How I paid off $40,000 of debt + MORE Dec 3rd

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.
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MoneySense Toolkit: The mortgage affordability calculator Mar 14th

Mortgage Affordability Calculator Mortgage affordability is an essential part of setting up your home-buying budget, and it’s based on a variety of factors. If you’re looking to buy a home, one of the first things you’ll want to know is your mortgage affordability. And for that, yo.... More »
 home

Is Rent to Own Housing Ever a Good Idea? Sep 17th

The majority of Canadians are homeowners, and many more want to buy, but not everyone can afford to do so. If you’re one of those who are looking to get into the market and don’t have enough money saved up yet or you currently have poor credit, there’s always the option to rent to own. Unders.... More »

Mortgage Growth Slows, Alt-Lender Share Grows: CMHC Jul 17th

Canada’s mortgage market grew by its slowest pace in more than 25 years in 2018, according to new data released by the Canada Mortgage and Housing Corporation. At the same time, the share of the market controlled by alternative lenders—which typically lend to riskier clients and charge higher in.... More »

Latest in Mortgage News: BoC Sees Early Signs of Housing Overheating, but Will Keep Rates Low for Now Feb 27th

Fixed rates may be heading higher, but variable-rate holders can rest assured their rates won’t be going up just yet, at least according to Bank of Canada Governor Tiff Macklem. During a speech on Canada’s labour market, Macklem said monetary policy will need to continue to provide stimu.... More »
 secure line of credit

New mortgage rules sending borrowers to alternatives + MORE Feb 7th

TORONTO — Mortgage brokers say the borrower rejection rate from large banks and traditional monoline mortgage lenders has gone up as much as 20 per cent after Canada’s banking regulator imposed a new stress test for home buyers who don’t need mortgage insurance. As a result, alternativ.... 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

Continue Reading On canadianmortgagetrends.com »

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

Continue Reading On canadianmortgagetrends.com »

How I paid off $40,000 of debtMichelle 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…

Continue Reading On 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.

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…

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