Even with expected rate cuts, mortgage payments will continue to rise for years: BoC research Jan 9th
Reverse mortgages are cheaper than ever. Should you use one to tap into your home’s equity? + MORE Feb 25th
The complete guide for first-time home buyers in Canada + MORE Apr 22nd
Mortgage payment calculator + MORE Aug 24th
Forget the burbs—should home buyers “fly until they qualify” for a mortgage? Feb 12th
Death, taxes and interest payments. Part 2 of 2.
– canadamortgagenews.ca
INTEREST PAYMENT REDUCTION TIPS
It is estimated there is over $2.21 trillion worth of personal debt outstanding in Canada. $1.44 trillion of this is mortgage debt and $769 billion is credit card and other debts. Interest rates can vary from 2.60% for a Variable rate mortgage to 20% for a credit card. Banks make an obscene amount of profit from these interest rates. Let’s reduce the amount we contribute to their coffers…
Consolidate your debts. There is no reason to carry credit card balances if you qualify or have access to a line of credit. Interest rates for unsecured lines of credit are around Prime plus 3%… that’s 7% today. ($20,000 in credit cards could cost you around $4,000 in interest annually… a line of credit cost around $1,200 per year… a savings of $2,800 per year)…
Latest in Mortgage News: Newton Launches Rate Search Engine “Discovery”
– canadianmortgagetrends.com