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
Bank of Canada Leaves Interest Rate at 1.75%, Markets React + MORE Jan 23rd
As was widely expected, the Bank of Canada left the target overnight rate unchanged this morning at 1.75%, where it’s sat since October 2018.
The Bank noted a few positive developments, but focused more on the downside risks.
“The global economy is showing signs of stabilization, and .... More »
Should you get a 30-year mortgage? + MORE Jul 8th
Signing a 30-year mortgage in Canada can be an attractive option for some home buyers in the face of relentless real estate prices and historically high interest rates. Specifically first-time home buyers and those now renewing their mortgages.
While prices in Toronto have fallen slightly, with .... More »
7 smart strategies for first-time home buyers + MORE Nov 19th
If you’ve been thinking about buying a house, you may be wondering how you’ll know when it’s “the right time.” If you don’t have a 20% down payment saved up, is it still OK to consider buying? If you can’t afford your forever home, should you still jump into ownership now? And does the.... More »
Mortgage Career: True North Mortgage – Salaried Mortgage Agent + MORE Sep 11th
Company: True North Mortgage Location of Position: Toronto, ON Advertise your mortgage job opening today! Click here to post. Or browse CMT’s Mortgage Jobs Database. Salaried Mortgage Agent True North Mortgage is looking for a Mortgage Agent for their Toronto downtown locations. Mission Statem.... More »
Mortgage affordability calculator + MORE Nov 19th
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Mortgage affordability is an essential part of setting up your home-buying budget, and it’s based on a many factors—more on those later. If you’re looking to buy a home, one of the first things you’ll want to know is your mortgage affordability. And for that, you should start.... More »
Spotlight On Mortgages: November 15, 2013
– ratesupermarket.ca
Up, down – where are rates going next? And why can’t our policy makers seem to agree on whether they can (and should) rise?
Canada’s mortgage market is heavily influenced by two main factors: the monetary policy set by our central bank (the Bank of Canada), and our government’s Department of Finance. It is the former who has kept the cost of borrowing at record lows since September 2010 – and it’s the DoF who steps in with occasional tweaks to the market to tame the spiking prices and consumer debt levels that result from such low rates.
Now, opposing messages have been released by the two institutions regarding the potential for rising interest rates.
They’re Going Up, No Matter What – Flaherty
It has long been DoF Minister Jim Flaherty’s spiel that rates will, and must, eventually rise. He has repeatedly stated that consumers shouldn’t get too comfortable with the Bank’s current one per cent Overnight Lending Rate, and that an increase is inevitable as economic conditions improve, with mortgage rates along for the ride…
Activist investor Bill Ackman’s company has disclosed stakes in government-controlled mortgage giants Fannie Mae and Freddie Mac, the U.S. federal housing agencies that had to be bailed out by the government in 2008.
Paying off the mortgage in 10 years
– moneysense.ca
Photograph by Hubert KangThe current situation
Derek and Julia Cheng, both 43, would love to pay off their $342,000 mortgage by age 55. “Our kids are 12 and 8,” says Derek, a police officer in Greater Vancouver. “We’d like to be mortgage-free by the time they’re in college.” Derek says he has two choices. He can work until 45, then retire from the force with an early but reduced annual pension around $22,000. Then he would take a job with a different police force and still earn $81,000 annually. Along with the $21,000 the Chengs now pay annually on the mortgage, Derek plans to put the entire $22,000 annual pension toward paying down the principal. “I’m just not sure if 10 years of extra payments will be enough to have the mortgage paid off by 55,” he says.
The second option is for Derek to retire from the force at 51. At that time, he thinks he would get an annual pension of $42,000. Again, he would get a job with a different police force and put the entire $42,000 annual pension towards the mortgage…
Low-Profile Mortgage Rules
– canadianmortgagetrends.com
The national average home price just broke another record, hitting $391,820 according to CREA. That will not go unnoticed in Ottawa. Speculation could now build as to whether the Department…
JPMorgan reaches $4.5-billion settlement with investors over mortgage-backed securities
– theglobeandmail.com
Deal is the latest in a series of legal settlements over JPMorgan’s sales of mortgage-backed securities in the years preceding the financial crisis
