Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
The latest in mortgage news: Half of borrowers concerned about mortgage renewals Apr 7th
Nearly half (47%) of Canadians buying or renewing a mortgage say they are concerned about qualifying for the amount they need..... More »
Latest in mortgage news: Borrowers must adapt to ‘new normal’ of higher rates, says Macklem + MORE Jun 17th
Interest rates may slowly start to be easing around the world, but they won't be returning to pandemic levels and borrowers will need to adjust accordingly..... More »
The complete guide for first-time home buyers in Canada + MORE Mar 28th
Buying your first home is an exciting experience, but it can also be an overwhelming one—especially if you’re not sure where to start. That’s why we’ve outlined some simple steps that anyone shopping for a home should take, from figuring out what you can actually afford to getting pre-approv.... More »
Applying for a credit card: What you need to know + MORE Oct 29th
There are many great reasons to carry a credit card. Beyond the convenience and purchase protection included in credit card purchases, they’re also important financial tools for establishing your credit history and borrowing money—both of which you’ll need if you want to make a major purchase,.... More »
Breaking a mortgage for better rates can pay off – but beware of the costs + MORE Oct 7th
Interest rates are dropping, but many Canadians are still feeling the hangover of the highest lending costs in a generation..... More »
Attention Brokers: 8 Common Content Marketing Mistakes You Are Probably Making
– canadianmortgagetrends.com
If you’re sharing content online (and I hope you are), common pitfalls could be costing you. And not just costing your business. They also cost you valuable time. You’re a mortgage pro. While you may have marketing or writing chops, this isn’t your primary gig. Even the pros admit to making some rookie errors in content marketing. So what can you do on limited time and budget to keep your content working its hardest for you? Start by fixing these […]
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? Accepting a pre-approved credit increase may help your credit score.
Why Were You Offered a Pre-approved Increase?
If you already have an account with a bank, they may pre-approve you for a credit increase or a new line of credit, because they recognize you 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 increase your limit.
How Does an Increased Credit Limit Improve Your Credit Score?
No hard check
Usually, when you apply for a loan or request a credit increase, your bank sends in a request to the credit bureau for your current credit score…
Latest in Mortgage News: Fixed Mortgage Rates Could Fall Over Coronavirus Fears
– canadianmortgagetrends.com
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 day down more than 450 points. Canada’s 5-year bond yield fell sharply to a three-month low, signalling that mortgage rates are likely headed lower as well. “…the new coronavirus is going to put fixed mortgage […]
Are Changes to the Stress Test Qualifying Rate Coming?
– canadianmortgagetrends.com
The use of Canada’s benchmark rate in administering the mortgage stress test is currently under review, according to an official with the Office of the Superintendent of Financial Institutions (OSFI). In a speech to the C.D. Howe Institute, Ben Gully Assistant Superintendent, Regulation Sector, said the use of the benchmark qualifying rate as the floor of Guideline B-20 stress testing for uninsured mortgages is “not playing the role that we intended.” Uninsured mortgages (those with less than 20% down payment) […]
