Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Your mortgage interest payments are likely going up. Is there a way to reduce them? Nov 28th
A lump-sum payment would go directly to the principle of your mortgage, meaning you’re immediately paying less interest..... More »
What does the new Canadian Mortgage Charter mean for home owners? + MORE Dec 10th
In its 2023 Fall Economic Statement, the federal government announced the Canadian Mortgage Charter. It’s a new initiative intended to address the housing affordability issues caused by rising interest rates, low housing supply and more. The charter, which sets out expectations for lenders, is the.... More »
Mortgage Changes Impacting Mobile Homes + MORE Jun 14th
One of the seemingly unintended groups to fall victim to the government’s latest mortgage changes is owners of mobile homes, according to some concerned mortgage brokers who are seeing the effects on their clients. The issue stems from the new rule that prohibits insured properties from being refi.... More »
Prime Rate Falls to 2.95%, Some Banks Increase Variable Premiums + MORE Mar 20th
For the second time in two weeks Canada’s prime rate has fallen by 50-percentage points. Following the Bank of Canada’s emergency rate cut on Friday, RBC led the way in passing along the full 50 bps of rate cut on Monday, with most of the other big banks soon following suit. That lowered the c.... More »
Insights from the 2017 National Mortgage Conference + MORE Dec 3rd
Another national mortgage conference has come and gone, but many will remember this year’s instalment as nothing short of a success. More than 1,200 mortgage professionals from across the country descended upon Niagara Falls for Mortgage Professionals Canada’s annual National Mortgage Conference.... More »
Moody’s concerned about Canada’s household debt
– thestar.com
Moody’s says the combination of rising household debt and rising home prices creates a risk for the country’s banks and Ottawa, which guarantee a ‘considerable’ portion of mortgages.Banker to Broker – II
– canadianmortgagetrends.com
In this second instalment of our three-part series on bankers becoming brokers, we interview Scott Westlake from Dominion Lending Centres, Denova Group. Westlake started in the mortgage business in 2008 as an RBC mortgage specialist. He left the bank in 2011 to become a founding partner of Denova Group, a broker team that now originates hundreds […]
What is a Collateral Mortgage?
– ratesupermarket.ca
When it comes to understanding mortgages, most savvy home buyers are familiar with a few common elements: the all-important mortgage rate, whether to go fixed or variable, monthly vs. bi-weekly vs. accelerated bi-weekly payments, and the length of the amortization period. But there’s one option that has, thus far, largely slipped under the public’s radar: the choice between a conventional and a collateral mortgage.
It’s an important difference to be aware of: the implications of making the wrong choice could be very costly.
Also read: Fixed Mortgage vs. Variable Mortgage>
Understanding Mortgage Charge Accounts
Whenever you take out or renew a mortgage, you use the house itself to secure the loan. If you default on the payments, the bank can then seek legal means to take over and ultimately sell the property to recoup its investment. This is referred to as a “charge” against the property. There are two types of charges that can be applied: a “conventional charge” or a “collateral charge”…
(Ryan Remiorz/The Canadian Press)OTTAWA – Canada is maintaining its triple-A credit rating thanks to a steady economic outlook, but the country also faces potential risks amid mounting household debt and climbing house prices, Moody’s Investor Service said.
The U.S. credit rating agency said in a report Monday that Canada’s top grade was supported by a “relatively solid economic performance,” a strong banking system, relatively low government debt and a projected balanced budget following a series of deficits.
“After a recession at the time of the global financial crisis, the economy recovered and continues to show positive momentum, supporting improvement in government finance,” said the Moody’s assessment.
However, the research identified possible risks linked to Canada’s high household debt and a “particularly inflated” housing market in some big-city areas — both of which, the paper noted, continue to rise.
“This combination presents a potential risk to the banks and to the federal government directly, as it guarantees a considerable portion of mortgages,” said the report, co-authored by Steve Hess and Dmytro Kulakovskyi…
Banker to Broker
– canadianmortgagetrends.com
Income potential, independence and consumer benefit: these are three big reasons why bank reps switch allegiances to become mortgage brokers. But the changeover isn’t always easy. One brokerage executive (who didn’t want to be named) recently told us, “My experience has been that typically [bank reps] only do a quarter of their bank volume (the first […]
