The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Lenders to continue competitive discounting tactics through summer months
June 4, 2014: Toronto, Ontario - There’s nothing lukewarm about lenders’ efforts to stay competitive in this spring’s mortgage market. Rate discounting battles have risen with the mercury, providing buyers with a slew o.... More »
Top 100 dividend stocks in Canada 2024 Jan 11th
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Is probate an inevitable cost for a surviving spouse? Feb 12th
Q. My husband and I have lived in our principal residence for 40 years. The house is held solely in his name, and I am the beneficiary of his will. Would the house have to be included in probate of his estate, should he predecease me?
–Sandra
A. Your seemingly simple question has a historic twist.... More »
The Week of the Central Banks + MORE Jan 19th
This will be a busy week on the global economic calendar, including several meeting by central banks, which should give clearer signs of the growth expectations for the next year, amidst low oil prices and low inflation. Let’s start with a run down of what’s to come.
Central banks, qua.... More »
The Best Credit Cards for First-Year University and College Students + MORE Aug 14th
Congratulations! You’ve graduated high school and now you’re taking the next big step in your life. Starting post-secondary education involves a lot of firsts – it may be the first time you’re living away from home, the first time cooking for yourself consistently, and perhaps the first tim.... More »
5 things your mortgage broker isn’t telling you
– moneysense.ca
1. Commission is my friend. As a borrower, you don’t typically compensate your broker. It’s lenders who shell out commissions and finders fees. A conflict of interest? Could be, especially if one lender pays more than another and that monetary temptation results in a worse deal for you, says John Andrew, a professor of real estate at Queen’s University. “If there’s even a 0.1% difference in the interest rate you get, that can have huge implications for the total cost of your mortgage.”
2. Um, I don’t actually negotiate with 40 lenders. Despite what some brokers claim, it’s usually more like three or four, says Rob McLister of CanadianMortgageTrends.com. And for good reason: there are learning curves, volume minimums, and some lenders simply don’t pay as much in commission. In fact, a number of the big banks use their own salespeople and closed down broker channels years ago. “So if they’re not going to get paid, the average broker is going to think, ‘Why spend the time on them?’”
3…
2. Um, I don’t actually negotiate with 40 lenders. Despite what some brokers claim, it’s usually more like three or four, says Rob McLister of CanadianMortgageTrends.com. And for good reason: there are learning curves, volume minimums, and some lenders simply don’t pay as much in commission. In fact, a number of the big banks use their own salespeople and closed down broker channels years ago. “So if they’re not going to get paid, the average broker is going to think, ‘Why spend the time on them?’”
3…
