Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Latest News
Big Banks Announce Mortgage Deferral Relief for Homeowners + MORE Mar 20th
Canada’s big banks announced this week that those struggling due to the COVID-19 crisis will be able to defer their mortgage payments for up to six months. The coordinated announcement came from the Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank, and will b.... More »
Should you get a 30-year mortgage? + MORE Jul 8th
Signing a 30-year mortgage in Canada can be an attractive option for some home buyers in the face of relentless real estate prices and historically high interest rates. Specifically first-time home buyers and those now renewing their mortgages.
While prices in Toronto have fallen slightly, with .... More »
The Latest in Mortgage News – Fallout of High Home Prices Aug 31st
Despite slowing price gains in Vancouver and a moderation in Toronto, average home prices are still notoriously expensive. So how are these prices affecting the lives of residents in these two cities? Thanks to a new comprehensive survey released this week, we finally have some answers: High Home Pr.... More »
Beware of mortgage fraudsters…. Sep 27th
I wrote that back in 2006. Since then we have seen some provincial governments step in with laws to help protect unsuspecting homeowners. You can also purchase Title insurance or an alternative method of protection.
A couple of years ago, Toronto police said a woman used fake ID to get a $300,0.... More »
Mortgage or retirement savings? Where to get the most bang for your extra bucks + MORE May 4th
Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
Mortgage or retirement savings? Where to get the most bang for your extra bucks - thestar.comContinue Reading On thestar.com »
The L.... More »
National Bank Shutters Broker Division
– canadianmortgagetrends.com
When it rains it pours. On the heels of Ottawa’s broker-unfriendly insurance rules comes word that National Bank will no longer sell its branded mortgages through brokers. National Bank had 2.5% share of the broker market as of last quarter, according to D+H. Brokers represented about a quarter of its mortgage production. This now leaves Scotiabank and TD as the last Big 6 banks to distribute through brokers. But there’s some good news: National will ramp up its funding of Paradigm Quest, which is a huge vote of confidence in the mortgage process outsourcing firm. This will generate billions in new mortgage originations for READ MORE
Ottawa’s Gift to Lenders: Some Numbers
– canadianmortgagetrends.com
Happily, it’s only taken six hours to update 183 rates and 25 lenders’ policies following today’s default insurance rule changes. I reckon I’ll be done combing through the rate sheets and policy updates by the weekend, just in time to question the grey matter of those responsible for this absurdity. Here’s some of the results so far of the DoF’s mortgage insurance ban. These numbers are not exhaustive. They’re just from the banks, monolines and credit unions this author commonly uses: Typical new rate surcharge on refinances: 15 bps Number of broker lenders who have terminated prime refinances altogether: 6 Typical new rate surcharge on amortizations over 25 years: READ MORE
How I paid off $40,000 of debt
– moneysense.ca
Michelle Renee Dacyk, 39, Grand Prairie, Alta. (Photograph by Chris Beauchamp)When I completed my masters degree two years ago the first question I asked myself was: “Now what?” I was an occupational therapist and had been in debt since age 18, having spent my money on cars, credit cards, lines of credit and even a mortgage. Still, I was fortunate. I had a five-figure nest egg from two previous employers sitting in a locked-in retirement account (LIRA) that I could access when I was 55. I also had access to a modest $20,000 cash payout.
But I was at a turning point. I couldn’t help thinking that there must be more to life than bills and debt. What I really wanted was a new adventure. So, I decided to go to a life coach. Those few visits helped me realize that what I really needed was to be in a profession with a purpose that also involved travel.
How I saved $5,000 a year »
Around this time is when I met a group of people who had started a crowdfunding website that encouraged women to create four-year projects on the subject of travel…
CIBC’s exposure to mortgage market raises concerns
– moneysense.ca
TORONTO – CIBC’s exposure to the residential mortgage market has increased, raising concerns among some analysts who say it comes at a time when Canada’s real estate market is at risk of a correction.
But the bank said its loan delinquencies remain low and stable, including in the hot housing markets of Toronto and Vancouver.
Edward Jones analyst Jim Shanahan says CIBC’s (TSX:CM) portfolio of uninsured mortgage and home equity loans is 5.4 times its regulatory capital.
That’s up from a year ago, when CIBC’s mortgage loan book was 4.7 times its regulatory capital, said Shanahan, adding that the bank is more at risk in the event of a correction than its peers.
But the bank said its loan delinquencies remain low and stable, including in the hot housing markets of Toronto and Vancouver.
Edward Jones analyst Jim Shanahan says CIBC’s (TSX:CM) portfolio of uninsured mortgage and home equity loans is 5.4 times its regulatory capital.
That’s up from a year ago, when CIBC’s mortgage loan book was 4.7 times its regulatory capital, said Shanahan, adding that the bank is more at risk in the event of a correction than its peers.
Bank stocks and real estate exposure »
The average for the four banks that have reported so far — Scotiabank (TSX:BNS), Royal Bank (TSX:RY), CIBC (TSX:CM) and TD Bank (TSX:TD) — is 3.3 times their regulatory capital.
“It’s clear that they’re more exposed to a sharp reduction in real estate values in Canada than any of the other major banks,” Shanahan said…
