BIG NEWS: Mortgage includes Self-Employed Business Income and Best Rates! + MORE May 3rd

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Latest in Mortgage News – More Research on Stress Test Impacts May 6th

The stress test continues to be the focus of much research, with new data released recently on the full extent of its impacts on the housing market. We’ve summarized the latest findings, which look at the stress test’s impacts on home sales and prices over the past year, as well as the c.... More »
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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 »
 Canada mortgage

CMHC’s Siddall Warns Homeownership “Party” Coming to an End + MORE May 12th

The head of the Canada Mortgage and Housing Corporation (CMHC) gave a candid assessment of the country’s housing market, saying the “party” of homeownership as a sole savings vehicle will come to an end. Evan Siddall made the comments during an interview with BNN Bloomberg’s Aman.... More »
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The Best Credit Cards for Students in 2019 + MORE May 18th

If you’re a student in college or university, you understand that every penny counts. Tuition is high, textbooks are expensive, and it’s hard to maintain healthy eating habits while living off-campus when all you can afford are those packets of Sidekicks pasta for $1. This is where a good rewar.... More »
BIG NEWS: Mortgage includes Self-Employed Business Income and Best Rates!
This is probably the biggest positive mortgage lending change in 10 years. A major lender has just announced a new program for self-employed individuals!
For the last several years, mortgage lenders were not including any business income when qualifying for a mortgage.

In other words, if you owned a business – let’s say a computer store – and your business made $400,000 net income per year, but you only needed to pay yourself $100,000, you’d pay business income tax on that business income (for those who think businesses don’t pay tax, they certainly do). You’d also pay personal income tax on the $100,000 that you drew out of the corporation.
So, how much does this person really earn? Most of us would say $400,000. But banks would only use the $100,000 that was pulled out of the corporation and exclude the other $300,000. It’s like the $300,000 didn’t exist. Nice, huh?
This is why the self-employed have been facing challenges when qualifying for a mortgage over the past 5-7 years…

Continue Reading On canadamortgagenews.ca »

Credit Score Boost at Renewal Can Save Thousands

– canadianmortgagetrends.com

Most borrowers inherently know that having a better credit score means you have access to better mortgage rates. In case you’re wondering just how much better, I’d like to share the story of a pair of clients I had who, with a little help, were able to boost their credit score before their mortgage renewal […]

Continue Reading On canadianmortgagetrends.com »

Best of Finance Awards: 2019 Nominees Announced
RateSupermarket.ca’s annual Best of Finance Awards recognizes the best credit cards and banking products in Canada.
We here at RateSupermarket.ca understand certain financial decisions can be daunting. You’re protective of your hard-earned cash and you don’t want it to go to waste. That’s why we strive to help every Canadian find the mortgage, credit card, bank account, loan or investment product that best fits their lifestyle and budget.
In doing such, we annually audit Canadian credit cards and banking accounts to see how they stack up against each other.
The Best of Finance Awards recognizes some of the top products in the personal finance industry, and helps you – the consumer – ultimately find your best match.
Methods
In selecting the top nominees for each category, we examined dozens of products and took various factors into consideration, such as points, miles, interest rates, balance transfer rates and annual fees. We then converted all figures into cash to see which products put the most money in your wallet…

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