Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Broker Boot Sparks Questions + MORE Apr 1st
RateHub was the talk of the industry last week when it kicked Spin Mortgage, a Vancouver mortgage broker, off its website. (That story) The drama made national news, leading thousands of consumers to ask questions they had never pondered before, including these: #1 – What on earth is a rate compa.... More »
Banking regulator to hike amount of capital lenders must hold against mortgages + MORE Dec 13th
Canada's top financial regulator wants to update the rules that govern how much capital lenders must hold to offset the risk that the residential mortgages on their books go bad..... More »
The State of the Mortgage Market Feb 1st
Mortgage Professionals Canada released its marquis State of the Mortgage Market report last week. While much of the media focus was on the report’s assessment of the mortgage stress test and its ramifications, the annual report was once again chock-full of enlightening statistics that help pai.... More »
Nothing says commitment like a mortgage + MORE Nov 30th
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You can get married, but if you really want to.... More »
Retirement rethink: Find out where you’ll call home + MORE Jan 20th
(monkeybusinessimages/iStock)
Diane and Mike did what many retirees do. They sold their place in the city and downsized to a smaller, cheaper place out of town. But in their case, cheaper actually means free.
The couple now lives in the guest apartment on a large acreage near Calgary. In excha.... More »
Mortgage Career of the Week
– canadianmortgagetrends.com
Company: Freedom Lending Position Title: Mortgage Agent Years of Experience Required: N/A Licences or Registrations Required: FSCO licence Location of Position: GTA and surrounding area Applicants may contact: joinus@freedomlending.ca Click…
Increases Now Require STEPs at Scotiabank
– canadianmortgagetrends.com
Scotiabank has eliminated blends and increases on regular mortgages. From this point forward, Scotia customers who want to add new money (without breaking their mortgage) will need to have, or…
CMHC insurance costs increasing
– mortgageshowdown.com
CMHC insurance premiums are increasing effective May 1, 2014
For almost every purchase in Canada where clients are putting down less than 20% down payment, your mortgage is insured against default by on of the mortgage insurers in Canada, either CMHC, Genworth, or Canada Guaranty. Effective May 1, the insurers in Canada are increasing their insurance premiums by about 15% for all premiums.
A couple of items to realize, this is only effective for borrowers who are approved for their mortgage after May 1, if you are already approved prior to the change date and your possession is after, you will still receive the benefit of the lower insurance premium. From a big picture view, this is not a big deal for most borrowers in terms of mortgage qualification or payments. For an average $300 000 mortgage amount with 5% down payment the CMHC insurance premium added to your mortgage increases by about $1200 in total. This results in an overall payment increase of $5 per month or a total of $300 over an entire five year term…
For almost every purchase in Canada where clients are putting down less than 20% down payment, your mortgage is insured against default by on of the mortgage insurers in Canada, either CMHC, Genworth, or Canada Guaranty. Effective May 1, the insurers in Canada are increasing their insurance premiums by about 15% for all premiums.
A couple of items to realize, this is only effective for borrowers who are approved for their mortgage after May 1, if you are already approved prior to the change date and your possession is after, you will still receive the benefit of the lower insurance premium. From a big picture view, this is not a big deal for most borrowers in terms of mortgage qualification or payments. For an average $300 000 mortgage amount with 5% down payment the CMHC insurance premium added to your mortgage increases by about $1200 in total. This results in an overall payment increase of $5 per month or a total of $300 over an entire five year term…
How I Used Lump Sums To Pay My Mortgage Faster
– ratesupermarket.ca
Being mortgage-free at a young age can seem like a pipe dream, but for me it will soon be a reality. I plan to be mortgage-free before the age of 31 – and it all started less than two years ago, when I made an aggressive plan to pay down my mortgage in five years.
Home sweet home – and almost paid off!
My Start In The Housing Market
In August 2012, I purchased my house for $425,000 in Toronto, one of Canada’s most expensive housing markets. Since then, I’ve already paid off over $100,000 from my mortgage, which started at $255,000 and today it sits at just $137,000. I know paying off your mortgage early seems difficult, but I’m living proof it can be a reality.
So, how did I do it?
I Used My Mortgage Pre-Payment Privileges
Here’s the catch regarding mortgage pre-payment privileges – many Canadians simply aren’t using them, with less than four in 10 homeowners (38 per cent) taking advantage of them last year, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP)…
Mortgage Terms: Stars & Dogs
– canadianmortgagetrends.com
After “What is your best rate?” the next most popular mortgage question is probably “Which term do you recommend?” — or a variation thereof. But it’s tough to generalize about…
