Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
Fisgard Spreads East + MORE Feb 6th
Fisgard, one of the nation’s largest private mortgage investment corporations (MICs), is expanding its business eastward. It launched in Ontario, Saskatchewan and Manitoba this past Monday. It’s an important move for the 21-year-old lender, which has limited itself to the BC and Alberta markets .... More »
The Latest COVID-19 Mortgage Developments: Rates on the Rise + MORE Mar 23rd
Mortgage Rates Rising Rapidly Canada’s Real Estate Market Faces Uncertainty Call to End to Open Houses Mortgage Payment Deferral Challenges Filogix’s Expert Victim of Ransomware Attack Mortgage Rates on the Rise Banks and other mortgage lenders have been frantically raising rates since last week.... More »
D+H Consumer Mortgage Study + MORE Mar 1st
D+H released some useful new mortgage consumer data last month, and it yielded some surprises. I covered a few of the key findings in this Globe story over the weekend, but below are the stats in more detail. (Our comments in italics.) ******** The study segmented consumers into two types: ‘Ne.... More »
Strong payment discipline masks growing mortgage stress, survey finds + MORE Mar 25th
Despite strong payment performance, a growing share of borrowers report difficulty keeping up and are cutting back on spending to stay current.... More »
Mortgage brokers: Are you asking the right questions when choosing a mortgage brokerage? + MORE Aug 7th
As a mortgage broker, you negotiate tirelessly to secure the best rates and terms for your clients. But have you applied the same diligence to selecting your brokerage?.... More »
CAAMP Broker Panel – Part 1
– canadianmortgagetrends.com
To this guy, the best part of CAAMP’s Montreal Conference was the mortgage broker panel. Watching industry pioneers debate pivotal trends, best practices and the industry’s future reinforced what all brokers must consider when plotting their own business strategies. This year’s group showcased a dichotomy of business models. The panel featured: Ron Butler from Butler Mortgage and Dan Eisner from […]
Getting a US Mortgage – How Is It Different Than In Canada?
– ratesupermarket.ca
On a recent trip to Cape Cod I was a total creep.
While out for an evening jog (dressed in a hoody, no less), I noticed a lovely New England seaside cottage. Since it was tourist-less shoulder season and I’m blissfully unaware of trespassing laws, I decided to take a walk around the vacant property. It planted a lingering thought in my head – What if we bought the property? I stood there, a hooded lurker at the edge of a stranger’s property, thinking about the potential.
Buying property stateside is intriguing, often affordable, and considerably warmer. That’s why each year, as cold weather sets in, Canadian retirees go the way of the loon; according to Stats Canada, Canadian residents took 20 million overnight trips to the U.S. in 2010.
I know, I know – Cape Cod is not the south… but the charming property prompted me to look into the possibility further. What does buying a property in the U.S. entail?
Also read: Financing a U.S. Home Purchase>
The Cross-Border Contrasts
A good place to start is the variances between mortgage rules stateside and back home…
Half of Canadians expect to be in debt when they retire
– moneysense.ca
TORONTO – Canadians may dream of retiring debt-free, but research done for Manulife suggests nearly 20 per cent of homeowners expect to lean on the value of their homes to finance life after work.
An online survey conducted for the financial services company found about half of the 2,373 respondents expected to still be in debt when they retire.
Of those polled, 10 per cent planned to borrow against their current homes, while about eight per cent were looking to downsize and use money from the sale of their home as income.
Using home equity as a “fallback plan” suggests some Canadians are struggling to balance retirement with paying down debt, Manulife Bank CEO Rick Lunny said in an interview.
“If people think they’re going to take out second mortgages and larger mortgages when they retire, that’s a pretty concerning view and evidence of no financial plan whatsoever,” Lunny said.
“These people, if they’re going to retire with mortgage debt on their homes, there’s significant risk that interest rates will go up in the future…
An online survey conducted for the financial services company found about half of the 2,373 respondents expected to still be in debt when they retire.
Of those polled, 10 per cent planned to borrow against their current homes, while about eight per cent were looking to downsize and use money from the sale of their home as income.
Using home equity as a “fallback plan” suggests some Canadians are struggling to balance retirement with paying down debt, Manulife Bank CEO Rick Lunny said in an interview.
“If people think they’re going to take out second mortgages and larger mortgages when they retire, that’s a pretty concerning view and evidence of no financial plan whatsoever,” Lunny said.
“These people, if they’re going to retire with mortgage debt on their homes, there’s significant risk that interest rates will go up in the future…
A survey of Canadian homeowners suggests a good percentage of them are in for a rude awakening when it comes to how much debt they’re going to be carrying during their theoretical retirements.
