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 raises key interest rate to 1.25% + MORE Jan 17th
OTTAWA — The economy’s impressive run prompted the Bank of Canada to raise its trend-setting interest rate Wednesday for the third time since last summer — and to send a signal that more increases are likely on the horizon.
The central bank pointed to unexpectedly solid economic numbers as.... More »
How much credit card debt does the average Canadian have? + MORE Jan 18th
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these .... More »
Expect tougher mortgage rules by November + MORE Sep 13th
(Getty Images / Nigel Carse)
Home buyers should expect tougher mortgage rules to kick in as early as November 1 of this year.
In an announcement released today by the nation’s financial regulator, banks and lenders that offer mortgage financing will face stricter regulations and this will transl.... More »
How to Improve Your Credit Score: Improving Your Credit Fast + MORE Mar 25th
This monthly series by personal finance specialist Amanda Reaume focuses on how to improve something that many people overlook: your credit score. These posts will give you tips and tricks to improve your chances of getting approved for better rates when you apply for credit – leading to better s.... More »
The best 5-year fixed mortgage rates in Canada + MORE Jul 12th
Mortgages
The best 5-year fixed mortgage rates in Canada
You’re 2 minutes away from getting the best mortgage rates in Canada. Just answer a few quick questions to get a personalized rate quote.
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Dominion Lending Centres Canada – 5 year Closed : 3.44% (-0.01%)
– ratesupermarket.ca
Dominion Lending Centres Canada 5 year Closed mortgage rate was changed on December 03, 2013
Renovation Mortgage Options
– mortgageshowdown.com
Renovation mortgage options in Canada can vary dramatically from lender to lender and from client to client depending upon your renovation budget, current equity position, and current credit and income. We have many years of experience in working with our clients to ensure they have the best renovation mortgage options and that their transaction works beautifully.
Two different renovation mortgage options:
Secured line of credit option (HELOC):
Two different renovation mortgage options:
Secured line of credit option (HELOC):
This option is a great fit for clients who have strong equity positions in their homes as it allows them to access funds via cheque, debit card, or online money transfer at their sole discretion. For example if your contractor completes their work and asks for a $25 000 payment, you simply write him a cheque from your line of credit account and your are all set.
The disadvantage to this structure is that it is only a fit for clients who have an existing strong equity position. The government of Canada limits secured line of credit lending to 65% of your home value, and overall mortgage lending to 80% of your value…
Dominion Lending Centres Canada – 5 year Closed : 3.45% (-0.04%)
– ratesupermarket.ca
Dominion Lending Centres Canada 5 year Closed mortgage rate was changed on November 19, 2013
Should You Take A Mortgage Vacation?
– ratesupermarket.ca
Wish you didn’t have to pay your mortgage this month? There are services that can make this a reality – if you run into financial hardship or simply want to take a break from paying your mortgage, your lender may allow you to take a ‘mortgage vacation’. The concept sounds simple enough: you have the option of prepaying a certain amount of your mortgage, and then you can take a break from paying anything for a few months.
While it may sound good on paper, there’s a catch – interest still accrues during these months and is added to your total principal, which can cost thousands more in interest in the long run. Let’s take in-depth look at mortgage vacations and see if they are all they’re cracked up to be.
How Mortgage Vacations Work
Just like when you take a vacation from work, mortgage vacations require some planning ahead of time. Here’s an example of how to set one up:
If your mortgage payment is $1,500 per month and you want to skip your mortgage payments for four months while you go back to school, you’ll need to prepay an extra $6,000 ($1,500 X 4 months)…
Dominion Lending Centres Canada – 5 year Variable Closed : 2.50% (-0.1%)
– ratesupermarket.ca
Dominion Lending Centres Canada 5 year Variable Closed mortgage rate was changed on November 15, 2013
