Learn more about Canadian mortgage rates, rules and the latest news – read on!
Early-stage delinquencies for all credit products are on the rise: Equifax
– canadianmortgagetrends.com
Early-stage delinquencies on both mortgage and non-mortgage debt continued to rise in the second quarter, a sign that high interest rates are increasingly weighing on Canadian borrowers.
Can a first-time home buyer have a mortgage co-signer?
– moneysense.ca
If you’re in the market for your first home but need help coming up with the financing, you do have some options, including asking someone to co-sign the mortgage. Involving a third party is probably not what you envisioned for home ownership, but recent interest rate hikes and rising real estate prices have made it harder for many Canadians to afford a home. (Good news: You don’t have to actually live with the third party, if you don’t want to.) We’ll show you how this strategy, along with government programs like the new first home savings account (FHSA), can help you purchase your first property.
What is the minimum down payment in Canada?
A big factor in Canadians’ ability to purchase a home is having the down payment—the amount of money a buyer pays up front when purchasing a property. This amount is taken off the purchase price of the home and is subsequently not included in the mortgage loan. So, the larger your down payment, the better—you’ll pay down your mortgage faster and pay less interest over time, and you’ll likely be able to purchase a more expensive house…
