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
Canadians Ill-Prepared for a Rate Hike; Unprecedented Debt Imminent + MORE Jun 29th
A new report finds Canadians are facing a future where an unprecedented amount of household income will go towards debt servicing.
The Household Indebtedness and Financial Vulnerability report by the Parliamentary Budget Officer is raising concerns on the level of household debt amongst Canadians. .... More »
Canada Mortgage Rules Could Hurt More Than They Help: Experts + MORE Apr 12th
Finance Minister Bill Morneau is urging Canadians to just wait and see after his changes to mortgage rules failed to cool down home prices in certain cities across the country.
In December, Morneau announced that mortgage holders would need to make minimum down payments of 10 per cent on any portio.... More »
No signs of distress among borrowers yet, First National says + MORE Nov 10th
Canada's largest non-bank lender says it is keeping a close eye on its mortgage borrowers, but hasn't seen any "measurable issues" related to higher payments so far..... More »
Bank CEOs see mortgage risk easing as attention turns to political uncertainty + MORE Jan 8th
The heads of Canada's biggest banks are finally seeing risks around mortgage renewals easing, only for worries about tariffs and political uncertainty to take their place..... More »
How to Improve Your Credit Score – Student Edition Aug 29th
This series by personal finance specialist Amanda Reaume focuses on how to improve something that many people overlook: your credit score. These posts will give you tips and tricks to improve your chances of getting approved for better rates when you apply for credit – leading to better student l.... More »
Is Your Debt Above Average?
– ratesupermarket.ca
Household debt levels are a hot topic this week, as new numbers reveal they are higher than ever across the nation – a key concern for our central bank, and the fuel behind Canada’s too-hot-to-touch housing markets. And it’s not just mortgages – a recent study finds credit card balances are on the rise, with the average Canadian owing more than $3k on their plastic. Read on for the full story.
Canadian Debt-to-Income Ratio Is Now 165%
Household debt levels are rising across the nation: the average Canadian now owes $1.65 for every dollar they earn, according to Statistics Canada, collectively owing a whopping $1.923 trillion – and $1.262 trillion of that is from mortgages. What does this mean for Canada’s recovering economy – and are you at risk as a consumer?
Read Penelope’s Blog | Canadian Debt-to-Income Ratio Is Now165%
National Credit Card Debt Hits 3-Year High
Is your credit card balance below the national average? A recent TransUnion report finds the average Canadian has racked up $3,610 on their plastic…
How to avoid the underwater mortgage
– moneysense.ca
(John Lund/Getty Images)Q: I’ve read a lot about the possibility of first time home buyers ending up with an underwater mortgage? I’m not sure what this is, but it doesn’t sound good. Can you explain what an underwater mortgage is and how to avoid it?
— Trying to be responsible, Calgary, Alta.
Answer from Robert McLister, mortgage planner with Ratespy: No homeowner wants an underwater mortgage. It means you have negative equity—i.e., you owe your lender more than your home is worth.
If you’re making a small down payment, it’s easy to become submerged. Imagine you’re buying a $400,000 home with only 5% down, for instance (that works out to $20,000). The day you close that mortgage you’ll owe $393,680 including mandatory default insurance fees. That’s a whopping 98.4% of the purchase price.
Now imagine unemployment soars and incomes drop or people just stop buying as many houses, which sends the market into a 20% correction. Suddenly you owe about $390,000 on a property worth only $320,000…
Mortgage Career: Equitable Bank
– canadianmortgagetrends.com
Company: Equitable Bank Position: Regional Business Manager – BC (Fraser Valley) Location: Vancouver, BC Apply to: Click here Regional Business Manager – B.C. (Fraser Valley) Position Overview: Reporting to the Manager of Business Development, the Primary responsibility of the BDM is to retain and grow business with current registered brokers and develop and acquire new business with brokers not currently registered with the Bank. The Business Development Manager will be accountable for quarterly and annual achievement of a specific target set at the beginning of each fiscal year. BDMs must possess a valid driver’s license at all times. Job READ MORE
Mortgage Career: ICICI Bank Canada
– canadianmortgagetrends.com
Company: ICICI Bank Canada Position: Business Development Manager (SW Ontario) Location: Southwestern Ontario, ON Send resume to: careersca@icicibank.com Business Development Manager (SW Ontario) Relevant Work Experience: 3+ years Company Overview: ICICI Bank Canada is a wholly-owned subsidiary of ICICI Bank Limited, which has its headquarters in Mumbai, India. ICICI Bank Limited is India’s largest private sector bank with consolidated total assets of US$135.3 billion as at December 31, 2015. Established in December 2003, we are a full-service direct bank in Canada with an asset base of about C$6.7 billion as at December 31, 2015, a member of Canada Deposit READ MORE
