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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 finance

How much do you save with bi-weekly payments? + MORE Feb 7th

For years, we’ve been told to pay our mortgage bi-weekly. Magically, it will  pay your mortgage off faster. Hmm, let’s put that to the test. (SPOILER ALERT!)  Around 10 years ago, I wrote an article showing some simple but effective math to explain this. I’m constantly getting e.... More »
 home equity

Are Toronto House Prices Headed Back to 2016 Levels? + MORE Feb 13th

Concern is growing that Canada’s largest housing market may be about to experience a new round of froth, similar to that seen in 2016. Back then, red-hot housing markets in the Greater Vancouver and Toronto Areas ultimately forced the federal government to introduce the 2016 and 2018 mortgage stre.... More »
 line of credit

They’re both 25 and make $262,000. This couple wants to pay off their mortgages and spend more on travel. How do they start? Feb 4th

Ace and Ada know they make a lot money for people their age, but it came out of “sweat and tears” and following in the footsteps of immigrant parents. Now they want to know how to spend it..... More »
 mortgage penalties

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 »
 home equity

Bank of Canada Leaves Interest Rate at 1.75%, Markets React + MORE Jan 23rd

As was widely expected, the Bank of Canada left the target overnight rate unchanged this morning at 1.75%, where it’s sat since October 2018. The Bank noted a few positive developments, but focused more on the downside risks. “The global economy is showing signs of stabilization, and .... 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…

Continue Reading On canadamortgagenews.ca »

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