Latest in Mortgage News: Industry Announcements + MORE Jan 17th

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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 mortgage buyout

Reverse mortgages are on the rise, but are they the right choice? Feb 21st

The number of reverse mortgages has surged recently. Experts caution it’s worth exploring all other options first, like lines of credit and downsizing..... More »
mortgage

The best 5-year fixed mortgage rates in Canada + MORE Oct 8th

Mortgages The best 5-year fixed mortgage rates in Canada You’re 2 minutes away from getting the best mortgage rates in Canada. Just answer a few quick questions to get a personalized rate quote. I’m buying a home* .... More »

How much you need to earn to afford a home in Vancouver and the GVA Jan 31st

The Canadian real estate market has been red-hot since the pandemic started in March 2020. Home prices have risen across the board, but they are especially high in Vancouver, Canada’s most expensive housing market. If you’re looking to purchase a home in the Greater Vancouver Area (GVA), you .... More »
 home loans

How Early Should You Get Pre-Approved for a Mortgage? + MORE Feb 28th

Pre-approval is a standard step that prospective homeowners must complete before they go house hunting. This stage lets you know how much a bank is willing to lend you. Getting pre-approved is a detailed process that requires extensive documentation. In addition, your mortgage rate has an expiratio.... More »

Department of Finance Announces New Qualifying Rate for Insured Stress Test Feb 19th

The federal government announced on Tuesday it will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test. The change, which will take effect April 6, 2020, means borrowers with insured mortgages (typically those with less than 20% equity) will need to prove they.... More »

Latest in Mortgage News: Industry Announcements

– canadianmortgagetrends.com

Equitable Bank Improves Reverse Mortgage Process Reverse mortgage clients of Equitable Bank can expect a quicker and less expensive closing process, according the the bank. Equitable, one of just two reverse mortgage providers in Canada, announced the launch of its new closing process this week. The change will mean, for example, that borrowers in Alberta, B.C. and Ontario will no longer be required to retain two lawyers to close their deal. Instead, Equitable Bank can work directly with their own […]

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When a Second Mortgage makes good financial sense.
Quick, what’s the first thing that comes to mind when you think of “second mortgages”?   For some, it could be that shady-looking character in a smoke-filled pool hall… guys with gold chains and a baseball bat nearby. Maybe you’re thinking of someone in financial trouble? Or, perhaps it’s just someone who doesn’t want to pay outrageous costs and penalties to refinance their existing mortgage.
The mere mention of second mortgages conjures up all sorts of images. Most of them, negative. For many, a second mortgage can be a last-resort solution during a financial crisis. For several others, it can be an opportunity to save money. That’s right, to save money.
Sure, second mortgages carry a higher interest rate than first mortgages, but they can also serve a purpose. One of those purposes can be to save you money. Yup, I said it again. There are some new trends emerging with today’s new mortgage products that are forcing consumers to seek other options…

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