Advice for cash-strapped renters and landlords during COVID-19 + MORE May 17th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News

How to prepare for a 2023 recession + MORE Nov 19th

The Great Recession scarred me. I was just about to graduate from university in 2008 when it hit: The fallout from the subprime mortgage crisis created a deluge of fear, anxiety and pure panic from all corners. The S&P 500 plunged by 57%, U.S. gross domestic product (GDP) declined by 3.8% and em.... More »

Changes to Canada’s CMB program could have unintended consequences, experts say + MORE May 31st

As the federal government considers streamlining its process for funding mortgages, some worry that changes to the Canadian Mortgage Bond (CMB) program could have unintended consequences..... More »

Q1 Earnings Mortgage Morsels: TD + MORE Mar 11th

TD Bank kicked off the first quarter with a 13% increase in net income, while the bank's U.S. division saw a 27% leap in earnings growth..... More »

Best Practices to Verify Your Clients’ Down Payments May 25th

Proving the source of your clients’ down payments can sometimes be the most time-consuming part of arranging a mortgage. Even when handled well, the process may sour the buyer experience. Your client will need to provide a comprehensive history of all the money earmarked for their down payment.... More »

Three ways mortgage brokers can reassure concerned borrowers Feb 12th

Many mortgage brokers are fielding calls from clients concerned about rising interest rates and an uncertain economic outlook..... More »
When the COVID-19 pandemic swept across North America in early 2020, it created a wave of income loss that impacted people from all walks of life. While some individuals have been hit harder than others, it’s difficult to find a group or industry that hasn’t been affected. A small segment of the population will have sufficient savings to fall back on, but the majority of Canadians who live paycheque to paycheque, will find  it difficult to keep up.
There are ways to trim a budget and save a few dollars, but at the end of the day, a person’s basic needs must be met. Food and shelter are at the top of the list. This need was partially addressed through federal relief measures including the Canada Emergency Response Benefit (CERB), and again in a collective announcement by the six big Canadian banks, which promised new mortgage deferral options and more. 
Unfortunately, many Canadians still aren’t making ends meet—and what options exist for those who don’t own their home but, instead, rent? 
Many tenants are in financial distress, as are landlords who rely on rental income to survive…

Continue Reading On moneysense.ca »

Busting 7 Myths About Your Credit Score
Your credit score can affect your ability to get a credit card, personal loan, or low-interest mortgage. Everyone knows you should pay your bills on time to keep your credit score healthy. However, some aspects of credit scores can be confusing. Here, we’re busting seven common myths about your credit score.
1. Having a Good Job Boosts Your Credit Score
Common factors determining your credit score include credit usage, balances due, and length of credit history. Your occupation and income, however, don’t affect your credit score. While having steady income always looks good when meeting with a lender, it won’t change your credit score, which focuses on credit behaviour, not earning potential.
2. Spouses Have the Same Credit Score
Your credit score is in your name only—you don’t share a credit score with your spouse, children, or other family members. If a debt is in your name and you fail to pay on time, your credit score will be the one affected.
3. Each Person Has Only One Credit Score
TransUnion and Equifax are two trusted credit bureaus in Canada…

Continue Reading On ratesupermarket.ca »

Thanks to a reduction in some Big-Bank posted rates in recent days, Canada’s mortgage stress test rate will fall as early as next week. Both RBC and BMO cut a number of their posted mortgage rates this week, which should cause the mortgage stress test to fall from 5.04% to 4.99%, according to RateSpy.com. “It’ll mark the first time since January 2018 (when OSFI’s stress test began) that this benchmark rate has been under 5%,” the site noted. “And, if […]

Continue Reading On canadianmortgagetrends.com »

Share

PinIt
Compare insurance quotes through Kanetix.ca - save time and money!