Be Aware of Mortgage Penalties + MORE Nov 9th

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.
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CIBC’s Tal: “This is not a meltdown,” but expect short-term pain + MORE Oct 23rd

Despite softening origination activity, mortgage professionals should welcome the current "reset" to healthier market conditions..... More »

Bank of Canada raises benchmark interest rate to 1.5%, noting trade tensions - CBC.ca + MORE Jul 11th

CBC.caBank of Canada raises benchmark interest rate to 1.5%, noting trade tensionsCBC.caFor the fourth time in a little over a year, the Bank of Canada has raised its benchmark interest rate, a move that will increase the cost of borrowing for Canadians with variable-rate mortgages and lines of cred.... More »
 Canada mortgage

Should you buy a vacation property? + MORE Aug 27th

The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or extended winter stay for a snowbird. There are many emotion-driven reason.... More »

Should retirees pay off their mortgages with investments? + MORE Nov 28th

Ask MoneySense I retired this year and my mortgage is coming due soon. My advisor said to keep the mortgage as rates are low possible and keep the money invested to keep making me money. I’m not sure this is wise, and my advisor works for the bank who holds my mortgage. What do you think? –Li.... More »
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Should you get a fixed-rate or variable mortgage? In these strange times, fixed has a rare edge Nov 23rd

With rates this low, the usual advantages of renewing with a variable mortgage are diminished or gone, writes David Aston..... More »
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…

Continue Reading On moneysense.ca »

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 […]

Continue Reading On canadianmortgagetrends.com »

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.

Continue Reading On cbc.ca »

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