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
OSFI report reveals largely unknown mortgage exemption: no stress test on insured switches + MORE Oct 23rd
Many in the mortgage industry reacted with surprise after learning about a little but very important nugget buried in an OSFI report released earlier this week..... More »
What to know about mortgages from alternative lenders + MORE Mar 25th
TORONTO — Samantha Brookes has been warning Canadians to take a close look at the clauses in their mortgage contracts for years, but her refrain has become a bit more prevalent in recent months.
Since the Office of the Superintendent of Financial Institutions’ mortgage stress test was implem.... More »
Toronto housing market downturn to be short lived, federal housing agency says Jul 26th
The recent downturn in Toronto’s real estate market, brought on after Ontario introduced measures this spring including a foreign buyers’ tax, is expected to be brief, the federal housing agency said Wednesday.
Property prices in the city _ which fell from an average of $919,589 in April.... More »
Does the government really believe there is a serious risk of rates rising? May 18th
“Watch What I Do, Not What I Say” This is one of the most useful things I learned in high school. Thank you, Mr. Hall! The federal government has clearly told us that mortgage borrowers need to be prepared for much higher interest rates in the future, since the stress test for all insured.... More »
Behind CMHC’s Premium Hike + MORE Apr 13th
On June 1 higher insurance premiums kick in for those buying a home with less than 10% down. These folks will cough up another 0.45 percentage points of their home’s value to get an insured mortgage. That’s got some wondering, why are insurers picking on people with small down payments?.... More »
Mortgage Career: Investors Group
– canadianmortgagetrends.com
Company: Investors Group Position: Mortgage Planning Specialist Location: Kingston, Ontario Mortgage Planning Specialist We’re Investors Group – a Canadian leader in providing personal financial planning services, and dedicated to building lasting client relationships. This is your opportunity to build a career with a leading organization where you can learn, grow and thrive both professionally and […]
Average “Suspect” Mortgage Size Soars
– canadianmortgagetrends.com
Here’s an interesting stat from a recent Globe and Mail story: “In 2013 alone, [First Canadian Title] declined to insure a mortgage twice a week based on the suspicion of fraud; the average mortgage was $360,000.” Oakville, ON-based First Canadian Title (FCT), a leading title insurance company, saw about the same number of suspicious mortgage transactions in […]
Do I need to pay mortgage broker fees?
– moneysense.ca
(Getty Images / Nigel Carse)Q: I applied for a mortgage, but at the last minute the broker told me I’d have to pay $1,534 in mortgage broker fees. This was a totally unexpected cost for me. Do I have to pay the fee?
A: Short answer: It depends on the broker agreement you signed.
While this might hurt, you need to take into consideration why.
Mortgage brokers don’t get paid unless a deal closes. That means if you spend four weeks discussing a mortgage deal with a broker and the bank decides to decline the deal—not only will you be left without a mortgage, but your broker will be left without a paycheque.
To avoid this situation, brokers will “qualify” a client—a term used to determine whether or not you’re the type of borrower most banks would consider a “prime client.” Typically, a qualified client is a person who holds a regular, full-time job, has little or at least manageable debt and a credit history that proves he or she consistently pays the bills.
If you’re a “prime client” you shouldn’t expect to pay a fee to your mortgage broker and you will get offered the most competitive mortgage rates available in the market…
How and when to break your mortgage
– moneysense.ca
(Getty Images/Arda Guldogan)Wondering whether you should break the mortgage in order to refinance at a better rate? Here are some tips on how and when it get it done.
Play: How and when to break the mortgage
The post How and when to break your mortgage appeared first on MoneySense.
Debt repayment vs. RRSP contribution
– moneysense.ca
(Photograph by Cole Garside)Q: My husband and I are close to paying off our mortgage early. Should we put the extra cash in our RRSPs even though I have a workplace pension plan, or should we save the money elsewhere to help buy a larger home in two years’ time?—C.K. London, Ont.
A: I’d argue there’s no rule of thumb when it comes to RRSP contributions versus mortgage repayment. You need to make the decision based on factors such as tax rates, interest rates, investment knowledge, risk tolerance, net worth and expected income in retirement.
Between CPP, OAS and your workplace pension you may very well have enough in retirement. I suggest doing your own thorough calculations or hiring a professional to provide perspective on how much you need in your RRSPs.
But there’s another consideration. Your decision also depends on how much larger and more expensive a home you’re looking to buy in two years. Might you be tight qualifying on the higher mortgage? If so, maybe you are best to focus on debt repayment, as a near-term move might be more important in the grand scheme of things than your long-term retirement plans…
