Could diversified funding be the latest trend for alternative mortgages? + MORE Apr 28th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Contribute to RRSP or pay off mortgage? + MORE Oct 14th

Ask MoneySense We have a small mortgage, only $80,000, coming up for renewal. We have some money (approximately $25,000) that we can either put on the mortgage or invest or put into our RRSP. What is the best way to go? —Linda Which should Canadians prioritize: RRSP or mortgage? Most of .... More »

How much income do I need to qualify for a mortgage in Canada? + MORE May 18th

After several years of sky-high borrowing costs, mortgage rates are (finally!) starting to ease up. That’s great news for cash-strapped Canadians currently shopping for the best mortgage rate—but it unfortunately hasn’t translated into improved affordability when buying a home. The national.... More »

Ottawa to allow 30-year amortization for first-time buyers’ mortgages on new homes + MORE Apr 12th

Some advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain home buyers, but say expanding the policy to all Canadians would help make home ownership more affordable. Speaking in Toronto on Thursday, Finance Minister Chrystia Freeland announced.... More »

Can you pay off your debt while saving for retirement? + MORE Sep 2nd

Ask MoneySense We are a blended family. My husband, at 50 years old, owns a home with a $330,000 variable-rate mortgage. He rents it out for $3,400 per month, which covers the mortgage plus about $1,000. He’s also maxed out his $50,000 line of credit. He has $200,000 in an RRSP and has a company p.... More »

From military service to mortgage success: How Philippe Gauvin found his perfect calling + MORE Jun 24th

When Philippe Gauvin completed his military service in 2019, he wanted to find a career that similarly valued discipline, a strong work ethic, and that provided the opportunity to help people..... More »
The mortgage stress test has thus far proven effective in protecting the housing sector from a volatile economy, but further changes haven’t been ruled out, says Canada’s banking regulator.

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Ask MoneySense
My situation is this: My sister has accumulated a huge mortgage with her husband. Her husband has since left her and will walk away from the house as part of their separation agreement. Once his name is off the title of the house, my sister will not be able to make the payments, nor be approved for the mortgage herself. She is refusing to sell her house. She has asked my elderly father to be her co-signer. I think he will feel obligated to agree. If my sister cannot afford the payments once he has co-signed, will my father have to make the payments? Also, when my father passes away, will my sister’s entire mortgage (now half his) automatically come out of his estate? My father would have enough money in his estate to pay the entire mortgage. Or will my sister just need to find another co-signer? 

—Filipa

What happens to your mortgage when you go through separation and divorce

Thank you for your questions, Filipa. Yes, father co-signs the mortgage and your if your sister cannot afford the payments, your father will have to make the payments…

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As the winds of change sweep across the lending landscape, regulatory underwriting guidelines are growing ever tighter. This puts non-bank clients in a precarious position, and mortgage brokers are feeling the pressure.

Continue Reading On canadianmortgagetrends.com »

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