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Tips for Paying Off Credit Card Debt Jun 17th
Credit card bills got you down?
That’s the trouble with paying with plastic. It is easy to spend, but not quite as easy to pay off the debt you accrue – especially if you are only paying the minimum each month. Carrying too much credit card debt can make it harder to get a loan for a house .... More »
Mortgage Digest: Younger homeowners lead the way in paying down mortgage debt Jan 26th
Younger Canadians are outpacing older demographics in reducing their mortgage debt, new research from Statistic Canada has found..... More »
Inheritance coming your way this year? Planning for it means you won’t waste it Jan 9th
Set life goals, think of the present and future, weigh your contribution to the mortgage, and earn interest all the while, says Lesley-Anne Scorgie..... More »
How the BoC interest rate cut will affect mortgages + MORE Jan 22nd
(Adam Gault/Getty Images)
Amid sliding oil prices and a sluggish Canadian economy, the Bank of Canada defied prior predictions and actually lowered the key interest rate today by a quarter-percentage point—from 1% to 0.75%.
It’s the first time the central bank has moved the overnight rate si.... More »
Apartment sales driving Lower Mainland housing market - Chilliwack Progress + MORE Nov 3rd
Chilliwack ProgressApartment sales driving Lower Mainland housing marketChilliwack ProgressVancouver and the Fraser Valley both experienced above-average home sales last month, according to local real estate board figures, as buyers try to get ahead of the new mortgage requirements in January. Vanco.... More »
Canada’s Conservative government has no immediate plans for a shift in mortgage rules, its finance minister said on Sunday.
Can I Still Get a “Zero Down” Mortgage with a Credit Union?
– ratesupermarket.ca
In the aftermath of the “Great Recession” when the U.S. housing market imploded, sending the global economy into a tailspin, Canada’s financial institutions were resoundingly praised for their stability and sound lending practices. Still, our country’s financial leaders recognized that there were some risks inherent in the system, and mortgage regulations were introduced to tighten any loopholes.
One notable series of changes, introduced by the Office of the Superintendant of Financial Institutions revolved around residential mortgages, including efforts to stop banks from offering “cash back” or “zero down payment” mortgages. As of 2008, buyers have been required to make a minimum 5 per cent down payment on their home purchase when taking out a mortgage with a federally-regulated lender.
But since credit unions are regulated provincially, they don’t fall under OSFI rules, and are able to offer many mortgage options that the banks increasingly can not, meaning the zero per cent down mortgage does, technically, still exist…
CMHC Alludes to More Changes
– canadianmortgagetrends.com
The quest to trim government exposure to mortgage risk continues. In a speech Friday, CMHC head Evan Siddall said the country’s no. 1 default insurer may start offloading some risk to lenders. “…We are evaluating a range of ideas on future improvements to our housing finance system,” he said, “including risk-sharing with lenders to further […]
Bissada on Online Origination
– canadianmortgagetrends.com
Few people in this country understand the potential of online mortgage origination better than Yousry Bissada, President & CEO of Kanetix. That’s why it’s always informative to hear his predictions on the topic. Bissada visited Canadian Mortgage Hangout on Friday and shared his read on the pulse of Canada’s online mortgage industry. Below are key takeaways from […]
