Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
The internet is great for researching infomation, ratings and even advice. With so much available data, it’s hard to decide which is accurate, reliable or even truthful. Take this site for example. If this is your first visit then you may not be aware of all my credentials nor how accurate .... More »
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 »
The growing demand for real estate in Canada is being driven largely by newcomers, who are making one out of every five home purchases in the country, according to a new survey. New immigrants to Canada (defined as those who have arrived within the last 10 years) represent 21% of homebuyers and are .... More »
WAS THIS A BIG MISTAKE? Last week, Stephen Poloz, the Bank of Canada Governor, kept the Prime Rate as is during the 6th of their eight scheduled meetings for 2019. The Current Target rate is 1.75%. (Bank Prime rate is derived from this rate. Today’s Bank Prime rate is 3.95%..... More »
Concern is growing that Canada’s largest housing market may be about to experience a new round of froth, similar to that seen in 2016. Back then, red-hot housing markets in the Greater Vancouver and Toronto Areas ultimately forced the federal government to introduce the 2016 and 2018 mortgage stre.... More »
In a surprising but strategically sensible move, Brookfield has acquired a 57% stake in Genworth MI Canada, Canada’s largest private residential mortgage insurer. “Genworth is an industry-leading business that generates strong, consistent earnings and operates in a sector with high barriers to entry,” David Nowak, managing partner of Brookfield Business Partners, said in his statement. […]
Finding you the best financial practices is what gets us up in the morning. And our staff is a great resource for these ideas. So we polled the staff in our office to ask one simple question: What mortgage hacks do you use to speed up your mortgage payments?
Here are their best tips for getting out of debt early:
Get a Head Start
The Down Payment
Find acceptable sacrifices to save a bigger down payment. If you have RRSP funds, leverage the RRSP homebuyers plan. If you can amass a 20 percent down payment, you’ll save thousands in mandatory mortgage insurance premiums. (Mortgage default insurance is required when your down payment is below 20 percent).
Compare Mortgage Rates
Make sure you are fully aware of all the mortgage options available to you, and compare mortgage rates at RateSupermarket.ca. Saving just 1/4 percent off your rate could save you thousands – and if you use those savings to make extra payments you’ll pay down principal even faster, compounding the interest you save…