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
Not just new buyers: Mortgage stress test rules putting the squeeze on renewals, too + MORE May 15th
It's not just new homeowners who are feeling the impact of higher interest rates and tougher lending standards: even those who've already bought are feeling the heat..... More »
Mortgage Pre-Approval: How to Improve Your Credit Score + MORE Jul 5th
Are you interested in learning about the mortgage pre-approval process? Or, do you want to learn how to improve your credit score? One of the biggest steps you’ll take in life is buying a home. And, while you might want to go and pick out your dream home first, this is a mistake. You need to get .... More »
IMF Cautions Against Relaxing Mortgage Rules, Says Market Still Heated in Canada + MORE May 24th
The housing market remains the biggest threat to Canada’s economic health. That is according to a report by the International Monetary Fund (IMF), published this week after an official visit to Canada.
They are responding to calls by several real estate boards in Canada to ease the new B-20 stres.... More »
What mortgage professionals can expect at the upcoming MIC trade show Apr 30th
ONMICA is hosting its latest annual MIC Trade Show and Seminar in Toronto on May 8..... More »
Canadians are turning to family—and credit—to stay afloat + MORE Jul 20th
Two new surveys reveal the growing financial strain that Canadians face amid rising costs and stagnant wages.
A report from Mortgage Professionals Canada (MPC) found that 70% of recent home buyers say they couldn’t have purchased their property without financial help. A separate survey by.... More »
Canadians could walk away from their homes if house prices fall
– moneysense.ca
For anyone who paid even passing attention to the U.S. housing crisis in 2008, the term “jingle mail” will be familiar.
Widespread financial shenanigans during the run-up in house prices in the early 2000s—like subprime lending and dodgy approvals—resulted in a very painful housing crash and recession. Suddenly millions of Americans could no longer keep up with their payments, and as the value of their homes dropped, they slipped ‘underwater’ on their mortgages. In other words, they owed more than their homes were worth. But since certain American states have so-called “no recourse” legislation, which restricts mortgage lenders from suing borrowers to recover their losses, homeowners who are underwater on their mortgages can simply walk away from their homes.
And many did. Hence the term jingle mail, the (albeit rare) practice of people mailing their house keys back to the bank.
READ: Drowning in debt is the new normal in Canada
In the wake of the U.S. crash, a lot of questions have been asked about the strength and stability of Canada’s housing market, with its sky-high prices and deeply indebted households…
Widespread financial shenanigans during the run-up in house prices in the early 2000s—like subprime lending and dodgy approvals—resulted in a very painful housing crash and recession. Suddenly millions of Americans could no longer keep up with their payments, and as the value of their homes dropped, they slipped ‘underwater’ on their mortgages. In other words, they owed more than their homes were worth. But since certain American states have so-called “no recourse” legislation, which restricts mortgage lenders from suing borrowers to recover their losses, homeowners who are underwater on their mortgages can simply walk away from their homes.
And many did. Hence the term jingle mail, the (albeit rare) practice of people mailing their house keys back to the bank.
READ: Drowning in debt is the new normal in Canada
In the wake of the U.S. crash, a lot of questions have been asked about the strength and stability of Canada’s housing market, with its sky-high prices and deeply indebted households…
Be Aware of Mortgage Penalties
– canadianmortgagetrends.com
Mortgage penalties are probably hated about as much as taxes—but tenfold. Particularly when those penalties reach into the five figures. Take this case of an Edmonton couple that was initially quoted $17,000 to break their five-year fixed mortgage early. But homebuyers need not fall into the trap of being stuck with enormous penalties simply to […]
Canada Mortgage and Housing Corp. says the annual rate of housing starts ticked higher in October as the pace of new construction in the Vancouver region hit a 12-month high.
