Don’t Fear the Digital Future of the Mortgage Industry + MORE Dec 15th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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The Latest in Mortgage News: 2020 Forecasts + MORE Jan 2nd

Following a challenging 2018, by most accounts 2019 could be characterized as a “turnaround year” for Canada’s housing market. And 2020 is looking to bring much of the same. That’s according to predictions for the new year by CMHC, the Canadian Real Estate Association (CREA) and .... More »
 property

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 »
 property

Latest in Mortgage News: Industry Announcements + MORE Jan 17th

Equitable Bank Improves Reverse Mortgage Process Reverse mortgage clients of Equitable Bank can expect a quicker and less expensive closing process, according the the bank. Equitable, one of just two reverse mortgage providers in Canada, announced the launch of its new closing process this week. The.... More »
 home equity

Bank of Canada Leaves Interest Rate at 1.75%, Markets React + MORE Jan 23rd

As was widely expected, the Bank of Canada left the target overnight rate unchanged this morning at 1.75%, where it’s sat since October 2018. The Bank noted a few positive developments, but focused more on the downside risks. “The global economy is showing signs of stabilization, and .... More »
There’s no denying the mortgage industry—like many others—is in the midst of a digital transformation. Depending on your perspective, that’s something that can either be feared or embraced as a new opportunity. The fear, of course, is that as the industry moves towards greater automation of the mortgage process, the jobs of brokers and underwriters […]

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I'll say it again. You'll never see a U-Haul following a hearse!That’s right, I’ve said this before, and will say it again.
Our lifecycle goes something like this… Go to school. Find a job (and work hard for 40 years). Fall in love. Get married. Save money. Buy a house. Start a family. Retire on enough pension or savings. Enjoy the results of your hard work. Live in your house until death. Leave the house for your kids.
This is how most of us envision a normal lifecycle. But how often does this really happen? How many people really live happily ever after? What’s the big deal about tapping into home equity to fully enjoy life?
Statistics tell us that the average annual income for a senior in Canada is $40,000. In the meantime, the average cost of owning a home plus living expenses is $55,000.
That’s where things become unclear. This is where our plans seem to change. We’re holding strong to the idea that we need to work hard all our lives, pay off our mortgage, then scrimp and cut back on our enjoyment in retirement…

Continue Reading On canadamortgagenews.ca »

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