Canada’s best credit cards for people with bad credit 2021 + MORE Oct 14th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Residential Mortgage Credit Risk Has Risen “Only Modestly,” Says OSFI Nov 25th

The head of the agency charged with overseeing Canada's federally regulated lenders said today that residential mortgage credit risk has risen "only modestly.".... More »
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Affordability tips for first-time home buyers to securing a mortgage + MORE Oct 29th

Q. My partner and I rent a two-bedroom apartment in Toronto in a great neighbourhood for $1,850 a month—so, a great deal. We have been living together for three years and would like to buy a house together next year, when we both turn 30. Get the mortgage rate that works for you.Find the bes.... More »

7 smart strategies for first-time home buyers + MORE Nov 19th

If you’ve been thinking about buying a house, you may be wondering how you’ll know when it’s “the right time.” If you don’t have a 20% down payment saved up, is it still OK to consider buying? If you can’t afford your forever home, should you still jump into ownership now? And does the.... More »

The Sea Change in Canadian Mortgage Insurance + MORE Dec 2nd

Few realize how dramatically Canada’s mortgage insurance market has changed..... More »

Fixed-Rate Increases Costing Today’s Homebuyers Over $10,000 More in Interest + MORE Nov 13th

Fixed mortgage rates have been climbing steadily since September. But by how much at what cost for new homebuyers?.... More »

Mortgage Rates Rising as Bond Yields Surge

– canadianmortgagetrends.com

A growing number of lenders have been raising interest rates over the past week in response to rising bond yields, including the RBC, BMO and National Bank of Canada.

Continue Reading On canadianmortgagetrends.com »

Canada’s best credit cards for people with bad credit 2021Conventional wisdom may lead you to believe that if you have bad credit, you should swear off credit cards. But if you want to improve your credit score, you’ll have to show you can handle credit responsibly—and the only way to do that is (you guessed it) to have a credit card. When used properly, having and using a credit card can actually be a helpful tool to assist in rebuilding bad credit—and, luckily, there’s a whole host of products catered to people with poor credit scores. While these often come with higher interest rates and lower spending limits, they can be a good starting point to re-establishing a respectable credit score, which in turn will help you get approved down the line for loans, a line of credit or even a mortgage.
Find your next credit card.What kind of credit card are you looking for? Get matched with the best cards for you in under 2 minutes at ratehub.ca. Let’s get started.I want to earn rewardsI want to pay low interestYou will be leaving MoneySense. Just close the tab to return…

Continue Reading On moneysense.ca »

Don’t Fall For Low Fixed Rates

– canadamortgagenews.ca

Don’t Fall For Low Fixed RatesThe fixed rate versus variable rate debate has never been more heated. With fixed rates currently averaging historical lows of roughly 2.25%, a lot of people are left wondering, “why wouldn’t I choose a fixed rate mortgage?” Fair enough – it certainly appears to be a safe bet on the surface. Lock in a low rate. Maintain it for the entirety of your term. Never worry about rates going up.

This belief is fuelled by the big banks spreading hysteria that variable rates are sure to shoot up. Why risk it when you can go with a record low fixed rate? Here’s the truth: The banks are pushing 5-year fixed rate mortgages because they’re more profitable for them. A variable rate mortgage isn’t the gamble it’s made out to be. In fact, it’s by far the more prudent move. 

The Truth

The Bank of Canada meets eight times a year to set the prime rate. As you might know, the prime rate is what affects variable rates. The prime rate rarely changes, and when it does, it’s only by 0…

Continue Reading On canadamortgagenews.ca »

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