Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Romy Bowers Named New CMHC CEO as Outgoing Evan Siddall Addresses Off-the-Mark Forecasts + MORE Mar 5th
The Canada Mortgage and Housing Corporation has named its new CEO, capping what has been an extended search to replace outgoing chief Evan Siddall. Romy Bowers, CMHC’s current Vice President of Client Solutions, will succeed Siddall and officially begin her five-year term starting April 6. .... More »
Mortgage renewal calculator + MORE Jan 25th
Thee are a lot of decisions to make when it comes to renewing your mortgage, including whether or not to stick with your current lender. A mortgage renewal calculator can simplify the process and help you pick the best mortgage offer available to you at the time of renewal.
You.... More »
MoneySense Toolkit: The mortgage refinance calculator + MORE Jan 16th
Mortgage payment calculator
Depending on your circumstances, refinancing your mortgage can be a smart financial choice. However, while you can reap substantial savings, there can also be high costs when refinancing a mortgage. That’s where a mortgage refinance calculator comes in. It can g.... More »
How the coronavirus pandemic could change the way we think about retirement in Canada Apr 28th
Over the past few decades, the concept of retirement has grown increasingly more sophisticated. Canadians preparing for retirement have been able to contemplate a variety of highly personalized approaches—from early (or even very early) retirement; to active, phased, or working retirement; and mor.... More »
This 34-year-old hospital worker has three kids and a mortgage to pay off. Making $104,000 a year, he wants to save $50K each for his kids. How can he start? Dec 23rd
Mel would also like to save enough for retirement, at least $1 million each for him and his wife, and also purchase a second real estate property to rent out..... More »
How An Income Suite Can Help You Qualify For a Mortgage
– ratesupermarket.ca
Thinking of jumping into the housing market fray? It’s a high-priced jungle out there, with the average detached home hitting above the $1-million mark in Canada’s urban centres. Even with today’s record low mortgage rates, and the recent cut to the national cost of borrowing, buyers face steep affordability challenges between them and their property goals.
Also read: Bank of Canada Cuts Rate to 0.50%>
To ease unaffordability, the Canada Mortgage and Housing Corporation (CMHC) has thrown some buyers a bone. Last week, the Crown corporation announced new rules that allow homeowners who rent out a portion of their home to factor that prospective income into their mortgage qualification. Under the new rules, which go into effect September 28, 2015, the CMHC says it will allow 100 per cent of rental suite income when qualifying for a mortgage of a two-unit owner-occupied property. Previously, only 50 per cent was allowed.
When qualifying for a mortgage, lenders use two debt service ratios to determine out how much you can afford to borrow: Gross Debt Service Ratio (GDS), and Total Debt Service Ratio (TDS)…
Hey, what happened to the BMO “Low Rate Mortgage”?
– canadamortgagenews.ca
Remember the BMO “Low rate mortgage”? It seems to have disappeared… Well, not really. BMO has quietly changed the label and now calls it the ‘Smart Fixed Rate Mortgage’. Sounds impressive…but it’s not. I’ll save the suspense. This is the same product that’s full of limitations, restrictions and an inflated prepayment penalty […]
More on Benchmark Changes
– canadianmortgagetrends.com
Our recent story on changeovers in the benchmark 5-year bond sparked some good questions about how and when the benchmark changes. As noted in that previous story, when the market rolls over to a new benchmark bond, it can play havoc with bond yield charts (which many mortgage pros watch for clues on rate direction). Here are some related FAQs on bond issuances and benchmarks: Question: How often does the Bank of Canada (BoC) auction off new 5-year government bonds? Answer: The Bank of Canada currently auctions two new 5-year bonds per year. Thereafter, each of those bonds is re-opened (re-auctioned) two READ MORE
