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.
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Mortgage penalty calculations.. More important than the interest rate. + MORE Apr 27th
WHY ISN’T ANYONE TALKING ABOUT THIS? You bought a home… you need a mortgage.. what’s the first question you ask your Banker? “what’s your best interest rate?”. And the second question is usually, “what product should I choose?”. Almost no one ask.... More »
Top Performers: Conrad Neufeldt + MORE Sep 19th
By Vanessa Chris, Special to CMT “How likely would you be to recommend me to a friend?” That’s the question Conrad Neufeldt asks every one of his clients after a mortgage transaction is complete. He asks them to rank their likelihood of a referral on a scale of one to ten, where ten is “ver.... More »
Mortgage terms and closing costs leave many homebuyers confused, survey shows Dec 3rd
An Ownright survey of recent Ontario buyers shows that early financial confidence fades at closing, where unclear terms and unexpected costs are still tripping up many purchasers..... More »
Record-Low Variable Rate Wars EXPIRE THURSDAY… Don’t miss out! + MORE May 30th
The incredible variable rate wars we’re seeing this month are about to come to a close! It would be a shame to miss out on these savings! And, while there is a possibility that they’ll extend into June, I wouldn’t risk it – deep savings like these don’t come around eve.... More »
The wrong way to pay off debt + MORE Sep 10th
I’ve always believed that anyone substantially mired in debt has no business fantasizing about retirement. For me, this extends even to a home mortgage, which is why I often say “the foundation of financial independence is a paid-for home.”
Sadly, however, it’s a fact that many Canadian sen.... More »
RBC Reverses New Bank Fees
– ratesupermarket.ca
Witness the power of consumer backlash: Royal Bank of Canada announced today that it is reversing some of the new banking fees they planned to launch June 1. The lender, which is the largest in Canada, will not be implementing a “pay to pay” fee structure, which would have classified all account payments – including those made on mortgages, credit cards and savings contributions – as debit transactions. As a result, customers who didn’t have unlimited debit transactions as part of their banking plans would be charged a fee to make one of their regular payments – on top of the interest they were already paying.
Consumers were incredulous at the new fee structure, which was widely regarded as nickel and diming and double dipping by the bank. In addition to their complaints, the fees were widely covered in the media, and even prompted the NDP to approach Ottawa with a mandate to ban “pay to pay” altogether.
The pressure has paid off. The bank states on their website, “We had recently announced some changes, including making RBC loan and mortgage payments count toward monthly limits for free debit transactions…
Location a key factor in getting a cottage mortgage
– moneysense.ca
(Getty Images)OTTAWA – Whether you call it a cottage, a cabin or a camp, when the temperature begins to rise, the dreams of sitting on the dock at a place of your own start this time of year.
But if you don’t have the cash on hand to buy one outright, you’ll have to borrow the money.
And while the basic process of applying for and qualifying for a mortgage are the same, lenders will look at many more variables when assessing a property before lending money to buy a cottage.
Barry Gollom, vice-president of mortgages and lending at CIBC, says while your strength as a borrower is important, banks will also take a close look at the property being acquired when determining how much they are willing to lend.
“Lenders will look at the location, proximity to a major market, sometimes is it on a big lake, is it on a small lake, access to the property, year-around is best, paved roads is a plus,” Gollom said.
“Lenders will want to ensure that there’s a safe and consistent water source as this can sometimes materially impact the marketability and value of the cottage…
CBC.caRoyal Bank backs down on fees for credit card, mortgage paymentsCBC.caRoyal Bank is backing away from a plan to charge customers transaction fees for loans, mortgage payments and debit transactions on some kinds of accounts. The new rules, which were to go into effect June 1, met with complaints and outrage from …RBC forced to scrap fee changes after backlashThe Globe and Mail (subscription)Royal Bank backs off on fee change for payments after client feedbackToronto StarRBC reverses decision on new chargesNewstalk 1010all 25 news articles »
Royal Bank backs off on fee change for payments
– moneysense.ca
(Roberto Machado Noa/Getty Images)TORONTO – The Royal Bank is backing off on its plan to charge customers a fee to make credit card, loan and mortgage payments under certain circumstances.
The big bank (TSX:RY) says it has listened to client feedback and reversed its original decision to include those transactions in a customer’s monthly limit of free debit transactions.
The change means mortgage and loan payments, investment contributions and credit card payments will not count towards a customer’s monthly limit.
Customers who have accounts with unlimited debit transactions would not have been affected.
Royal Bank was widely criticized for the new charge that was part of a broader change to the fees it charges customers.
The NDP has called on Ottawa to ban so-called “pay-to-pay” fees by Canada’s big banks.
The post Royal Bank backs off on fee change for payments appeared first on MoneySense.
Loans may be difficult for millennial contract workers
– moneysense.ca
(Getty Images / Peter Dazeley)TORONTO – When Toronto actor Shawn Ahmed asked his bank for a mortgage in early 2013, he ran up against the lending policies that some say are shutting young contract workers out of the loans market altogether.
Ahmed was drawing a full-time salary working in sales for a theatre company and, at 27, had already appeared in numerous TV shows and movies including the sixth chapter of the Saw franchise.
But TD Bank and then PC Financial turned down his applications because he didn’t fit their framework for an ideal borrower, Ahmed said.
One bank wanted him to prove four years of salary at the same job, he said, and both institutions told him from the beginning that any mortgage would probably be less than he wanted.
“The process wasn’t exactly hard. It wasn’t difficult to be rejected,” Ahmed said. “I was never going to get a mortgage for a place I actually wanted to live.”
He turned to private lender RCI Capital on the recommendation of his real-estate agent, and signed the papers for a mortgage on a one-bedroom condo in Toronto’s Regent Park neighbourhood in July 2014…
