Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Scotiabank “intentionally slowing” its mortgage portfolio + MORE Mar 2nd
With its new CEO now at the helm, Scotiabank has laid out its plans for a shift in focus in terms of how its funds its loan book..... More »
Bank of Canada will keep its target rate as-is: Good news for those in a variable rate Mar 14th
This week even more good news was announced by the Bank of Canada. A press release stated that the overnight rate will stay the same for the time being. This is great news for those with variable rate mortgages.
Only weeks ago, many were speculating on a micro-decrease but that didn’t happe.... More »
CMHC reports annual pace of housing starts dropped 17% in October Nov 18th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in October fell 17% compared with September..... More »
Latest in mortgage news: consumer insolvencies at highest level since 2019 May 25th
Consumer insolvencies in Canada have risen to their highest level in three years..... More »
Brookfield Business Partners LP acquires controlling stake in Genworth MI Canada Inc.
– canadianmortgagetrends.com
In a surprising but strategically sensible move, Brookfield has acquired a 57% stake in Genworth MI Canada, Canada’s largest private residential mortgage insurer. “Genworth is an industry-leading business that generates strong, consistent earnings and operates in a sector with high barriers to entry,” David Nowak, managing partner of Brookfield Business Partners, said in his statement. […]
Hacks to Slash Your Mortgage and Clear Your Debt Early
– ratesupermarket.ca
Finding you the best financial practices is what gets us up in the morning. And our staff is a great resource for these ideas. So we polled the staff in our office to ask one simple question: What mortgage hacks do you use to speed up your mortgage payments?
Here are their best tips for getting out of debt early:
Get a Head Start
The Down Payment
Find acceptable sacrifices to save a bigger down payment. If you have RRSP funds, leverage the RRSP homebuyers plan. If you can amass a 20 percent down payment, you’ll save thousands in mandatory mortgage insurance premiums. (Mortgage default insurance is required when your down payment is below 20 percent).
Compare Mortgage Rates
Make sure you are fully aware of all the mortgage options available to you, and compare mortgage rates at RateSupermarket.ca. Saving just 1/4 percent off your rate could save you thousands – and if you use those savings to make extra payments you’ll pay down principal even faster, compounding the interest you save…
