Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
The Latest in Mortgage News: CMHC to Review Investment Property Down Payments + MORE Jan 13th
It's no secret that the federal government is eyeing reforms to investment properties in an effort to help reel in runaway house prices..... More »
Latest in Mortgage News: Toronto Home Prices Set July Record Aug 9th
The rebound for Toronto home prices continued in July, with the average selling price reaching a record $943,710. That’s a 16.9% increase compared to a year earlier, according to the Toronto Regional Real Estate Board (TRREB). Home sales in the Greater Toronto Area were up 29.5% in July compar.... More »
Should I pay off a loan using my RRIF? + MORE May 15th
Q: I’m retired and used a line of credit to do repairs on my house. Should I draw from my RRIF to pay it off or just keep paying down the line of credit gradually?
—Marlene Crew, via email
A: Math and mindset: This debt repayment question requires you look at both. For instance, does the outstan.... More »
Condo surplus a threat to health of Ottawa housing market: CMHC + MORE Nov 7th
A plethora of unsold condominiums is cause for concern for the health of Ottawa’s housing market, especially since more units are set to flood the market in coming months, the Canada Mortgage and Housing Corp. warned Thursday. The federal housing agency said the burgeoning number of condos has.... More »
How's my rate? + MORE Feb 1st
You’re two years into your mortgage term. You’ve got a great rate, or so you thought? But now you aren’t sure. With so much talk about record low interest rates, you begin to question. Maybe there’s a better deal out there? Did you choose the right product and lender? Has you.... More »
Mortgage Career of the Week
– canadianmortgagetrends.com
Company: Freedom Lending Position Title: Mortgage Agent Years of Experience Required: N/A Licences or Registrations Required: FSCO licence Location of Position: GTA and surrounding area Applicants may contact: joinus@freedomlending.ca Click…
Increases Now Require STEPs at Scotiabank
– canadianmortgagetrends.com
Scotiabank has eliminated blends and increases on regular mortgages. From this point forward, Scotia customers who want to add new money (without breaking their mortgage) will need to have, or…
CMHC insurance costs increasing
– mortgageshowdown.com
CMHC insurance premiums are increasing effective May 1, 2014
For almost every purchase in Canada where clients are putting down less than 20% down payment, your mortgage is insured against default by on of the mortgage insurers in Canada, either CMHC, Genworth, or Canada Guaranty. Effective May 1, the insurers in Canada are increasing their insurance premiums by about 15% for all premiums.
A couple of items to realize, this is only effective for borrowers who are approved for their mortgage after May 1, if you are already approved prior to the change date and your possession is after, you will still receive the benefit of the lower insurance premium. From a big picture view, this is not a big deal for most borrowers in terms of mortgage qualification or payments. For an average $300 000 mortgage amount with 5% down payment the CMHC insurance premium added to your mortgage increases by about $1200 in total. This results in an overall payment increase of $5 per month or a total of $300 over an entire five year term…
For almost every purchase in Canada where clients are putting down less than 20% down payment, your mortgage is insured against default by on of the mortgage insurers in Canada, either CMHC, Genworth, or Canada Guaranty. Effective May 1, the insurers in Canada are increasing their insurance premiums by about 15% for all premiums.
A couple of items to realize, this is only effective for borrowers who are approved for their mortgage after May 1, if you are already approved prior to the change date and your possession is after, you will still receive the benefit of the lower insurance premium. From a big picture view, this is not a big deal for most borrowers in terms of mortgage qualification or payments. For an average $300 000 mortgage amount with 5% down payment the CMHC insurance premium added to your mortgage increases by about $1200 in total. This results in an overall payment increase of $5 per month or a total of $300 over an entire five year term…
How I Used Lump Sums To Pay My Mortgage Faster
– ratesupermarket.ca
Being mortgage-free at a young age can seem like a pipe dream, but for me it will soon be a reality. I plan to be mortgage-free before the age of 31 – and it all started less than two years ago, when I made an aggressive plan to pay down my mortgage in five years.
Home sweet home – and almost paid off!
My Start In The Housing Market
In August 2012, I purchased my house for $425,000 in Toronto, one of Canada’s most expensive housing markets. Since then, I’ve already paid off over $100,000 from my mortgage, which started at $255,000 and today it sits at just $137,000. I know paying off your mortgage early seems difficult, but I’m living proof it can be a reality.
So, how did I do it?
I Used My Mortgage Pre-Payment Privileges
Here’s the catch regarding mortgage pre-payment privileges – many Canadians simply aren’t using them, with less than four in 10 homeowners (38 per cent) taking advantage of them last year, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP)…
Mortgage Terms: Stars & Dogs
– canadianmortgagetrends.com
After “What is your best rate?” the next most popular mortgage question is probably “Which term do you recommend?” — or a variation thereof. But it’s tough to generalize about…
