Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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The latest in mortgage news: Half of borrowers concerned about mortgage renewals Apr 7th
Nearly half (47%) of Canadians buying or renewing a mortgage say they are concerned about qualifying for the amount they need..... More »
Canada's New Mortgage Rules Could Make Life Tough For 1/3 Of Insured Borrowers + MORE Oct 7th
First-time homebuyers may need to lower their expectations under the Liberals' new mortgage rules.
A report by Genworth MI Canada says over one-third of insured mortgages — predominantly borrowed by first-time homebuyers — would have difficultly meeting the requirements.
First-time homebuyers,.... More »
Bloom unveils new home equity prepaid Mastercard as novel way for seniors to fund retirement + MORE Mar 16th
A first-of-its-kind product by Toronto-based Bloom Financial is offering an innovative solution for seniors struggling to fund their retirement in the face of rising costs..... More »
Should You Accept That Pre-Approved Credit Limit Increase? + MORE Oct 8th
If you faithfully pay your loans, mortgage or credit card each month, you’ve probably gotten a call or letter from your bank telling you that you’ve been pre-approved for a credit increase or a line of credit.
But if you’re not currently using all the credit that you have available, you might.... More »
Reverse mortgages are cheaper than ever. Should you use one to tap into your home’s equity? + MORE Feb 25th
A reverse mortgage allows you to tap into the rising value of your home without selling it, writes David Aston. But watch out for the penalties and fees..... More »
Detroit is now the hottest market for landlords
– moneysense.ca
(iStock)Motor City is hardly one of the more desirable places to live in the United States, but data provided by RealtyTrac shows that Detroit offers U.S. real estate buyers the biggest return on their investment. Thanks to ultra-low housing prices, the monthly mortgage payments in Detroit are far less than average monthly rents for the same properties. As you can see below, you can still charge a reasonable rent in depressed areas, so the cheaper the house, the bigger the profit.
American counties with the biggest real estate returns:
Detroit-Warren-Livonia, Mich.
Median home price: $44,900
Avg. monthly rent: $1,124
30% annual return
Greenville, Miss.
Median home price: $42,000
Avg. monthly rent: $862
25% annual return
Atlanta-Sandy Springs-Marietta, Ga.
Median home price: $50,750
Avg. monthly rent: $1,187
28% annual return
Macon, Ga.
Median home price: $50,880:
Avg. monthly rent: $1,008
24% annual return
Source: RealtyTrac, based on median sales prices for Jan. 2014 and average fair market rents…
Pro Post: Home Buying Challenges for Immigrants
– ratesupermarket.ca
Carving out your home in a new country is daunting enough – navigating the real estate market is an entirely different challenge. Many newcomers to Canada are keen on becoming home owners – but some may be better off renting as a lack of credit history can mean paying a much higher mortgage rate. Here, pro poster Pracheer Saran shares why his family chose to buy rather than rent.
From Bachelor to Home Buyer
Sitting on my couch watching NBC’s Dateline with a beer in hand, admiring the fabulous view of the CN Tower from my balcony, is how I used describe my Saturday nights to friends. And I was perfectly happy and content with this scenario… until I got married. Maybe it was due to the daily overdose of Canadian home shows like Love it or List It and Property Brothers – but my wife wanted us to buy a house.
Don’t get me wrong; I think it is every immigrant’s dream to have the whole nine yards: a house with white picket fences, a car, kids and a dog like we have seen in Hollywood films…
Can’t Make Your Mortgage Payment? You Do Have Options
– ratesupermarket.ca
Most of us don’t plan on missing our mortgage payments – but has a way of throwing financial curveballs, now and then. Unfortunately, the majority of us also don’t know what our options are if we do find ourselves unable to meet our mortgage obligations. There are a number of unexpected reasons why you could fall behind on payments: unforeseen major expenses, health problems, losing your job, and so on. But there are alternatives to simply waiting around for your lender to foreclose. The key is to know what you can do when the unanticipated happens.
Knowledge is Power
A recent survey commissioned by the Lawyers’ Professional Indemnity Company (LawPRO), found that 61 per cent of Canadians don’t know what their options are if they can’t make their mortgage payments. Nearly three quarters (74 per cent) of younger homeowners (18–34 years old) are unaware of the alternatives to foreclosure available to them.
“Arming yourself with knowledge is key,” says Ray Leclair, vice president of public affairs for LawPro…
Oliver Reaffirms Stance on Mortgage Rates
– canadianmortgagetrends.com
The government controls our existence. It tells us how fast to drive, at what age we can drink, how much taxes we pay and so on. But it should never…
Mortgage Careers of the Week
– canadianmortgagetrends.com
Company: The Mortgage Centre (Durhammortgage.com Ltd.) Position Title: Mortgage Agent/Broker Years of Experience Required: 3 years Licences Required: Mortgage Agent or Broker Location of Position: Toronto (east) and Durham Region,…
