Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Mortgage Lenders Provide COVID-19 Update – Part 2 + MORE Apr 16th
In a recent series of panel discussions put on by Mortgage Professionals Canada, a cross-section of some of the country’s top lenders and insurers provided updates on how the COVID-19 pandemic has impacted operations and shaped their outlook. Similar to the previous sessions, the overwhelming mess.... More »
Latest in Mortgage News: Big Banks Lowering their 5-year Fixed Rates Sep 20th
CIBC became the second Big 6 bank to cut its 5-year fixed mortgage rate today..... More »
New Study: Blended Families Say They Face Financial Challenges + MORE Aug 10th
Merging families is never easy, but if you plan on sharing a home with a new partner, stepchild or even your great aunt, you need to be prepared for the potential financial challenges you may face. As more and more families blend together, having the ability to talk openly about the household’s f.... More »
Online-only mortgage services often seem to have better rates — but can you trust them like you can trust a bank? + MORE Mar 29th
Expert says online services such as Homewise, Nesto and Pineapple don’t impact the fundamental way that mortgages are underwritten. It’s just the front end that’s different..... More »
How to Improve Your Credit Score – Student Edition + MORE Sep 15th
The new school year is in full swing and if you’re a university or college student, then you’ve probably already settled comfortably into your new routine and dorm room. As you buy books, begin assignments and make new friends, the last thing you’re likely thinking about is your credit.
But.... More »
Refinance your home to pay for university?
– moneysense.ca
Q: I am a 55 year old male with three kids who are in university and we have exhausted our RESP savings. Now I’m having a cash flow problem. The main issue is that the interest rate on the mortgage is so high—as I am a self-employed clinical psychologist who works out of my home (and my wife works for me).The dilemma we face is whether or not we should sell our house and downsize into something a little cheaper, liquidate some RRSP savings or find another solution. I earn $200,000 each year and know that once the university days are over, we’ll have a lot more money. What should we do?
— David Rynard, Kingston, Ont.
Robert McLister, mortgage planner at intelliMortgage and founder of RateSpy:
A: This puzzle has a few missing pieces: two being your mortgage balance and interest rate.
What we know is that the highest 5-year mortgage rate over the last five years was about 3.99%. That assumes you were reasonably qualified at the time you got approved.
Assuming a $600,000 mortgage, for example, the payment difference between 3…
As US housing recovers, low incomes keep Detroit far behind
– canadianbusiness.com
DETROIT – Ann and Oscar Mack had fallen behind on property taxes and knew they faced foreclosure on their home of 20 years. But they didn’t know their house on Maiden Street, in a blighted east side Detroit neighbourhood, was already listed for auction.
No one “let us know we were about to lose our house,” Ann Mack said. “Nobody ever came out and knocked on our door.”
The United Community Housing Coalition stepped in and bought the home for $1,000 at a foreclosure auction, then returned the deed to the family. It and other nonprofits are the final options for hundreds of Detroit residents fighting foreclosures, auctions and evictions.
“Complete strangers helped us get our house back,” said Ann Mack, 48. “We would have been out in the street.”
A decade after the nation’s housing bubble peaked before bursting in a ruinous crash, much of America’s residential real estate has rebounded. Many owners have enjoyed rising equity and lower housing bills as mortgage rates have sunk…
No one “let us know we were about to lose our house,” Ann Mack said. “Nobody ever came out and knocked on our door.”
The United Community Housing Coalition stepped in and bought the home for $1,000 at a foreclosure auction, then returned the deed to the family. It and other nonprofits are the final options for hundreds of Detroit residents fighting foreclosures, auctions and evictions.
“Complete strangers helped us get our house back,” said Ann Mack, 48. “We would have been out in the street.”
A decade after the nation’s housing bubble peaked before bursting in a ruinous crash, much of America’s residential real estate has rebounded. Many owners have enjoyed rising equity and lower housing bills as mortgage rates have sunk…
