Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Rate hikes, food inflation, mortgage costs: How to get through the cost of living crisis + MORE Jul 18th
No matter the state of your finances, avoiding your fears is not the way forward, experts say. Focus on what you can control..... More »
How Financing a Furnace Can Affect Your Mortgage + MORE Jun 10th
“Save up to $3,000 on heating and cooling”
“No monthly payments for 3 months”
“No interest for 6 months”
Sound familiar? You’ve probably seen tons of offers like these on flyers and emails from your utility company. It sounds great on the surface. You can save some money.... More »
GTA home sales drop 16% in 2018, fewer houses listed: TREB + MORE Jan 5th
The number of homes sold in Toronto and the surrounding area fell in 2018 as homebuyers and sellers grappled with a new reality of higher interest rates and stricter mortgage rules..... More »
Scotiabank “intentionally slowing” its mortgage portfolio + MORE Mar 2nd
With its new CEO now at the helm, Scotiabank has laid out its plans for a shift in focus in terms of how its funds its loan book..... More »
Mortgage brokers explained: What they do, and what they don’t (Part 1) + MORE Nov 12th
The first article in our three-part series breaks down what brokers actually do — and don’t do — and why some misconceptions persist..... More »
2014’s Top Housing Headlines
– ratesupermarket.ca
There’s just six shopping days left until Christmas – where has the year gone? It seems 2014 has gone by in a flash – but not without plenty of economic ups and downs, especially for home buyers.
As part of our annual Best of Finance month, we’ve looked back at the biggest events affecting the Canadian mortgage market. Read on to catch up this year’s highlights.
INFOGRAPHIC: Mortgage Moments of 2014
It’s been a very eventful year for mortgages, as lenders continued to compete with record-low offerings – a silver lining as the overall affordability of housing dwindled in our nation’s biggest markets – all while speculation raged that central rates would rise at any moment.
Want to catch up on the action? Check out our infographic below.
Read Penelope’s Blog | Mortgage Moments of 2014
Mortgage Trends in Canada: What’s Behind Your Rate?
It’s been a year of record low mortgage rates for both fixed and variable-rate holders. Will these great discounts last into 2015?
To get an idea of where rates may be headed, we’ve looked to the past, with an in-depth roundup of the top economic factors that affect rates…
As part of our annual Best of Finance month, we’ve looked back at the biggest events affecting the Canadian mortgage market. Read on to catch up this year’s highlights.
INFOGRAPHIC: Mortgage Moments of 2014
It’s been a very eventful year for mortgages, as lenders continued to compete with record-low offerings – a silver lining as the overall affordability of housing dwindled in our nation’s biggest markets – all while speculation raged that central rates would rise at any moment.
Want to catch up on the action? Check out our infographic below.
Read Penelope’s Blog | Mortgage Moments of 2014
Mortgage Trends in Canada: What’s Behind Your Rate?
It’s been a year of record low mortgage rates for both fixed and variable-rate holders. Will these great discounts last into 2015?
To get an idea of where rates may be headed, we’ve looked to the past, with an in-depth roundup of the top economic factors that affect rates…
Harrison and Shanna’s money challenge
– moneysense.ca
(Photograph by Jason Franson)Harrison and Shanna Blizzard 29 and 26, Red Deer, Alta.
The money challenge: Harrison, a dietician, had lived in rented apartments his whole life and was hesitant about buying a home, especially so early in their marriage. But his wife Shanna believed strongly in becoming a home owner. “I thought owning a home would break our budget,” says Harrison. “But I didn’t want to let Shanna down.”
The fix: Shanna sat down with Harrison at the kitchen table and showed him that their mortgage payments would be no more than they were paying in rent. When they viewed several houses that were below their $250,000 limit, they realized they were good value. “I had him do the legwork and look for a mortgage so the numbers became real for him,” says Shanna. “Educating Harrison about real estate and having him take an active part in the process has made him comfortable with the idea of buying our first home soon.”
Expert tip. “Fundamental money beliefs are extremely hard to shake,” says financial therapist Amanda Mills…
Why Homeowners Should Care About Higher Fees for MBS
– ratesupermarket.ca
On December 1, 2014, the Canada Mortgage and Housing Corporation (CMHC) told the nation’s lenders that they would be raising the fees it charges for guaranteeing mortgage-backed securities (MBS). But you don’t own a bank, so why should you care? Well, it will likely mean higher borrowing costs for consumers. Here’s how and why.
What are Mortgage-Backed Securities?
To start with, let’s take a quick look at what MBS are. These are a collection of investments that are “backed” or secured by the value of the mortgages. Each MBS pools together hundreds or even thousands of mortgages. The banks use these pools, known as securities, to spread around their risk when lending. Much as it does for individual homeowners who have less than 20 per cent for their down payment, the CMHC also guarantees the mortgages financial institutions hold in MBS, for a fee.
Preventing Past Risks
If the phrase “mortgage-backed securities” sounds familiar, it’s probably for its guilty association with the Great Recession at the end of the last decade…
