Learn more about Canada’s top banks rates, rules and the latest news – read on!
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The 11 best travel credit cards in Canada for August 2023 + MORE Aug 25th
Credit Cards
The 11 best travel credit cards in Canada for August 2023
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The best GIC rates in Canada for 2025 + MORE Jan 12th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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MoneySense is an award-winning magazine, helping Canadians navigate m.... 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 »
Points and payouts: Scottie Scheffler captures $25M, finishes No. 1 in FedExCup standings - PGA TOUR + MORE Sep 1st
Points and payouts: Scottie Scheffler captures $25M, finishes No. 1 in FedExCup standings PGA TOURScottie Scheffler career earnings: FedEx Cup winner banks massive payout USA TODAYTOUR Championship, Round 4: How to watch, featured groups, live scores, tee times, TV times &.... More »
The best GIC rates in Canada for 2024 + MORE Jun 11th
Investing
The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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MoneySense is an award-winning magazine,.... More »
Deferring Your Mortgage Could Cost You More Down the Road
– ratesupermarket.ca
Well over 700,000 Canadian homeowners have now taken advantage of various mortgage payment deferral programs offered by most mortgage lenders.
It’s no wonder there’s been so much demand, considering more than three million jobs have been lost across the country since the start of March when the COVID-19 lockdowns started to come into effect.
This translated to an unemployment rate of 13% in April, and the employment rate reaching a record low of 52.1%.
Realizing that thousands of newly unemployed Canadians were at risk of defaulting on their mortgages, dozens of lenders, led by the Big Six banks, agreed to allow applicable homeowners the option to defer their mortgage payments. To be eligible, applicants simply had to show that they lost their income as a direct result of the COVID-19 crisis.
The cost of deferring your mortgage
According to the Canadian Bankers Association (CBA), as of mid-May, well over 700,000 Canadians had taken advantage of the mortgage deferral scheme. For these homeowners, the ability to postpone their mortgage payments for up to six months was surely a welcome relief, even though that relief comes at a cost…
Deferring Your Mortgage Could Cost You More Down the Road
– ratesupermarket.ca
Well over 700,000 Canadian homeowners have now taken advantage of various mortgage payment deferral programs offered by most mortgage lenders.
It’s no wonder there’s been so much demand, considering more than three million jobs have been lost across the country since the start of March when the COVID-19 lockdowns started to come into effect.
This translated to an unemployment rate of 13% in April, and the employment rate reaching a record low of 52.1%.
Realizing that thousands of newly unemployed Canadians were at risk of defaulting on their mortgages, dozens of lenders, led by the Big Six banks, agreed to allow applicable homeowners the option to defer their mortgage payments. To be eligible, applicants simply had to show that they lost their income as a direct result of the COVID-19 crisis.
The cost of deferring your mortgage
According to the Canadian Bankers Association (CBA), as of mid-May, well over 700,000 Canadians had taken advantage of the mortgage deferral scheme. For these homeowners, the ability to postpone their mortgage payments for up to six months was surely a welcome relief, even though that relief comes at a cost…
