The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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The best bank accounts for students in Canada 2020 Apr 10th
Table of contents
The best bank accounts for students in Canada
The best online bank accounts for students in Canada
What is a student bank account?
What do you need to open a student bank account?
How to choose the best student bank account for you
With the cost of tuition and books—not t.... More »
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The best 5-year fixed mortgage rates in Canada Jun 8th
Mortgages
The best 5-year fixed mortgage rates in Canada
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How to get a mortgage (when you’re not the ideal borrower)
– moneysense.ca
(Getty Images)If you’re a credit-worthy employee at a Fortune 500 company and don’t have much debt, the mortgage world is your oyster. Banks knock on your door looking to give you the best rates, most advantageous terms and any other perks they can use to get your business. You’re an A-lister. A borrower with impeccable credentials.
But what if you don’t quite fit that mould? It doesn’t mean you’re out of luck, it just means you have to learn how to work the system in your favour.
To help you, I’ve compiled a list of some of the most common B-class borrower hurdles and the best ways to minimize the risks and get better mortgage rates and terms.
#1. Changing jobs
Lenders like longevity. They like to see a job history with current your current company that stretches back at least two years, preferably longer. So, what happens if you change jobs while going through the home-hunting process? Or perhaps you’re buying because you’ve relocated for a new job?
Even if you change jobs, a lender will want to see that you’ve been employed in a particular field for at least one year…
Canadian families may have big plans for the sudden influx of backdated Universal Child Care Benefit cheques that Ottawa mailed out this week, but there’s little evidence that the economy as a whole is going to benefit from them, one of Canada’s biggest banks says.
