Making sense of the markets this week: June 2, 2024 + MORE May 31st

Choosing a mortgage broker or a bank for your home loan will likely influence which mortgage you end up with. On top of that, there are pluses and minuses to both, as we detail in the table below. Before we dive into which may best suit your financial situation, let’s look at the differences between mortgage brokers and banks.

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Mortgage brokers and banks: What’s the difference?

FeaturesMortgage brokersBanksMortgagesCan show you a range of mortgages, but know that not all lenders go through brokersLimited to its own mortgagesCommunicationRepresents your interests during the application process with lendersYou deal with the lender directlyFeesBrokers sometimes charge a client feeNo broker feesApproval processA good broker can look for mortgages based on your income and credit score, so the lender is more likely to approve your mortgageLarge banks can be picky when deciding whether to lend to you

When to get a mortgage from a bank or from a broker

The decision is really up to you…

Earning credit card rewards points is one of the best things about using a card, and paying for something with points can be incredibly satisfying. You can have that feeling more often when you’re strategic about collecting rewards. Here are five points-generating credit card habits you’ll want to get into right away.

1. Unlock the earning potential of your everyday spending

Everyone has expenses. The trick is to figure out how to earn rewards on the purchases you’re already making. Your best bet is to pick a card that offers boosted earn rates in the categories you spend the most in. For many Canadians, the top spending categories are groceries and gas, so paying with a card like the National Bank World Elite Mastercard can reap a lot of points.

Let’s say your family spends around $1,000 per month on groceries and about $250 on gas. If you paid for these purchases with the National Bank World Elite Mastercard, you could earn up to 5,500 points per month—that’s 66,000 points per year just in those two categories…

Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.

RBC and National Bank continue to lead the pack

Canadian banks continue to prepare for worst-case scenarios with increased credit loss provisions.

Canadian bank earnings highlights
Here’s how Canadian banks performed in the three months ending April 30, 2024:

BMO Financial Group (BMO/TSX): Adjusted earnings per share of $2.59 (versus $2.77 estimated by analysts) and revenues of $7.97 billion (versus $8.06 billion estimated).

Scotiabank (BNS/TSX): Adjusted earnings per share of $1.58 (versus $1.56 estimated) and revenues of $8.35 billion (versus $8.33 billion estimated).

RBC (RY/TSX): Adjusted earnings per share of $2.92 (versus $2.74 estimated) and revenue of $14.15 billion (versus $13.60 billion estimated). 

TD (TD/TSX): Adjusted earnings per share of $2.04 (versus $1.85 estimated) and revenue of $13…