Interested in learning more about property mortgages in Canada? Look no further!
Latest News
Online-only mortgage services often seem to have better rates — but can you trust them like you can trust a bank? + MORE Mar 29th
Expert says online services such as Homewise, Nesto and Pineapple don’t impact the fundamental way that mortgages are underwritten. It’s just the front end that’s different..... More »
The best credit cards for newcomers to Canada for 2024 + MORE Feb 2nd
Credit Cards
The best credit cards for newcomers to Canada for 2024
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
.... More »
Why mortgage brokers are embracing ‘digital onboarding’ and not looking back Aug 9th
For much of the mortgage industry’s history, brokers required a mountain of paperwork from prospective clients to ensure they’d actually be approved by a willing lender..... More »
Q1 Lender Earnings: The Recovery is Underway + MORE May 22nd
Some of the country’s key mortgage lenders unveiled their first-quarter results, which were positive across the board. The lenders were able to take advantage of a hot housing market, alongside improving economic conditions and reduced loss provisions. One highlight was Home Capital addressing.... More »
5 surprises to avoid when switching mortgages before your term ends + MORE Jul 31st
These days, being a home owner with a mortgage can feel like you’ve ordered the chicken dinner before realizing there was a steak special. You orchestrate a last-minute switch before your meal arrives, and it’s only once your overcooked steak is served that you know you’ve made a mistake.
.... 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…
