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Is it safe to have $600,000 in savings invested in GICs? + MORE Oct 16th
Q. I live in Manitoba and have about $600,000 invested in GICs at a local credit union. I am 63 years old, retired with a pension, no debt and no mortgage. However, I still worry about this money and it has been hard for me to find an unbiased view on its safety. Can you help?
—Glenda W.
A. I thi.... More »
My mortgage payments are approaching my trigger rate. How will this affect my mortgage and what should I do? Nov 7th
Experts say the key is to be proactive and prepare your finances well before your entire mortgage payment is going towards paying just the interest..... More »
CMHC Makes Dividend Payments to Government: What are They and Who do They Help? + MORE Apr 5th
Starting in 2017, the Canada Mortgage and Housing Corporation (CMHC) has been making both special and regular dividend payments to its shareholder, the Government of Canada. The largest sum was for $4-billion in June 2017, which was spread over two years. At that time they announced the impl.... More »
Should you buy or rent in retirement? + MORE Aug 17th
(Pexels)
Q: I’m 57 and hoping to retire this fall. I will receive an OMERS defined benefit pension of $44,000 plus a $10,000 bridge until I turn 65. I have a $75,000 RRSP and $300,000 in cash. I have no debts and am a lifelong renter.
I would love some tax-efficient and potentially income pr.... More »
Should I sell and rent or get a reverse mortgage? + MORE Jul 7th
I’m an 82-year-old widowed woman, and my savings are depleting fast. I feel privileged, as I have the luxury of owning my own two-bedroom, one-bathroom condo.
I have two options: to selI and rent a one-bedroom apartment, probably starting at $2,000 a month, or staying in my home and getting.... More »
Average 30-year loan rate falls to 3.57 per cent, 3-year low
– canadianbusiness.com
WASHINGTON – Long-term U.S. mortgage rates fell this week for a third straight week, posting new lows for the year. The benchmark 30-year rate reached a three-year low.
The low rates come amid the spring home buying season, luring prospective purchasers.
Mortgage buyer Freddie Mac said Thursday the average 30-year fixed-rate mortgage dipped to 3.57 per cent from 3.61 per cent last week. It’s far below its level a year ago of 3.85 per cent.
The average rate on 15-year fixed-rate mortgages eased to 2.81 per cent from 2.86 per cent last week.
Prices of U.S. government bonds have been at high levels since the Federal Reserve’s recent decision not to increase the benchmark interest rate — which it had raised from record lows in December. Some economists believe the Fed may not raise rates again until the second half of the year.
That means low levels for the bonds’ yields, which move in the opposite direction from their prices and tend to influence mortgage rates.
The yield on the 10-year Treasury bond stood at 1…
The low rates come amid the spring home buying season, luring prospective purchasers.
Mortgage buyer Freddie Mac said Thursday the average 30-year fixed-rate mortgage dipped to 3.57 per cent from 3.61 per cent last week. It’s far below its level a year ago of 3.85 per cent.
The average rate on 15-year fixed-rate mortgages eased to 2.81 per cent from 2.86 per cent last week.
Prices of U.S. government bonds have been at high levels since the Federal Reserve’s recent decision not to increase the benchmark interest rate — which it had raised from record lows in December. Some economists believe the Fed may not raise rates again until the second half of the year.
That means low levels for the bonds’ yields, which move in the opposite direction from their prices and tend to influence mortgage rates.
The yield on the 10-year Treasury bond stood at 1…
Lifting Covered Bond Issuance Limits. It’s Time
– canadianmortgagetrends.com
As we like to say around here, it’s good to be a bank. Reason #188 (or whatever number we’re up to now) is covered bonds. Only seven lenders in Canada can issue covered bonds, and six of them are major banks. Who should care about covered bonds? Any mortgagor with at least 20% down who prefers a lower rate. Covered bonds (CBs) are a low-cost way to raise mortgage capital, which the lender (issuer) can then lend out to borrowers. Essentially, CBs are just packaged up pools of uninsured mortgages that mega-lenders sell off to investors. Investors like CBs because: the READ MORE
The new reason people hate banks
– moneysense.ca
An ongoing trend of the past two years shows that investment-related complaints are decreasing while banking-services gripes have surged, according to the Ombudsman for Banking Services and Investments. Eliminating the backlog of cases amassed after the financial crisis explains the drop in investment beefs. As for the increased sounding off about banking services complaints, mortgage grievances factor large—namely, prepayment penalties and cases where the bank refused portability. Always read your mortgage terms carefully.
Source: OBSI 2015 Annual Report
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