Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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I’m Mortgage-Free By 30 – Here’s How + MORE Sep 23rd
In August 2012 I bought my first house – a beautifully renovated three-bedroom bungalow with a basement apartment. I was thrilled to have finally become a homeowner, having spent two years searching for a detached house in Toronto, Canada’s second-priciest housing market. It cost me $4.... More »
Q3 2020 Bank Earnings – An Update on Big Bank Deferrals Sep 11th
The country’s Big Six banks provided an update on the state of their mortgage deferrals, with each reporting varying results in terms of getting those borrowers back to making regular payments. Both RBC and National Bank of Canada saw their mortgages under deferral drop substantially from Q2 t.... More »
How do mortgage brokers get paid? Feb 18th
Q. Is it typical to pay a mortgage broker fee in advance, and before closing?
My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash.
–Adil
A. A mortgage broker can obt.... More »
Housing starts near 10-year high on Toronto condo boom + MORE Dec 9th
Canada Mortgage and Housing Corp. says the pace of housing starts picked up in November, with condo building in Toronto driving the trend..... More »
Higher Default Insurance Premiums on the Way? + MORE Sep 25th
Canada’s banking regulator wants mortgage default insurers to put more money between themselves and taxpayers, especially for mortgages they insure in riskier cities. The new rules, detailed today by OSFI, will force government-backed insurers to bolster their capital on mortgages in certain area.... More »
Why borrowers are smarter than they look
– moneysense.ca
Canadians are constantly criticized taking on too much debt in today’s low interest rate environment. But a new study shows that mortgage holders are paying off their homes faster and faster, thanks to extra payments that are applied to the principal owing rather than the interest. The result is the average amortization has dropped from 25 years to 20. Making extra payments has another benefit for borrowers: In the event of a rate hike, you can simply return to your regular amortization payment schedule.
Source: Bank of Canada, Statistics Canada, CIBC
The post Why borrowers are smarter than they look appeared first on MoneySense.
The Best of MoneyWise 2014: Your Favourite Headlines
– ratesupermarket.ca
2014 has come and gone – what affected your bottom line this year? From navigating Canada’s steep housing market, to picking the perfect credit card, to trimming fees off everyday banking, readers turned to MoneyWise for expert advice and news – and we’re so glad you did!
To celebrate the start of 2015, we’ve brought back your favourite headlines of the year. Enjoy – and cheers to a fresh financial start in the new year!
CMHC Axes Second Home and Self Employed Mortgages
In April, Canada’s Mortgage and Housing Corporation, the entity that backs the majority of high-risk mortgages in Canada, announced the discontinuation of two of its products: coverage specific to self-employed buyers, and those looking to purchase a second home. While the Crown corporation stated the changes would affect only 3 per cent of applicants, the cuts presented challenges to those running their own businesses, or looking to rent out their property for profit.
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CIBC-Aeroplan Transition: Customers Speak Out
When Aimia, the owner of Aeroplan rewards, announced they would partner with TD upon the expiration of their long-standing contract with CIBC, the latter lender called foul…
