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Latest News
How retired parents can use the FHSA to help their adult children + MORE Mar 26th
If you’re a retiree or close to retiring, you probably have a paid-off principal residence, or should be close to having one.
However, many retirees—including me—have grown children struggling to get onto the first rung of the real estate ladder. Coming up with a down payment is still diffi.... More »
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 »
How to grow your reverse mortgage business by partnering with realtors + MORE Jun 5th
Bring flexible financing solutions to the table to help realtors close more deals..... More »
Summary of Housing Promises from Canada’s Main Political Parties + MORE Sep 2nd
Canada’s main political parties have been unveiling housing promises over the past couple of weeks, each outlining how they plan to tackle the predominant housing issue of affordability. The policies include everything from tweaks to the mortgage stress test and crack-downs on foreign purchase.... More »
Why three big banks raised fixed mortgage rates despite falling bond yields + MORE Dec 3rd
Despite low bond yields, banks and other lenders are continuing to raise rates. We talked to several rate experts to understand why..... More »
FICOM on Consumers and Comp Disclosure
– canadianmortgagetrends.com
Now that FICOM’s B.C. broker compensation disclosure is a done deal, many want to know how it helps consumers make better broker decisions. We asked the Office of the Registrar of Mortgage Brokers for its take… CMT: What do you want consumers to do with this new required compensation disclosure? FICOM: Consumers may use that knowledge in any number of ways. For example: They may ask how compensation paid by one lender compares to that paid by another. They may ask how compensation influences advice. They may use compensation to assist them to judge the value of the services they receive. READ MORE
How to Improve Your Credit Score – Maxing Out Your Credit Cards Edition
– ratesupermarket.ca
No one sets out to max out their credit cards. Sometimes, people get into this difficult situation because of an unexpected emergency such as losing their job or experiencing an illness. Many people have to rely heavily on credit cards during that time to cover their everyday expenses. For others, they may have difficulty controlling their spending and their debt gets out of control.
No matter the reason why your cards are maxed out, using up the last of your credit is often an important wake up call to address your financial situation and get control of your spending. While you might be tempted to just focus on repaying your debt, it’s important to consider your credit score during this period. Having a low score can greatly impact your financial future and your ability to get approved for mortgages and other loans and get a good interest rate. In addition, many employers and landlords require a credit check when deciding whether to hire or rent to you.
If you’ve maxed out your credit cards, here are a few suggestions on what to do to ensure your credit score stays high:
Ask for More Credit
This might seem counterintuitive, but increasing your available credit can help boost your credit score significantly…
Canadians continue to pile up non-mortgage debt
– moneysense.ca
TORONTO – Canadians continued to pile up non-mortgage debt compared with a year ago but delinquency rates remained low, according to credit monitoring agency TransUnion.Average consumer non-mortgage debt balances rose to $21,686 at the end of the third quarter, up from $21,195 in the same quarter last year.
The increase came as non-mortgage debt levels rose 3.57 per cent to $17,969 in Quebec and 2.64 per cent to $21,620 in Ontario.
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However, while borrowing increased, serious national delinquency rates stood at 2.70 per cent, up from 2.62 per cent a year ago.
The change came as delinquency rates rose 13.39 per cent to 3.13 per cent in Alberta and 11.92 per cent to 3.46 per cent in Saskatchewan.
TransUnion forecast average debt levels to continue to rise over the next two years, but delinquency rates to move lower…
Choosing priorities in retirement planning
– moneysense.ca
Q: We are in our sixties and still have a $310,000 mortgage. We are paying about $600 per month for life and disability insurance. Can this insurance be cancelled? We’d like to use these funds to help pay down our mortgage sooner.
— Retiring in debt, Vancouver
Ayana Forward is a certified financial planner in Ottawa:
You can cancel life insurance in writing at anytime, but I wouldn’t recommend that course of action unless you have or can obtain sufficient coverage elsewhere at a lower rate. Without knowing what other assets and coverages you currently have in place it would be difficult to advise you on your particular situation. Your current health status would also be a consideration when advising you on the best next steps. You can always shop around for a term policy that covers a period of time that matches the remaining amortization of your mortgage, which may end up being cheaper than what you are currently paying. I would also double check the conditions around the disability portion of your policy as most don’t payout past age 65, so you might be paying a high premium for something that could have little or no benefit to you…
