Weekly mortgage digest: Canadians are pulling back on borrowing Sep 16th
TD Bank sees mortgage volumes rise 7% in Q2, gains market share May 27th
Toronto and Vancouver mortgage arrears set to hit highest levels in 10 years, CMHC warns + MORE Nov 15th
Mortgage Digest: Bond yield spike drives latest fixed mortgage rate hikes of up to 30 bps + MORE Mar 22nd
Prime rate falls to 6.70%, making variable rate mortgages more attractive + MORE Jul 26th
You Don’t Need a Big Bank to Get a Mortgage
– canadamortgagenews.ca
It’s tough to get a mortgage these days. New and existing clients have been calling non-stop letting me know that they’ve been turned down by their bank. It’s upsetting – but I must say, it’s not surprising.
Mortgage lenders are under an enormous amount of pressure to cut back on approved mortgage loans. Why? The government is desperate to slow down rising home prices, so they use their influence over the Big 6 Banks to turn down the heat.
But here’s the thing: you have options. You don’t need a Big 6 Bank to get the mortgage you need.
What Are My Options?
People tend to think that if RBC or CIBC turns them down for a mortgage, then they simply can’t get a mortgage. This is simply not true. There are tons of alternative solutions that aren’t as widely advertised as mortgage products from massive banks.
Smaller banks, credit unions, trust companies, and other non-traditional lenders are more than viable options for securing a mortgage. These institutions are filling the gap left by an ever-tightening mortgage landscape laid out by our federal government…
Mortgage growth at a seven-year low and pockets of financial stress are growing: Equifax
– canadianmortgagetrends.com
Fixed mortgage rates surge again, pushing rates under 5% to the brink
– canadianmortgagetrends.com
Should you accelerate your mortgage payments—or invest?
– moneysense.ca
My husband and I are struggling with the classic “do we pay down the mortgage or do we make minimum payments and put all of our extra money into investments” question. Our situation is a bit unique in that we are in our early 40s, have no consumer debt, one adult child, we owe about $200,000 on our home and have about $250,000 in investments. We earn just over $200,000 per year combined and would like to buy a second home in a warmer climate, but we aren’t sure what would be the best financial strategy to make it happen.–Chantal
Paying off a mortgage sooner versus investing that cash
You’re not unlike many Canadians, Chantal. You have limited dollars chasing multiple priorities. Making the right choice boils down to prioritizing and projecting. If you prioritize your goals and project the likely outcomes, you can decide if the financial and lifestyle implications are in check if you make one choice over the other.
Here’s the thing: Mortgage debt repayment is investing…
