Interested in learning more about property mortgages in Canada? Look no further!
Latest News
New mortgage changes for 2024: Wider access to 30-year mortgages and more + MORE Sep 19th
Finance Minister Chrystia Freeland has announced changes to mortgage rules she says are aimed at helping more Canadians to purchase their first home.
“It is going to put the dream of home ownership in reach for more young Canadians,” Freeland told reporters Monday, announcing changes she sai.... More »
Toronto and Vancouver mortgage arrears set to hit highest levels in 10 years, CMHC warns + MORE Nov 15th
Mortgage arrears in Toronto and Vancouver are on track to rise to levels not seen in over a decade, according to a new forecast from Canada's housing agency..... More »
Loanova prepares to launch Canada’s first fractional mortgage platform + MORE Nov 27th
The tech-driven startup plans to let everyday investors buy small stakes in syndicated mortgages, while helping borrowers who don’t qualify for traditional bank financing..... More »
Some banks rethinking strategy on home mortgage competition + MORE Sep 7th
Some Canadian banks say they're starting to question how aggressively they go after mortgage customers amid intense competition..... More »
Insights From A Top Canadian Economist: Part 2 + MORE Nov 4th
Canadian economist Benjamin Tal’s presentation at the National Mortgage Brokers Conference was eye-opening. In it, he posited a holistic view of what’s happening with the Canadian economy and what we can expect to happen next. He’s rarely been wrong in the 20 years I’ve been following him &#.... More »
How does credit card debt affect a mortgage application?
– moneysense.ca
If you’re shopping around for a mortgage, you probably already know that lenders ask for a ton of financial information before determining how much you can borrow. That list includes your household income, down payment amount and how much you owe—including credit card debt, car payments and unsecured personal.
With debt being so common these days—the average Canadian consumer carried a credit card balance of $4,245 at the end of last year, according to TransUnion—you might be wondering how, exactly, outstanding credit card debt might affect your mortgage eligibility, and whether it’s something you should be worried about. Here’s what you need to know.
How credit card debt can hurt (or help) a mortgage application
If you have a relatively small credit card balance and diligently make your minimum payments on time, that debt is unlikely to have any effect at all on your mortgage application. But a history of overdue payments or a large credit card balance—especially when combined with other forms of debt—often reduces the amount you can borrow for a home purchase, and it might even disqualify you for a mortgage altogether…
With debt being so common these days—the average Canadian consumer carried a credit card balance of $4,245 at the end of last year, according to TransUnion—you might be wondering how, exactly, outstanding credit card debt might affect your mortgage eligibility, and whether it’s something you should be worried about. Here’s what you need to know.
How credit card debt can hurt (or help) a mortgage application
If you have a relatively small credit card balance and diligently make your minimum payments on time, that debt is unlikely to have any effect at all on your mortgage application. But a history of overdue payments or a large credit card balance—especially when combined with other forms of debt—often reduces the amount you can borrow for a home purchase, and it might even disqualify you for a mortgage altogether…
