Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
How to build credit history in Canada + MORE Jun 30th
A credit history is a person’s track record of using credit (borrowing money) and repaying debt. Your credit history can affect many aspects of your financial life—from getting approved for a credit card or renting an apartment to taking out a mortgage or a car loan, among other things. In some .... More »
OSFI says mortgage payment shock poses a key risk to Canada’s financial system May 24th
Canada's banking regulator says high borrowing costs and a wave of expected renewals pose a key risk to Canada's financial system..... More »
Bloom unveils new home equity prepaid Mastercard as novel way for seniors to fund retirement + MORE Mar 16th
A first-of-its-kind product by Toronto-based Bloom Financial is offering an innovative solution for seniors struggling to fund their retirement in the face of rising costs..... More »
CIBC sees “no areas of concern” as 100,000 mortgage clients renewed at higher rates so far this year + MORE Sep 14th
CIBC reports that its mortgage clients are so far managing to absorb the payment shocks as their mortgages come up for renewal at higher rates..... More »
High rent, mortgage rates keeping upward pressure on inflation Jan 19th
Canada’s inflation rate continued to ease in December, despite upward pressure from rising rents and mortgage interest costs. The Consumer Price Index eased to an annual growth rate of 6.3% last month, thanks largely to a decline in gas prices. That’s down from 6.8% in November and what .... More »
Breaking down bank fees
– moneysense.ca
The COVID-19 pandemic has hit a lot of Canadians hard—emotionally, physically and financially. So it isn’t surprising that many are calling out banks that raised their fees to consumers at a time when so many people are struggling. Given the number of banks that have also reported record profits this year, the question on many customers’ minds has been: Why?
Watch: MoneySense – Breaking down bank fees – Presented by EQ Bank
Why do banks charge fees on everyday transactions?
Depending on what kind of account you have, and where, certain everyday transactions, like sending an e-Transfer or paying for an online purchase in a foreign currency, may result in a charge being debited from your account; or you may be charged a flat fee each month.
In either case, fees are a way of recouping banks’ costs (for example, staff salaries; overhead costs for brick-and-mortar branches; the admin involved with approving a loan or mortgage), but also a way to meet the demands of their shareholders…
MCAP to Acquire Paradigm Quest and Merix
– canadianmortgagetrends.com
Canada is about to have a new #1 non-bank lender. MCAP announced today that it’s buying Paradigm Quest (PQ), giving it PQ’s in-house brands, Merix Financial and Lendwise — and reportedly, origination contracts with dozens of other private label brands. The move makes MCAP a juggernaut in the mortgage broker industry. Pending completion of the deal, MCAP will eclipse the former leading non-bank lender, First National. After the acquisition, MCAP’s mortgage assets under management will top $140 billion. First National […]
