Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
GTA home sales drop 16% in 2018, fewer houses listed: TREB + MORE Jan 5th
The number of homes sold in Toronto and the surrounding area fell in 2018 as homebuyers and sellers grappled with a new reality of higher interest rates and stricter mortgage rules..... More »
Fixed mortgage rates are rising. What’s the deal? + MORE Apr 21st
As variable-rate mortgage holders eagerly anticipate the Bank of Canada's first rate cut, fixed rates are heading in the other direction: up..... More »
Should you buy or sell first in today’s real estate market? May 1st
We’re in the market for a new home, but we aren’t sure whether we should sell our home first or buy first. We’ve had people suggest both, and we’re wondering what might be best in the current real estate market.
Should you buy or sell first in real estate?
Whether you should buy .... More »
Fixed or Variable? Floating-Rate Mortgages Losing Their Lustre + MORE Aug 6th
It can be one of the most difficult choices for mortgage borrowers—fixed rate or variable? Thanks to historically low spreads between the two, that choice is becoming easier for many. “If you’re in the trenches shopping for a new mortgage, I’m going to tell you something I’ve rarely to.... More »
Important week for mortgage rates could cost or save you thousands. Oct 31st
Mortgage rates fell by about 1% since January of this year. That rate drop has created a surge in real estate sales across Canada, with September and October seeing a greater than average number of real estate transactions. We also saw consumers taking advantage of these low rates by refinancing .... More »
Should I use my RRSP to pay down debt at retirement?
– moneysense.ca
Q: I have a friend who has just retired and is carrying a debt load of $96,000. She wants to eliminate this debt over a fairly short period of time—about 4 years. The debt is a line of credit that she is paying 4% on. She’s a widow and has $423,000 in RRSPs. How would you approach this problem? Would it be okay to withdraw an arbitrary figure of say $15,000 per year from her RRSP until the debt is cleared? As of this year she will be in a lower tax bracket and by withdrawing it will lower her withdrawals when she has to convert to a RRIF in five years. What’s your advice?
– John
A: This is a good question. And this is a situation that many new retirees find themselves in—the carry-over of pre- retirement debt. I will say that four years to eliminate $96,000 of debt is very ambitious—let alone for someone whose income is now lower.
But your question raises more questions. You don’t mention your friend’s retirement income and whether she needs the income that the RRSP/RRIF will provide in the future…
How to Improve Your Credit Score: Improving Your Credit Fast
– ratesupermarket.ca
This monthly 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 loans, car loans and even mortgages.
There are a lot of reasons why someone might want to improve their credit score quickly. Perhaps you’re applying for a mortgage and you fear that you won’t be able to qualify or get a good rate. Or maybe you’re applying for a job or looking to rent an apartment that requires a credit check and you’re afraid that you might lose out if your score is too low.
Having a low credit score can definitely throw a wrench in life’s plans. And the best way to build it up again is to make good credit choices over months and even years.
This is generally a long process, so if your low credit score is stopping you from an opportunity right now, here are four things you can do to improve your score quickly
Correct false records
If you’re looking to improve your credit score quickly, the first thing you should do is get a copy of your credit report…
NOA Service Companies Under Fire
– canadianmortgagetrends.com
Reputable NOA retrieval services are a fantastic tool for mortgage broker clients who want quick access to their Canada Revenue Agency (CRA) assessment for income validation. But CRA has put the kibosh on third parties requesting for NOAs for this purpose. In fact, CRA says it was never supposed to happen in the first place. “It has always been Canada Revenue Agency (CRA) policy that Form T1013, Authorizing or Cancelling a Representative, is not to be used solely for the purpose of obtaining a notice of assessment or income verification information for the taxpayer or a third party,” said Patrick READ MORE
