canada is teetering between flat and inverted. An inverted yield curve is uncommon, and it has ripple effects throughout the financial industry.
What is the Yield Curve?
The yield curve shows the relationship between expected returns on short-term versus long-term fixed income instruments. We’re talking here about how much banks make on the purchase of government treasury bonds.
When things are normal, the curve plots upwards. Typically, longer term vehicles bring in a greater return…
