Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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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 »
M3 Group Expands National Bank Partnership to Ontario Jun 16th
Ontario mortgage brokers at M3 Group will soon have a new edge, the right to sell another Big 6 bank's mortgage products..... More »
Mortgages below 2% resurface as Investors Group unveils 3-year rate + MORE May 14th
Canada's mortgage market was shaken up with a mortgage rate below two per cent on Tuesday as Investors Group unveiled a three-year variable rate mortgage at 1.99 per cent..... More »
Q4 Earnings Mortgage Morsels: Scotiabank & RBC + MORE Dec 5th
A reduction in provisions set aside for potential credit losses boosted fourth-quarter earnings results for both Scotiabank and RBC this week..... More »
How condo insurance works Jul 25th
Condo insurance is a smart decision. Regardless of whether you just purchased a brand new loft or a cozy older suite, you’ll need to make sure your asset is protected.
While condominium insurance is not required by law like car insurance, often mortgage lenders or your building will require you .... More »
CMHC’s Annual Report Documents its Contraction
– canadianmortgagetrends.com
CMHC is safer and better managed than it has been for years. But it nonetheless continues to pare back its mortgage insurance business at the Finance Department’s urging. That’s triggering…
Pro Post: Financial Challenges For Newcomers to Canada
– ratesupermarket.ca
A lack of credit and employment history can make it tough for newcomers to Canada to obtain a mortgage, credit card – even a bank account! Guest poster Pracheer Saran, who first moved to Canada from India five years ago, shares his experiences with getting new banking products, finding affordable housing, and adjusting to Canada’s high tax rate.
Starting Over in a New Country
It has been over five years since I immigrated to Toronto from India. As I look back, mixed feelings of naivety, accomplishment and learning overpower me. The learning curve has been an ongoing process for me – though I’ve long been in the habit of calculating the cost of dollars to rupees, which makes everything from coffee to renting an apartment seemingly expensive.
Although I am from Generation Y, having grown up along many world changing events like the development of technology and mass communications, I am still wary about adopting new concepts.
With no family here and with little guidance, my road to settlement in Canada has been mostly through trial and error…
Self Employed Mortgages: How to Qualify
– ratesupermarket.ca
There are a lot of advantages to being self-employed. For one, you’re the boss, so you can decide how much – or how little – you want to work each day. And, if your business takes off, you’re the one who reaps all the benefits. But there are some downsides. One of the most notable is how difficult it can be for self-employed people to qualify for mortgages. Here we look at some of the reasons why, and provide some tips to improve your chances.
Inconsistent Income
The main reason banks have traditionally been reluctant to loan money to the self-employed is uncertainty. A busy retail shop may gross tens of thousands of dollars in the months leading up to Christmas, but then have income dry up to next to nothing for weeks or months after that. Bankers like to see the numbers in black and white, ideally in the form of ink printed on a bi-weekly paystub.
(That said, I’ve often noted that as freelance writer and editor, I have way more job security than any of my friends and colleagues with fulltime staff positions at magazines and newspapers…
