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
Mortgage Borrowing Set a New Record in 2021 + MORE Mar 17th
The amount of mortgage debt taken on by Canadians set a fresh record in 2021, eclipsing the previous record set the year before..... More »
Home Capital managers ignored warnings from regulators, industry partners: report Aug 7th
Auditor’s 2015 report outlines the root causes of mortgage fraud at Home Capital Group that set in motion a near-disaster
.... More »
How condo insurance works Jul 25th
Condo insurance is a smart decision. Regardless of whether you just purchased a brand new loft or a cozy older suite, you’ll need to make sure your asset is protected.
While condominium insurance is not required by law like car insurance, often mortgage lenders or your building will require you .... More »
Customer says BMO ignored her plea to cap limit on joint line of credit with ex: debt more than doubles + MORE Apr 9th
An Ontario woman says she is furious that her bank repeatedly increased the limit on a joint line of credit she had with her then-husband, allowing him to rack up debt for which she is responsible. She wants banks to have to get permission before increasing a customer's line of credi.... More »
The Hardest Part About Burning Your Mortgage + MORE Mar 16th
Similar to a sweet dream, paying off a mortgage loan valued at hundreds of thousands of dollars is a goal that sometimes seems so out of reach.
But it is possible.
A little over a year ago, I paid off a 30-year mortgage on a home I had bought only three years earlier. I now live mortgage-free in To.... More »
Is Your Debt Above Average?
– ratesupermarket.ca
Household debt levels are a hot topic this week, as new numbers reveal they are higher than ever across the nation – a key concern for our central bank, and the fuel behind Canada’s too-hot-to-touch housing markets. And it’s not just mortgages – a recent study finds credit card balances are on the rise, with the average Canadian owing more than $3k on their plastic. Read on for the full story.
Canadian Debt-to-Income Ratio Is Now 165%
Household debt levels are rising across the nation: the average Canadian now owes $1.65 for every dollar they earn, according to Statistics Canada, collectively owing a whopping $1.923 trillion – and $1.262 trillion of that is from mortgages. What does this mean for Canada’s recovering economy – and are you at risk as a consumer?
Read Penelope’s Blog | Canadian Debt-to-Income Ratio Is Now165%
National Credit Card Debt Hits 3-Year High
Is your credit card balance below the national average? A recent TransUnion report finds the average Canadian has racked up $3,610 on their plastic…
How to avoid the underwater mortgage
– moneysense.ca
(John Lund/Getty Images)Q: I’ve read a lot about the possibility of first time home buyers ending up with an underwater mortgage? I’m not sure what this is, but it doesn’t sound good. Can you explain what an underwater mortgage is and how to avoid it?
— Trying to be responsible, Calgary, Alta.
Answer from Robert McLister, mortgage planner with Ratespy: No homeowner wants an underwater mortgage. It means you have negative equity—i.e., you owe your lender more than your home is worth.
If you’re making a small down payment, it’s easy to become submerged. Imagine you’re buying a $400,000 home with only 5% down, for instance (that works out to $20,000). The day you close that mortgage you’ll owe $393,680 including mandatory default insurance fees. That’s a whopping 98.4% of the purchase price.
Now imagine unemployment soars and incomes drop or people just stop buying as many houses, which sends the market into a 20% correction. Suddenly you owe about $390,000 on a property worth only $320,000…
Mortgage Career: Equitable Bank
– canadianmortgagetrends.com
Company: Equitable Bank Position: Regional Business Manager – BC (Fraser Valley) Location: Vancouver, BC Apply to: Click here Regional Business Manager – B.C. (Fraser Valley) Position Overview: Reporting to the Manager of Business Development, the Primary responsibility of the BDM is to retain and grow business with current registered brokers and develop and acquire new business with brokers not currently registered with the Bank. The Business Development Manager will be accountable for quarterly and annual achievement of a specific target set at the beginning of each fiscal year. BDMs must possess a valid driver’s license at all times. Job READ MORE
Mortgage Career: ICICI Bank Canada
– canadianmortgagetrends.com
Company: ICICI Bank Canada Position: Business Development Manager (SW Ontario) Location: Southwestern Ontario, ON Send resume to: careersca@icicibank.com Business Development Manager (SW Ontario) Relevant Work Experience: 3+ years Company Overview: ICICI Bank Canada is a wholly-owned subsidiary of ICICI Bank Limited, which has its headquarters in Mumbai, India. ICICI Bank Limited is India’s largest private sector bank with consolidated total assets of US$135.3 billion as at December 31, 2015. Established in December 2003, we are a full-service direct bank in Canada with an asset base of about C$6.7 billion as at December 31, 2015, a member of Canada Deposit READ MORE
