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Latest in Mortgage News: Mortgage Delinquencies on the Rise + MORE Dec 21st
The debt burden carried by Canadian consumers continued to rise this year, causing more people to fall behind on their debt payments…including their mortgages. The 90-day-plus delinquency rate for mortgages rose to 0.18% in the third quarter. That’s a 6.7% increase compared to a year ear.... More »
Is Now a Good Time to Buy Real Estate in Victoria? Jul 11th
Thinking about buying real estate in Victoria? While some might suggest waiting a year or two for housing prices to come down, now might be a good time to start looking. The quarterly report on Vancouver’s housing market indicates while prices are starting to come down, inventory is high. So, sho.... More »
How do mortgage brokers get paid? Feb 18th
Q. Is it typical to pay a mortgage broker fee in advance, and before closing?
My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash.
–Adil
A. A mortgage broker can obt.... More »
How to save on home insurance Jul 10th
Affordable home insurance: Does it even exist? While home insurance is not mandatory by law, like auto insurance is, most mortgage lenders require it—and for good reason. Home insurance protects your home and personal possessions from damage or loss. Your home is collateral for your mortgage loa.... More »
State of the mortgage market: Canadians anxious about their finances, but still see housing as a good investment + MORE Mar 8th
Canadian homeowners may be feeling more anxious about their finances these days, but an overwhelming majority continue to believe real estate is a good long-term investment..... More »
One family’s strategy for killing debt
– moneysense.ca
(Illustration by Ryan Inzana)At first glance, it’s difficult to see why Francesca Nazario is so worried about money. She and her husband Guy, both 36, own a three-bedroom bungalow in Whitby, Ont., an hour’s drive from Toronto. They have two young kids—Amelia, 3, and Sam, 15 months—and a combined income of $130,000 a year.
But Francesca, who earns $50,000 a year as a secretary with a small manufacturing company, feels that she and Guy aren’t in control of their finances. The clearest evidence of this is the $42,000 of personal debt they’ve accumulated—and that’s on top of the $350,000 mortgage and the $20,000 they still owe on Guy’s 2016 taxes for his consulting business. “We’re making decent money but we’re going deeper and deeper into debt,” says Francesca. “Why can’t we make our finances work?”
How to get out of debt in 2017 »
The Nazarios (whose names we’ve changed to protect privacy) aren’t frivolous with their money. They bought their home four years ago in a nice subdivision…
How to Improve Your Credit Score: Collections Edition
– ratesupermarket.ca
This monthly series by personal finance specialist Amanda Reaume focuses on how to improve something that many people overlook: your credit score. These posts will give you tips and tricks to improve your chances of getting approved for better rates when you apply for credit – leading to better student loans, car loans and even mortgages.
The last thing anyone wants is to be so behind on repaying debt that they end up in collections.
When your account goes to a collections agency, it likely means that that you’ve failed to pay bills and you were unable to set up or stick to a new repayment schedule. Usually, this happens between three and six months after you first default on your debt, and it can definitely impact your credit score, and subsequently, your future finances.
If your account goes into collections, it’s usually because you’re facing extreme financial difficulties. It can be scary and stressful, but there is a way out.
Why is my credit score affected by being in collections?
Your credit score is a crucial factor that banks and other lenders consider before they lend you any money…
CMHC’s Siddall on the Hotseat: Commentary – Part I
– canadianmortgagetrends.com
If you thought Parliament’s hearings on the new mortgage rules was boring, you missed last week’s exchange between MP Ron Liepert and CMHC head, Evan Siddall. This 4-minute video captures the tension… Never, to our recollection, has there been such animosity towards the regulatory 3-Amigos: CMHC, OSFI and the Department of Finance. The trio’s insurance policies have ravaged mortgage competition, jacked up borrowing costs and are destined to cost consumers billions (literally billions)…if they’re not overturned. With most industry professionals we speak to, there’s an almost palpable loss of respect for federal regulators. It’s unhealthy, it’s unnecessary and it could have all been avoided. How? By conferring with READ MORE
Sean Cooper took extreme measures to wipe out his $255,000 mortgage in just three years. Now he’s written an advice book to help others free themselves of a mortgage faster.
