50+ with little or no Mortgage? You Need a Line of Credit! + MORE May 15th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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 line of credit

The Latest in Mortgage News: New Data on Financial Distress in Canada + MORE Jun 29th

A significant number of Canadian households reported being late on a debt payment or missing it entirely, according to a new report from Statistics Canada. The 2016 data from the agency’s Survey of Financial Security shows that more than 1-in-10 Canadians (11%) with some form of debt reported skip.... More »

Siddall and Taylor Go Head-to-Head Over Housing + MORE Jun 8th

Note: This editorial piece was previously published on RateSpy.com. It is being reprinted with permission due to the important and timely issues raised.  Rarely have the heads of Canada’s housing agency and largest mortgage broker association been at such odds publicly. It feels like CMHC bos.... More »

CMHC’s First-Time Home Buyer Incentive Falls Short of Expectations Jun 20th

The Canada Mortgage and Housing Corporation held an official announcement yesterday to release details of its First-Time Home Buyer Incentive (FTHBI). While officials reiterated how this shared-equity program will help young middle-class Canadian buyers, there were scant new details beyond what has .... More »

B.C. Regulator Shuts Down Unlicensed Broker with $500M in Volume Jun 5th

An unlicensed B.C. mortgage broker accused of arranging half a billion in mortgages for hundreds of clients has been issued a cease-and-desist order by the province’s mortgage regulator. The Financial Institutions Commission of British Columbia (FICOM) announced last week that its Registrar of.... More »
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44 Percent of Canadians Overspend on Rent Jun 11th

Canadians are overspending on housing in alarming numbers, according to a recent RateSupermarket.ca survey. Among those who rent, 44 percent of Canadians are spending more than a third of their income on housing. Not only that, but 20 percent of homeowners are spending more than a third of their in.... More »
50+ with little or no Mortgage? You Need a Line of Credit!
Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money.
The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend as needed. Many successful investors have been doing this for decades. Borrowing to invest makes smart financial success. Don’t let anyone tell you differently.
We’re seeing more reasons for Canadians to get a secured line of credit now: Age; Income; and Qualification.

If you’re 50 or older and have a mortgage coming due, or maybe you have no mortgage, you should strongly consider getting a secured line of credit instead of just renewing your mortgage.
If you’re retiring, opting for a reduced work schedule or anticipating a reduction in your income for any reason, please act now!
If you don’t think this applies to you, guess again. The new mortgage rules have made it much tougher to qualify…

Continue Reading On canadamortgagenews.ca »

A Conservative win in the October federal election would mean an end to stress testing mortgage switches, as well as additional measures aimed at improving housing affordability. Conservative Party leader Andrew Scheer made that promise on Friday while speaking to the Canadian Home Builders’ Association (CHBA). “Housing affordability has become a critical issue across the […]

Continue Reading On canadianmortgagetrends.com »

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