Debt Consolidation Tip: Pay less interest! + MORE Feb 22nd

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Locked Out of the Market: How the Mortgage Stress Test Could Be Hurting Homebuyers Mar 12th

It was created with the intention of saving Canadians from becoming over-burdened with their mortgages, but some critics of the Canadian government’s mortgage stress test say it is slamming the door on first-time homebuyers who would otherwise be able to break into the market. In a recent opi.... More »
 mortgage penalties

What Impact will the Stress Test have when Renewing Your Mortgage? Feb 28th

So, your mortgage is coming up for renewal this year. You’ve probably been in your mortgage for at least three years – but likely closer to five, as this is the most common term. Does the mortgage stress test affect you? Absolutely! And, here’s how… SCENARIO 1: Your current.... More »
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Climbing Debt, Diminishing Savings Highlighted in CBC Documentary Mar 6th

When it comes to debt management, many Canadians are struggling to keep up, with their housing situation being a source of stress. That was one of the key takeaways from the latest episode of CBC Television’s The Stats of Life, which focused on Canadian statistics surrounding savings (or lack.... More »
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Looking Beyond the Big Banks: How Playing the Mortgage Field Could Save You Thousands Mar 3rd

When it comes to your mortgage, there’s no need to settle for the most obvious options. When the time comes to buy a house, most Canadians rely on only the ‘big six’ banks to find a competitive interest rate. An HSBC study from last year shows Canadians are among the least likel.... More »
Debt Consolidation Tip: Pay less interest!The beginning of the year is typically tough financially for most of us. Holiday bill payments, RRSP contributions, property tax bills, etc. And, if you’re self-employed, you probably have to make some sort of business tax or corporate tax payment. If December is the Holiday Season, then January and February feel like a hangover!
Banks and credit card companies love this time of year because this is when we’re most likely to carry a balance, forcing us to pay those crazy interest rates that range from 9% to 24%.
But, wait! Before you get too depressed, there may be a better option. There’s a less expensive way to manage your debt.

DEBT IS DEBT, JUST PAY LESS INTEREST
Canadians seem to think debt consolidation is a dirty word. Studies show that we’re paying down our mortgage balances faster (I like that trend), except we’re carrying other higher-interest debt such as car loans, unsecured lines of credit and credit card balances.
The big problem here is that these non-mortgage debts carry extremely high interest rates ranging from 6% to 24%…

Continue Reading On canadamortgagenews.ca »

A number of news items in recent weeks have focused on the state of Canada’s housing market, with some hinting the worst of the correction may be behind us, and others suggesting more weakness to come. For example, CMHC says overvaluation risks are subsiding in some of the country’s hottest markets, while the B.C. government […]

Continue Reading On canadianmortgagetrends.com »

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