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
Canada Mortgage Rules Could Hurt More Than They Help: Experts + MORE Apr 12th
Finance Minister Bill Morneau is urging Canadians to just wait and see after his changes to mortgage rules failed to cool down home prices in certain cities across the country.
In December, Morneau announced that mortgage holders would need to make minimum down payments of 10 per cent on any portio.... More »
CMHC-Backed Report Calls for Annual Surtax on Homes Valued at $1M+ + MORE Jan 7th
A new report backed by Canada's national housing agency is calling for a home equity tax on houses valued at $1 million and more..... More »
Sloppy Journalism + MORE Nov 6th
In the media’s race to break down last month’s mortgage rule changes, accuracy has seemingly taken a backseat to fast-published, under-researched commentary. Here’s a case in point, a Globe story that ran October 17. (And yes, I hate to criticize my own because the Globe has.... More »
AKAL launches AKAL Canada brand to drive national expansion Sep 25th
After 25 years training brokers in Ontario, AKAL Mortgages is extending its model across the country with the launch of AKAL Canada..... More »
Q&A with CanWise Financial’s James Laird + MORE Nov 19th
After spending six years as the Chief Operating Officer (COO) of Canada’s largest independent mortgage brokerage, James Laird set up his own mortgage company, CanWise Financial, earlier this fall. Laird’s success has in large part been due to a mastery of leveraging the Internet leads. In.... More »
Moody’s concerned about Canada’s household debt
– thestar.com
Moody’s says the combination of rising household debt and rising home prices creates a risk for the country’s banks and Ottawa, which guarantee a ‘considerable’ portion of mortgages.Banker to Broker – II
– canadianmortgagetrends.com
In this second instalment of our three-part series on bankers becoming brokers, we interview Scott Westlake from Dominion Lending Centres, Denova Group. Westlake started in the mortgage business in 2008 as an RBC mortgage specialist. He left the bank in 2011 to become a founding partner of Denova Group, a broker team that now originates hundreds […]
What is a Collateral Mortgage?
– ratesupermarket.ca
When it comes to understanding mortgages, most savvy home buyers are familiar with a few common elements: the all-important mortgage rate, whether to go fixed or variable, monthly vs. bi-weekly vs. accelerated bi-weekly payments, and the length of the amortization period. But there’s one option that has, thus far, largely slipped under the public’s radar: the choice between a conventional and a collateral mortgage.
It’s an important difference to be aware of: the implications of making the wrong choice could be very costly.
Also read: Fixed Mortgage vs. Variable Mortgage>
Understanding Mortgage Charge Accounts
Whenever you take out or renew a mortgage, you use the house itself to secure the loan. If you default on the payments, the bank can then seek legal means to take over and ultimately sell the property to recoup its investment. This is referred to as a “charge” against the property. There are two types of charges that can be applied: a “conventional charge” or a “collateral charge”…
(Ryan Remiorz/The Canadian Press)OTTAWA – Canada is maintaining its triple-A credit rating thanks to a steady economic outlook, but the country also faces potential risks amid mounting household debt and climbing house prices, Moody’s Investor Service said.
The U.S. credit rating agency said in a report Monday that Canada’s top grade was supported by a “relatively solid economic performance,” a strong banking system, relatively low government debt and a projected balanced budget following a series of deficits.
“After a recession at the time of the global financial crisis, the economy recovered and continues to show positive momentum, supporting improvement in government finance,” said the Moody’s assessment.
However, the research identified possible risks linked to Canada’s high household debt and a “particularly inflated” housing market in some big-city areas — both of which, the paper noted, continue to rise.
“This combination presents a potential risk to the banks and to the federal government directly, as it guarantees a considerable portion of mortgages,” said the report, co-authored by Steve Hess and Dmytro Kulakovskyi…
Banker to Broker
– canadianmortgagetrends.com
Income potential, independence and consumer benefit: these are three big reasons why bank reps switch allegiances to become mortgage brokers. But the changeover isn’t always easy. One brokerage executive (who didn’t want to be named) recently told us, “My experience has been that typically [bank reps] only do a quarter of their bank volume (the first […]
