Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Most mortgage borrowers to see payments rise 34% to 54% vs. early 2022: Bank of Canada + MORE Dec 22nd
If you had a mortgage as of February 2022, chances are you will be facing a payment increase before the end of 2025..... More »
How Early Should You Get Pre-Approved for a Mortgage? + MORE Feb 28th
Pre-approval is a standard step that prospective homeowners must complete before they go house hunting. This stage lets you know how much a bank is willing to lend you.
Getting pre-approved is a detailed process that requires extensive documentation. In addition, your mortgage rate has an expiratio.... More »
How much income do you need to buy a home in Canada? A look at housing affordability in May 2025 Jun 23rd
After an unseasonably chilly spring housing market, green shoots are appearing in terms of buyer demand—and that could mean days are numbered for easy borrowing conditions.
The latest data from the Canadian Real Estate Association revealed that, after six months of declines, sales firmed up bet.... More »
Challenges and opportunities for mortgage brokers in the current rate cycle + MORE Sep 13th
The current rate environment presents new hurdles for mortgage brokers while also opening up potential growth opportunities for those able to adapt..... More »
The best life insurance in Canada: your complete guide + MORE Sep 14th
Wondering how to get the best life insurance in Canada for you and your family? You’re not alone. The pandemic has shown Canadians that we are not invincible. In fact, a 2021 survey found 44% of us bought or now plan to buy life insurance because of the effects of COVID-19. But not everyone is con.... More »
Five Tips to Increase Your Credit Score Quickly
– canadianmortgagetrends.com
In order to qualify for certain mortgage and loan products, a minimum credit score is essential. Even if your score is sufficient to qualify, you might find the rates being offered will be lower than if you had a higher score. Having worked with thousands of personal credit histories over the years, we have developed some strategies that sometimes give you that much needed quick score boost—sort of like jumper cables for credit! Here are a few scenarios this might […]
How much do you save with bi-weekly payments?
– canadamortgagenews.ca
For years, we’ve been told to pay our mortgage bi-weekly. Magically, it will pay your mortgage off faster. Hmm, let’s put that to the test.
(SPOILER ALERT!) Around 10 years ago, I wrote an article showing some simple but effective math to explain this. I’m constantly getting emails from my readers asking me what they should do. Obviously, a topic worth taking another look at.
Let me also say, there is merit to paying bi-weekly… I’ll explain further on.
HISTORY OF BI-WEEKLY PAYMENTS
Back in the mid-’90s, there was a huge marketing blitz by the Big Banks that promoted making bi-weekly payments instead of the traditional monthly payments. The sales pitch was that you could save huge amounts of money and pay your mortgage off much faster, shaving 4 or 5 years off your amortization. Sound familiar? While offering some benefit, BI-WEEKLY PAYMENTS DON’T SAVE AS MUCH AS YOU MIGHT THINK!
And I’ll prove it… Here are the straight facts!
EXAMPLE 1…
Tips for Paying Off Credit Card Debt
– ratesupermarket.ca
Credit card bills got you down? That’s the trouble with paying with plastic. It is easy to spend, but not quite as easy to pay off the debt you accrue – especially if you are only paying the minimum each month. Carrying too much credit card debt can make it harder to get a mortgage loan for a house or finance a car should you need to. It can also be enormously stressful if you fall behind and end up in the crosshairs of a collection agency.
So, before you get any deeper in debt, it is time to get your financial house in order and develop a plan for paying off your credit card debt. Whether it’s working to bring in more income, budgeting, credit counselling, or a debt-consolidation loan, resources are available to help ease some of that burden.
Stop Using Your Credit Cards Immediately
If you are serious about paying off your credit card debt, then you better stop using them. Otherwise, you continue to add to the debt you are trying to pay off. Take them out of your purse or wallet, lock them away, or shred them if necessary…
