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How to sell your own life insurance policy in Canada + MORE Mar 28th
“Can I sell my life insurance policy?” is a question Canadian insurance professionals are often asked. This might seem counterintuitive—after all, we purchase life insurance to safeguard the financial security of our loved ones in the event of death, not to provide an infusion of cash while we.... More »
Prospective home buyers feel the heat over new mortgage rules, but all hope is not lost, industry leaders say Jul 10th
Mortgage default insurance is mandatory on down payments between five and 19.99 per cent, and as of July 1 it will be even harder to qualify through the national housing agency. But don’t panic just yet..... More »
BREAKING: Ontario Car Insurance Rates Have Increased Jul 18th
Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have increased by 1.11 per cent on average..... More »
The President Opens the ObamaCare Escape Hatch Jan 26th
Trump’s executive order will make it easier to find an insurance plan that fits your needs..... More »
How to negotiate a job offer to get better benefits Jun 5th
Not all workplace benefits plans are created equal. Experts say it’s important to understand what’s in the plan before signing a contract at a new job, and whether there’s room to negotiate some extra perks better tailored to your life.
“Sometimes, benefits programs can seem really bright.... More »
New mortgage rules will affect first-time buyers
– moneysense.ca
OTTAWA – Canada’s first-time home buyers may have to shelve their dream house fantasies due to lending changes announced this week by the federal government, mortgage brokers say.Ottawa moved this week to tighten mortgage lending rules that will limit the amount many Canadians can borrow to help ensure that when interest rates rise, they’ll still be able to make their payments.
Mortgage broker Frank Napolitano says that means the size of mortgage many buyers will be able to qualify for will be less once the rules take effect on Oct. 17.
“First-time homebuyers will probably have to probably scale down the type of home that they may have planned to buy,” said Napolitano, managing partner at Mortgage Brokers Ottawa.
.cbR{box-sizing:border-box;display:block;width:100%;margin:1em 0;border:1px solid #bbb;padding:.5em}@media (min-width:480px){.cbR{width:250px;margin:0 0 1em 1em;float:right}}Mortgage insurance changes coming
Under the new rules, a stress test that had only applied to borrowers who opted for variable rate mortgages or fixed rate mortgages with terms less than five years will now be used for all home buyers with less than a 20 per cent down payment…
