Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Consider the cost of penalties when breaking a mortgage Oct 17th
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OTTAWA – Mortgage rates are near-record lows, but brokers say those shopping around for a loan should look beyond the rates they’re being offered and pay close attention to how much.... More »
For mortgage-breakers, not enough information about TMI: Roseman + MORE Sep 29th
You may think you'll pay only three months' interest to leave a five-year mortgage before the due date. Think again..... More »
New Capital Regs Coming This November + MORE Apr 30th
The cost of funding a mortgage is going up again, thanks to new federal regulations due this fall. Canada’s banking regulator (OSFI) announced Friday that it will “change” (read increase) regulatory capital requirements on mortgages. The rule change takes effect November 1, 2016, after a publi.... More »
First-Timers Delaying Homebuying + MORE Jan 11th
Nearly half of Ontario’s first-time buyers say they’ll delay their home purchase as a result of the federal government’s new mortgage rules introduced in October. As part of the government’s new stress-testing measures, buyers with less than a 20% down payment must now prove they can aff.... More »
Want to become a first-time home buyer in B.C.? These three steps can help Jun 25th
These days, being a first-time home buyer in British Columbia, or anywhere else in Canada for that matter, is not easy. For years, Canadian housing prices experienced a steady upward trajectory, but the pandemic resulted in an unprecedented surge. And even though home prices have started to fal.... More »
CMHC’s Annual Report Documents its Contraction
– canadianmortgagetrends.com
CMHC is safer and better managed than it has been for years. But it nonetheless continues to pare back its mortgage insurance business at the Finance Department’s urging. That’s triggering…
Pro Post: Financial Challenges For Newcomers to Canada
– ratesupermarket.ca
A lack of credit and employment history can make it tough for newcomers to Canada to obtain a mortgage, credit card – even a bank account! Guest poster Pracheer Saran, who first moved to Canada from India five years ago, shares his experiences with getting new banking products, finding affordable housing, and adjusting to Canada’s high tax rate.
Starting Over in a New Country
It has been over five years since I immigrated to Toronto from India. As I look back, mixed feelings of naivety, accomplishment and learning overpower me. The learning curve has been an ongoing process for me – though I’ve long been in the habit of calculating the cost of dollars to rupees, which makes everything from coffee to renting an apartment seemingly expensive.
Although I am from Generation Y, having grown up along many world changing events like the development of technology and mass communications, I am still wary about adopting new concepts.
With no family here and with little guidance, my road to settlement in Canada has been mostly through trial and error…
Self Employed Mortgages: How to Qualify
– ratesupermarket.ca
There are a lot of advantages to being self-employed. For one, you’re the boss, so you can decide how much – or how little – you want to work each day. And, if your business takes off, you’re the one who reaps all the benefits. But there are some downsides. One of the most notable is how difficult it can be for self-employed people to qualify for mortgages. Here we look at some of the reasons why, and provide some tips to improve your chances.
Inconsistent Income
The main reason banks have traditionally been reluctant to loan money to the self-employed is uncertainty. A busy retail shop may gross tens of thousands of dollars in the months leading up to Christmas, but then have income dry up to next to nothing for weeks or months after that. Bankers like to see the numbers in black and white, ideally in the form of ink printed on a bi-weekly paystub.
(That said, I’ve often noted that as freelance writer and editor, I have way more job security than any of my friends and colleagues with fulltime staff positions at magazines and newspapers…
