Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
Latest News
The latest in mortgage news: OSFI unveils minor changes to insurer capital adequacy test + MORE Sep 29th
Canada's federal banking regulator unveiled revisions to its Mortgage Insurer Capital Adequacy Test for insured variable-rate mortgages..... More »
Is the family responsible to pay the mortgage for a loved one who has passed away? + MORE Aug 18th
When someone dies and owes money on a mortgage, is their common-law spouse responsible for paying it off? The house was in the name of the deceased only—the common-law spouse wasn’t a co-signer on the mortgage, and her name is not listed on the deed. —Louine
You’re 2 minut.... More »
Mortgage Professionals Canada promotes broker expertise in newly launched campaign + MORE Oct 17th
Mortgage Professionals Canada (MPC) has unveiled a new national campaign emphasizing the pivotal role mortgage brokers play in guiding Canadians towards their homeownership dreams..... More »
Winding down self-employment and planning for retirement Aug 18th
Q. I am a 60-year-old female, working full-time employed/self employed on a 100% commission basis and averaging between $107,000 and $140,000 gross annual income.
I own my home, with a $70,000 balance left on my mortgage. My mortgage payment (not including property taxes) is $457 biweekly. The curre.... More »
The real costs of buying a car Mar 31st
The thrill of driving a new car off a dealer’s lot is appealing, but experts warn not to let the new car smell go to your head when it comes to borrowing money to make it happen.
Mark Kalinowski, a credit counsellor and financial educator at the Credit Counselling Society, says you need to know.... More »
Advice for cash-strapped renters and landlords during COVID-19
– moneysense.ca
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…
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…
Busting 7 Myths About Your Credit Score
– ratesupermarket.ca
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…
Latest in Mortgage News: Stress Test Rate to Drop
– canadianmortgagetrends.com
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 […]
